topic Re: Volkswagen in Auto Loans

Volkswagen

sunshine24 — Tue, 24 Jan 2012 20:09:45 GMT

I'm thinking about buying a car within the next few months. I know that auto FICO is different and I have had two paid car loans and one almost-paid currently on my credit reports. All have perfect payment histories. I'm wondering if someone can give me some info on VW Credit. I see they have a 0% interest deal for certain vehicles for premium rated credit, which I know I don't have. For those of you with VW credit, what kind of interest are you getting at your scores? I'm hoping to bump mine up a bit more between now and the time I buy but I'm curious. Thanks!

Re: Volkswagen

Anonymous — Tue, 24 Jan 2012 21:48:38 GMT

You can always call the F&I guy at your local volvo and ask what their highest tier is. The last time I heard it was 700+.

Re: Volkswagen

Anonymous — Sun, 29 Jan 2012 14:08:34 GMT

VW Credit rates customers on an internal scoring system. Tiers are 1-4. 0% is good only for tier 1, from their they add "surcharges" to your rate for each tier lower. Even an approved tier 4 would be a decent rate though.

Re: Volkswagen

laz98 — Sun, 29 Jan 2012 19:13:21 GMT

@Anonymous wrote:
VW Credit rates customers on an internal scoring system. Tiers are 1-4. 0% is good only for tier 1, from their they add "surcharges" to your rate for each tier lower. Even an approved tier 4 would be a decent rate though.

Is it the same for people who are trying to lease a VW? A friend wants to lease a Jetta, but she has horrendous credit. I'm curious what her experience will be like.

Re: Volkswagen

Anonymous — Sun, 29 Jan 2012 19:23:02 GMT

@laz98 wrote:
@Anonymous wrote:
VW Credit rates customers on an internal scoring system. Tiers are 1-4. 0% is good only for tier 1, from their they add "surcharges" to your rate for each tier lower. Even an approved tier 4 would be a decent rate though.
Is it the same for people who are trying to lease a VW? A friend wants to lease a Jetta, but she has horrendous credit. I'm curious what her experience will be like.

Yes, this is the same for a lease... Tier 1-4. Tier is not soley determined by CS. Deal structure (Term, Price, Downpayment) can affect the tier as well. A 600 credit score with $4000 down could be a tier 1 whereas a 725 CS with $4000 negative equity may be a Tier 3 or 4.

Re: Volkswagen

laz98 — Sun, 29 Jan 2012 19:37:35 GMT

@Anonymous wrote:
@laz98 wrote:
@Anonymous wrote:
VW Credit rates customers on an internal scoring system. Tiers are 1-4. 0% is good only for tier 1, from their they add "surcharges" to your rate for each tier lower. Even an approved tier 4 would be a decent rate though.
Is it the same for people who are trying to lease a VW? A friend wants to lease a Jetta, but she has horrendous credit. I'm curious what her experience will be like.
Yes, this is the same for a lease... Tier 1-4. Tier is not soley determined by CS. Deal structure (Term, Price, Downpayment) can affect the tier as well. A 600 credit score with $4000 down could be a tier 1 whereas a 725 CS with $4000 negative equity may be a Tier 3 or 4.

Gotcha. Thanks for that info! I don't think they have the money for a down payment. Honestly, they shouldn't be car shopping/leasing at all.