Care by Volvo Subscription Service

[Anonymous]

Hi everyone,

This is my first post, but I have been a member for almost a year.  Thanks for all of the good advice.  Since I joined, I've added three credit cards to my portfolio:  Capital One QuickSilver ($3,000 - CLI to $6,000; 6 mos), AMEX Preferred Everyday ($5,000 - CLI to $15,000; 60+ days) , and AAdvantage Aviator Red ($10,000).

Now my family needs a new car (we only have one, and will replace that), and we are thinking about Care by Volvo.  I realize that this product is relatively new, but I am hoping that you can help me with a few questions:

1.  Do you know which bureau Care by Volvo will pull for this inquiry and what score do you need; and

2.  I am looking to refinance my mortgage.  How will this affect my debt-to-income ratio, or any other mortgage qualification

Thanks from a very grateful member.

[Anonymous]

Welcome to the forums.

1. I have seen two postings (not on these forums) of Volvo financing pulling Experian.

Have you tried asking Care By Volvo which bureau they pull?

2.  I have no idea.

[Anonymous]

Thanks for your response.  It seems weird to just ask, but I'll try.  I'll also see if they can tell me how the subscription service affects my debt-to-income ratio.  I'll update this post with any information that I get.

Thanks!

[RadioRob]

The question you need to ask Volvo is if this subscription reports to the credit bureaus. I did a quick check, and I could not find this anywhere.

Since it is a subscription (24 month term), if it reports... lenders would include it in your DTI calculation.

[Anonymous]

Thanks.  I spoke to a couple of people and they did not seem to know much.  I did get a few things out of them though:

1. They pull Experian, not sure which one.  And I didn't ask if they report to the credit bureaus;

2.  The subscription is treated as a regular lease.  I'll look on past forums to see how that will affect my refinance; and

3.  And for some reason, Care by Volvo is not available in NY.  No explanation for that one

If I find out any more info, I'll post it here.  Thanks for your help.

[jcoop269]

Hey! Any update on what you found out here?

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@Anonymous wrote:

Thanks.  I spoke to a couple of people and they did not seem to know much.  I did get a few things out of them though:

1. They pull Experian, not sure which one.  And I didn't ask if they report to the credit bureaus;

2.  The subscription is treated as a regular lease.  I'll look on past forums to see how that will affect my refinance; and

3.  And for some reason, Care by Volvo is not available in NY.  No explanation for that one

If I find out any more info, I'll post it here.  Thanks for your help.

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[kaylord84]

They Pulled Transunion for me back in December 2020 . I was approved but didn't go through with it. I reside in illinois 

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@jcoop269 wrote:

Hey! Any update on what you found out here?

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@Anonymous wrote:

Thanks.  I spoke to a couple of people and they did not seem to know much.  I did get a few things out of them though:

1. They pull Experian, not sure which one.  And I didn't ask if they report to the credit bureaus;

2.  The subscription is treated as a regular lease.  I'll look on past forums to see how that will affect my refinance; and

3.  And for some reason, Care by Volvo is not available in NY.  No explanation for that one

If I find out any more info, I'll post it here.  Thanks for your help.

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[4sallypat]

This Volvo leasing system is nice - it's all packaged in one price ( lease, tax, insurance).

It is reported to all 3 CRA as a lease so it will impact your DTI on home re-fi.

I looked at it but the Liberty insurance quote for the leased car was way too expensive and I can not use my own - big turn off....

I am planning on doing the OSD (overseas delivery) and getting a free vacation flight for 2 round trip to Gothenburg, Sweden and pick up my new Volvo there.

Once I finish with my vacation touring the Scandanavian countries, I will drop off Bremerhaven, Germany for the long ocean voyage home.

My Volvo dealer will let me know when it arrives and I get to have a "second" delivery experience in the US.