topic Re: What I bought: Audi RS5 (hi, MyLoFico) in Auto Loans

What I bought: Audi RS5 (hi, MyLoFico)

Anonymous — Wed, 18 May 2016 02:15:07 GMT

Thanks to this forum, I think I did pretty well on my new (to me) car purchase. I've been looking for months, worried to pull the trigger cause I thought I'd get like a 15% APR cause my credit is borderline crappy. I was surprised when I was preapproved by Cap1 for $40k at 4.3% a few months ago, then even more surprised when I was preapproved by PenFed first for $40k, then $45k at 4.3% (which lowered to 3.5% when I put in the actual car I wanted!).I had a bunch of money set aside for a down payment to help offset my crappy credit. I had planned for $20k but wanted to do less, cause who wants to just fork over that much money all at once? hah.

Anyway. As I said, I've been looking for months. Every time I saw a car that fit the bill, it'd be gone within a day!! So frustrating.

Finally I discovered one halfway across the dang country, in California. The price was great, although it wasn't certified... But it was at an Audi dealership. So I sent an email asking if they could certify it. Indeed they could, for extra money, of course, which I was fine with. I really wanted a CPO, but finding a CPO black RS5 cabrio proved nearly impossible. In fact, finding this one at an Audi dealer in general was quite a find. Most of the ones I'd come across were at off brand "boutique" dealerships, which I wanted to stay away from.

So long story short, I ended up buying it over the weekend, sight unseen, at least in person (EEK!). I feel like I got a great deal! The price I paid was $4000 less than an identical car that wasn't even a CPO. And my shipping charge only ended up being $895! I had expected at least $1500. (disregard the price on the car in the pics below)

Now for the financing part. I told the dealership I only wanted them to try for Audi/VW financing, and gave them the 4.3% APR to compete with (hadn't received PenFed's 3.5% offer yet, oh well). I also asked if they could possibly work the deal with less money down, like between 10-15k. I was at work waiting for the deal to go down. Agonizing! Every break I'd check my phone. Nothing... Nothing... Finally at the end of the evening, I got a text that they'd gotten me a loan for 72 mos at 3.9%! With only $12k down! I was blown away. After all my credit struggles, I got approved for a loan by myself at only 3.9%!!! Huge for me! My last car loan 8 years ago was at 12.13%, and that was with a cosigner, before any of my credit downfalls even happened. So far, it seems the dealership heeded my request to only try AFS, as that has been the only inquiry to pop up on any of my CRs yet. Well, that and the much-debated "Patriot Act" dealership pull.

I couldn't be happier!!! Maybe I could've waited for the 3.5% PenFed offer, to use that for something for the dealer to beat, but given my history, I am stoked with the 3.9% for now. I may refinance down the road once I pay down a big chunk of the loan shortly.

And NOW, just for you, MyLoFico PICTURES!!! These are from my kindly salesman, I asked him go take extra pics for me (the ones online were weird looking, too much filter). I'll post up more when I get the car.

Re: What I bought: Audi RS5 (hi, MyLoFico)

Anonymous — Wed, 18 May 2016 05:43:31 GMT

Great car! Big Congrats!

If it was me, I would have to make sure I could cover all the extra expenses to own this car!

I would have a couple speeding tickets every month.

I would need new tires a couple times a year.

I would need a gas credit card, like Chevron, cause I would not be turning it off very often.

Eventually, I would have to save up money to have it shipped back to Germany so I could drive it on the Autobahn flat out and maybe even the Nurburgring track.

Seriously, Great Car, Congrats!

Re: What I bought: Audi RS5 (hi, MyLoFico)

RonM21 — Wed, 18 May 2016 09:59:28 GMT

Very nice!!

Re: What I bought: Audi RS5 (hi, MyLoFico)

Anonymous — Wed, 18 May 2016 16:05:53 GMT

Gorgeous. Congratulations!

