10-23-2012 09:33 PM
Before I go to the dealership, I was wondering if someone could tell me if I will probably get approved or not?
My current EX Fico score is 615 (But if I pay off $5000 in debt, the fico simulator said I would be between 685-710). When I was 18, I had a credit card get sent to collections along with my verizon phone account. I'm now 24 and since then, I have multiple credit accounts that are paid on time except for two late payments on an auto loan.
I have two auto loans that have been paid off, one being from VW credit. The VW credit loan does have 2 missed payments during the 5 year loan. That loan had a cosigner when I got it.
I make $2,500 a month, and the lease I want will be around $270 a month. I'll be putting down $2,500 tp $3,500.
I'm just wondering if you guys think getting a VW lease will be possible in my situation?
10-27-2012 05:08 PM
I just leased a 2013 Passat SE. My payment is around $450/mo for a 48 month term, but my Equifax score (per the dealer a week ago) was only 568. I put $3500 down--$3k trade allowance and $500 cash. I am guessing you will be able to get better terms--they're advertising Passat leases for about the monthly payment amount you mentioned in your post.
10-27-2012 05:11 PM
I should also mention--I didn't even go in looking for a VW. I was thinking Hyundai. But the finance manager explained that VW checks all three bureaus so they "lease better." Got a MUCH nicer car than I was looking for, and will have some equity at the end of the lease.
10-28-2012 01:02 PM
Maybe with that score it's great you got approved but all that cash down on a lease and still at $450 and a 48 month term on a lease is terrible, not to then mention "lease better" or "Equity at end"
I want to say I'm a littl bitter at VW because I worked with someone for a week with numbers, and credit, and model, options and I got to dealership and it was ALL fake, they had not pulled credit, gotten me approved and we were MILES from anything I wanted or would pay for...
but 2 things:
I don't want a finance manager to say things like "Lease Better" especially when it inclused that cash and term.... Now if that's a nice way of saying you are lucky I can get you a car that you don't pay cash for with a 562 I'm okay with that (Believe me, I financed my car after bk with a 556 i believe or in that range... i signed and ran before they changed mind!
2. EQUITY... This I have a HUGE HUGE problem with (unless I'm REALLY confused) How can one have equity in a car they don't own?
Are you saying if you look at your lease papers at the end of the 48 months, the buyout that you see is higher then what you/they are predicting the Passat to be worth?
10-28-2012 07:39 PM
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.