topic Re: VW Credit in Auto Loans

VW Credit

4sarahg — Sat, 22 Jan 2011 23:03:46 GMT

I am super excited that I was approved for 0% interest on the purchase of my new car. VW pulled my Transunion score and thank goodness that it was 708 high enough to qualify for 0 interest. I must say that my first dealer experience was very pleasant and I felt like I was in control and not the salesman. I can say that it certainly pays off to do your research and keep track of your credit. The Fico forums have been very beneficial and I will continue to use it so I can be in the 800 club soon!!!!!!!

Re: VW Credit

elzgarland — Sat, 22 Jan 2011 23:44:47 GMT

Congratulations!! I hope to hit 700 soon....

Re: VW Credit

Anonymous — Mon, 24 Jan 2011 03:15:41 GMT

I've had a few cars financed (or leaded) thru VCI (vw credit) ... they're great. If you ever need to deal with their customer service, they seem to be on top of their stuff and very nice.

Re: VW Credit

mrsbagalot1222 — Mon, 24 Jan 2011 04:42:49 GMT

Congrats!!! Did you get a Buggy???

Re: VW Credit

4sarahg — Tue, 25 Jan 2011 03:35:29 GMT

No I did not get a buggy. My husband and I decided on the the Jetta TDI Cup Edition. It's a diesel engine and gets about 42 mpg with gas prices going up we need an economical car but without losing it's style.

Re: VW Credit

Red1Blue — Tue, 25 Jan 2011 03:39:08 GMT

Congrats ...

Re: VW Credit

Anonymous — Tue, 25 Jan 2011 17:42:53 GMT

Congrats. So VW is approving people in the high 600's ? I hope to have a 690 by the time im ready to go have a chat with them

Re: VW Credit

4sarahg — Tue, 25 Jan 2011 23:16:17 GMT

In response to your message, I have not updated my FICO Challenge scores but here is some info. VW creditors only pull your Transunion score for the loan. As of last week my score is in the 700's but this I know for sure is that you need a 700 or higher in order to qualify for a 0% interest loan. If and when you are ready to purchase a vehicle check your scores ahead of time and ask the salesman which one they use to check your credit if TU EXP or EQ. Good luck with your endeavors.

Re: VW Credit

Anonymous — Wed, 26 Jan 2011 13:39:29 GMT

@4sarahg wrote:
In response to your message, I have not updated my FICO Challenge scores but here is some info. VW creditors only pull your Transunion score for the loan. As of last week my score is in the 700's but this I know for sure is that you need a 700 or higher in order to qualify for a 0% interest loan. If and when you are ready to purchase a vehicle check your scores ahead of time and ask the salesman which one they use to check your credit if TU EXP or EQ. Good luck with your endeavors.

thanks for the heads-up! it all makes more sense now that you mentione dyou re in the 700 club.

Re: VW Credit

Anonymous — Wed, 26 Jan 2011 16:06:53 GMT

@4sarahg wrote:
In response to your message, I have not updated my FICO Challenge scores but here is some info. VW creditors only pull your Transunion score for the loan. As of last week my score is in the 700's but this I know for sure is that you need a 700 or higher in order to qualify for a 0% interest loan. If and when you are ready to purchase a vehicle check your scores ahead of time and ask the salesman which one they use to check your credit if TU EXP or EQ. Good luck with your endeavors.

This is slightly misleading .......

When buying a car, you will usually have your credit pulled twice. This practice is used by the dealer as a negotiating tool.

1) DEALERSHIP runs your credit, usually pulls all 3, with scores.

2) LENDER will then pull your credit AGAIN. Each lender the dealer submits too will probably also pull your report(s).

If you KNOW your credit is a-tier, demand that the dealer not run your credit, and submit direct to the factory bank.

Re: VW Credit

Anonymous — Thu, 27 Jan 2011 01:57:06 GMT

@Anonymous wrote:

If you KNOW your credit is a-tier, demand that the dealer not run your credit, and submit direct to the factory bank.

dealerships are required to establish the identity of everyone they do business with, otherwise they face substantial fines and penalties. The Easiest and most common way to do this is to run a customer's credit.

if you do not feel that is "right" please lobby your elected representatives.

Re: VW Credit

Anonymous — Thu, 27 Jan 2011 03:04:32 GMT

@Anonymous wrote:

@4sarahg wrote:
In response to your message, I have not updated my FICO Challenge scores but here is some info. VW creditors only pull your Transunion score for the loan. As of last week my score is in the 700's but this I know for sure is that you need a 700 or higher in order to qualify for a 0% interest loan. If and when you are ready to purchase a vehicle check your scores ahead of time and ask the salesman which one they use to check your credit if TU EXP or EQ. Good luck with your endeavors.

This is slightly misleading .......

When buying a car, you will usually have your credit pulled twice. This practice is used by the dealer as a negotiating tool.

1) DEALERSHIP runs your credit, usually pulls all 3, with scores.
2) LENDER will then pull your credit AGAIN. Each lender the dealer submits too will probably also pull your report(s).

If you KNOW your credit is a-tier, demand that the dealer not run your credit, and submit direct to the factory bank.

Also to add: Auto Finance Companies usually use an AUTO ENHANCED score, that has different factors in the equation and uses different risk modeling. That score is not for sale to the general public and is NOT the FICO score you can buy here.

Each Score pull costs the dealership money, most pull from the bureau they think will be the best fit for you, and then pull another if appropriate.

Re: VW Credit

4sarahg — Thu, 27 Jan 2011 04:49:54 GMT

Thanks USMC, I have read almost all your other posts and you are very knowledgeable thanks for your input

Re: VW Credit

Anonymous — Thu, 27 Jan 2011 14:31:48 GMT

Thank you, you are very kind.