Getting approved?

[benandjerry]

Hi all, 

Working on getting a lease with audi. While the dealers indicate it will most likely be no problem, they tend to think a little too positive just to make the sale.

Hoping to find out best guesstimates from the experts here on actual odds of getting approved. Here's the details:

Total lease amount: 66,000. Minimum down (first payment and fees: 1400)

-Last official credit score (Transunion via Discover IT): 773 (January).

-Total available credit: 37,500

-Utilization: <3% total, highest card is <9%

- I have a car loan since april 2013, total amount was 29,000 at 2.65%. Loan is current, and never any lates or anything. 

-no baddies whatsoever

-Annual income: 129,000

-Main issue is my length of credit history. My SSN was issued March 2013 (can lenders see that?). All accounts are from after this date, although my 3 amex cards are backdated to 2005. Creditkarma shows average age of accounts is 3 years 11 months. Will lenders just see the average age of accounts and reported opening dates, or actual opening dates (can they tell amex cards are backdated?)

-I am here on a L1-visa, valid until feb 2018. Greencard application is also in progress, but that won't mean anything to the finance guys until I actually have it.

Any feedback on above greatly appreciated!

[Remember0]

Dealer is correct. You won't have an issue unless your rent/mortgage is excessive (I imputed 1k/month when calculating DTI). Also I assumed you are keeping your current car and not trading in, so if you're trading in, that helps. And nobody cares/can tell if AMEX was backdated...it's treated as if opened in 05 which is why your score is so high.

The only thing is most companies will insist your lease ends before the visa expires.

[benandjerry]

Thanks for the reply!

Rent is double what you said, but the other car will be traded in. No other big monthly expenses, no wife/kids.  Will see what they say based on that rent payment!

[Remember0]

The trade will balance it out. You'll be approved no problems. Make sure you get Audi's best terms offered on your model...your FICO def. qualifies.

[Remember0]

Out of curiosity, which Audi are you looking at? S6?

[benandjerry]

S5 

If you're interested, my other topic: http://ficoforums.myfico.com/t5/Auto-Loans/audi-lease-options/m-p/2856699#M37805

[14IS4]

Just to clarify here total lease amount is not $66,000 that is the total purchase price if you were to buy it out. It will be 51% of that or whatever residual you come to and that is all that will show up on your CR. DTI on leases are not calculated based off of purchase price of the vehicle they are calculated off of the portion that you're going to be responsible for. That is why you can lease get a lease for a car that is more than you make a year with no problems.

[benandjerry]

Well, finally some outcome on my own posted question.....

The actual application for the lease was not done until last friday, as the car in question is still under transport and needed to arrive in the country first.

I was actually denied based on my financial information. Main reason: SSN issued too recently.

But: I WAS approved under Audi's Foreign Business Professionals program 

I had to submit some additional information such as letters from my employer about my income, and intended duration of employment (in my case indefinitely).

Based on all that I was easily approved. Not sure if they have this program everywhwere, but it sure seemed to help to be in the Seattle area, where there are tons of foreigners working for multinationals like Microsoft, Amazon, Boeing, Starbucks, etc.

So I will be getting my car on April 5, could not be happier!

[Remember0]

Well, congrats! Enjoy the new S5!

[Anonymous]

Congratulations!!!!!