Audi financial lease approval process

[itspaul]

The fine print of the warranty is where they get you. EVs generally will allow for 80% capacity before battery replacement. So 20% loss is acceptable. 

This and the Taycan also have relatively high service costs. I wouldn't want to spend a penny replacing carbon ceramic brakes on an EV after 50k (or so)  Miles.

This is also a problem in the secondary market. Not much data for EVs but pre pandemic, it wasn't favorable, hence the garbage residuals. 

[disdreamin]

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@itspaul wrote:

The fine print of the warranty is where they get you. EVs generally will allow for 80% capacity before battery replacement. So 20% loss is acceptable. 

This and the Taycan also have relatively high service costs. I wouldn't want to spend a penny replacing carbon ceramic brakes on an EV after 50k (or so)  Miles.

This is also a problem in the secondary market. Not much data for EVs but pre pandemic, it wasn't favorable, hence the garbage residuals. 

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Car looks fun, having jealousy issues here. I would love an EV at some point (although it would have to be a _much_ more modestly priced one, sadly), but a used one would be a hard no and a first-model-year vehicle would definitely be a lease. As much as I personally couldn't contemplate this lease because it's beyond my means, I have to agree that leasing would absolutely be the best choice here. Honestly, I started reading the thread thinking "that is a ridiculous lease" and then did a bit of poking around and realized yep, best option, good choice, you've clearly done your homework. Please come brag up the new wheels when the deed is done.

[itspaul]

The terms are not ideal, high MF, 55% RV isn't bad compared to other EVs. 

To me it's about $50k over priced,  There aren't many EVs out there to chose from. I have a Jaguar I-Pace now, though I hate SUV/CUVs. 

If a Rivian and a 9000lbs Hummer EV does 0-60mph in 3sec, any EV should be at least as quick.

We shall see if there is a deal as it gets closer to the delivery date. 

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@disdreamin wrote:

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@itspaul wrote:

The fine print of the warranty is where they get you. EVs generally will allow for 80% capacity before battery replacement. So 20% loss is acceptable. 

This and the Taycan also have relatively high service costs. I wouldn't want to spend a penny replacing carbon ceramic brakes on an EV after 50k (or so)  Miles.

This is also a problem in the secondary market. Not much data for EVs but pre pandemic, it wasn't favorable, hence the garbage residuals. 

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Car looks fun, having jealousy issues here. I would love an EV at some point (although it would have to be a _much_ more modestly priced one, sadly), but a used one would be a hard no and a first-model-year vehicle would definitely be a lease. As much as I personally couldn't contemplate this lease because it's beyond my means, I have to agree that leasing would absolutely be the best choice here. Honestly, I started reading the thread thinking "that is a ridiculous lease" and then did a bit of poking around and realized yep, best option, good choice, you've clearly done your homework. Please come brag up the new wheels when the deed is done.

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[disdreamin]

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@itspaul wrote:

The terms are not ideal, high MF, 55% RV isn't bad compared to other EVs. 

To me it's about $50k over priced,  There aren't many EVs out there to chose from. I have a Jaguar I-Pace now, though I hate SUV/CUVs. 

If a Rivian and a 9000lbs Hummer EV does 0-60mph in 3sec, any EV should be at least as quick.

We shall see if there is a deal as it gets closer to the delivery date. 

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Not ideal terms or pricing, but if it's the vehicle you want and you're willing to pay for it, the way you are going about it makes the most sense. Me, I'll be driving my many-years-old-Mazda quite a while longer. But perhaps someday, once I have a solar array than can handle the new house I'm working on designing plus charging needs for a EV, I'll pull the trigger on one. It'll be a while though, and it won't be my only vehicle when I finally do it, since it wouldn't be practical for some of the travel I intend to do.

[itspaul]

Following up on this thread.

I finally got the car today after almost 10 months, MF doubling and battling AFS.
VW is getting tighter with approvals. My previous lease I financed $40k for a Jaguar I-Pace, this Audi is $102k financed.

They used my TU 796 score, putting $28k down plus drives, it was still denied. After showing I pay for a mortgage, they approved it.

Score and income matter, but depth of credit is a huge factor

PS AFS only allows dealers to markup MF .40bps from 120bps 5 months ago.

[Gladius]

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@itspaul wrote:

Following up on this thread.

I finally got the car today after almost 10 months, MF doubling and battling AFS.
VW is getting tighter with approvals. My previous lease I financed $40k for a Jaguar I-Pace, this Audi is $102k financed.

They used my TU 796 score, putting $28k down plus drives, it was still denied. After showing I pay for a mortgage, they approved it.

Score and income matter, but depth of credit is a huge factor

PS AFS only allows dealers to markup MF .40bps from 120bps 5 months ago.

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You have a lot of accronyms in your posts.  What does MF and bps mean?

[itspaul]

My Apologies because they throw me off too

MF is money factor on a lease or the interest rate. BPS is basis points

the Money factor from Audi for July is .00367 or 8.8%. 40bps markup from dealer would be .00407 or 9.7%

Before the reduction from Audi Financial with the 120bps markup up cap it would have been .00487 or 11.6%

This makes a huge difference in monthly payment

[RX9]

Wouldn't they see your mortgage when pulling your credit report from TU or did they only look at the score? When you showed them your mortgage was it statements? I ask because your situation sounds very similar to mine and I was searching the forum looking for details on Audi Financial criteria for approval. How did they verify back-end DTI?

Thanks

[itspaul]

The loan isn't under my name by I pay the mortgage. The payments show from my bank account so I have them statements and it got done. 

They didn't care how much cash I have in my account, just payment history being the most important 

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@RX9 wrote:

Wouldn't they see your mortgage when pulling your credit report from TU or did they only look at the score? When you showed them your mortgage was it statements? I ask because your situation sounds very similar to mine and I was searching the forum looking for details on Audi Financial criteria for approval. How did they verify back-end DTI?

Thanks

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