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I have a 2011 Nissan altima that I'm in the process of trading for the lease of a 2015 Audi a4 2.0T Quattro. The car is priced at 41k. I Have negative equity in my current car. Putting down 5k. My credit score is a 640. I make 92k per year. Dealer submitted to Audi tonight but they were closed. We spent a lot of time negotiating the deal. The dealer said they were confident that would get approved. Do you have any thoughts? What are my chances??
With a 640 score I think you'll be fine getting approved (depending on the price of the car you are financing) but your payment might be a little higher.
I should add that I'm trying to lease. The car is 41k.
@Anonymous wrote:I should add that I'm trying to lease. The car is 41k.
update
it depends-- on where that score came from. Audi pulls transunion, is that your autoenhanced score. More than likely you will get appoved perhaps not at favorable terms. You might want to research money factors for that car and lease terms on edmunds, more than likely the dealer will be marking the money factor up..especialy since you aren't confident it will get approved. Might be better of financing...good luck!