Re: What I bought: Audi RS5 (hi, MyLoFico)

6speed8 — Wed, 18 May 2016 16:21:47 GMT

Nice, congrats. The A5 came out in my last days as an Audi service advisor. Thought it was probably the best looking car they ever made.

Re: What I bought: Audi RS5 (hi, MyLoFico)

jim44 — Wed, 18 May 2016 19:33:45 GMT

@Anonymous wrote:
Great car! Big Congrats!

If it was me, I would have to make sure I could cover all the extra expenses to own this car!

I would have a couple speeding tickets every month.

I would need new tires a couple times a year.

I would need a gas credit card, like Chevron, cause I would not be turning it off very often.

Eventually, I would have to save up money to have it shipped back to Germany so I could drive it on the Autobahn flat out and maybe even the Nurburgring track.

Seriously, Great Car, Congrats!

IamLeTired. Congrats... beautiful car. You did a heck of a job buying this car. Well Done!!!!

ASB, I would need to own a bank to pay for the auto insurance on this car after all the speeding tickets I'd get!!!!!

Re: What I bought: Audi RS5 (hi, MyLoFico)

Anonymous — Wed, 18 May 2016 22:48:49 GMT

@Anonymous wrote:
Great car! Big Congrats!

If it was me, I would have to make sure I could cover all the extra expenses to own this car!

I would have a couple speeding tickets every month.

I would need new tires a couple times a year.

I would need a gas credit card, like Chevron, cause I would not be turning it off very often.

Eventually, I would have to save up money to have it shipped back to Germany so I could drive it on the Autobahn flat out and maybe even the Nurburgring track.

Seriously, Great Car, Congrats!

Thank you!!! I'm planning on buying stock in TireRack

Surprisingly, my insurance is only about $400/year more than what I'm paying now for my hybrid. Yes, I'm going from a hybrid to a premium gas guzzling V8 sports car haha. I snagged myself a PenFed Plat Rewards, 5% points on gas. I should've gone for the CashRewards one instead, probably, and just gotten straight up cashback.

Re: What I bought: Audi RS5 (hi, MyLoFico)

Anonymous — Wed, 18 May 2016 22:49:37 GMT

@RM21 wrote:
Very nice!!

Thanks so much!

Re: What I bought: Audi RS5 (hi, MyLoFico)

Anonymous — Wed, 18 May 2016 22:50:14 GMT

@Anonymous wrote:
Gorgeous. Congratulations!

I agree! I can't stop looking at pics! I can't wait for it to get here!!!!! I'm probably going to just live in it then. Thanks!

Re: What I bought: Audi RS5 (hi, MyLoFico)

Anonymous — Wed, 18 May 2016 22:51:48 GMT

@6speed8 wrote:
Nice, congrats. The A5 came out in my last days as an Audi service advisor. Thought it was probably the best looking car they ever made.

I agree, well that and the A7! The RS5 is just a little meaner looking which is what made it appeal to me. Oooh, and the exhaust sounds Nothing beats the sound of that V8!

Re: What I bought: Audi RS5 (hi, MyLoFico)

Anonymous — Wed, 18 May 2016 22:55:04 GMT

@jim44 wrote:

IamLeTired. Congrats... beautiful car. You did a heck of a job buying this car. Well Done!!!!

ASB, I would need to own a bank to pay for the auto insurance on this car after all the speeding tickets I'd get!!!!!

Thank you!! I haven't had a speeding ticket in years, that's probably gonna change soon! Although, I seem to be stuck in traffic more often than not... but now I can put the top down and enjoy some sun!

Re: What I bought: Audi RS5 (hi, MyLoFico)

bsal — Thu, 19 May 2016 00:21:56 GMT

Congratulations on the car but what are your scores if u don't mind

Re: What I bought: Audi RS5 (hi, MyLoFico)

Anonymous — Thu, 19 May 2016 04:16:05 GMT

@bsal wrote:
Congratulations on the car but what are your scores if u don't mind

My score that Audi FS pulled was a 692 on TU. Not sure what score version that is, as my TU Fico8 a few days ago was 668.

My EQ was 685 and my EX was 682