VW credit approval- 0% 72 months

[ohreally7654]

Hi all!

i haven’t posted in forever, but just thought I’d share my recent experience with VW credit, especially since many of us could use a really great financing deal in these uncertain times. 

I’ve owned or leased 4 other VWs in my time. I purchased my 5th this week. Brand new Tiguan 2020. I had 5 months left on my Passat lease at the time. They waived those last 5 payments, when the initial offer had been to waive the last 3. They didn’t wrap them into my loan. For the first time in years, I finally was not wrapping negative equity into a new lease or loan! That was a great feeling! 

I didn’t really think I’d be approved for their Tier 1 financing offer, as all 3 scores are hovering between mid 670s and mid 680s, though my auto scores could have been higher. The dealer pulled equifax and VW Credit pulled TU. I’m in Denver so not sure if that varies depending on state. 

I have never had a late payment on any car loan or lease. My last late credit card payment was 5 years ago. No collections, charge offs, or foreclosures on my credit. My scores are primarily being dragged down by utilization. I’m working on that!

Approved with zero down, 0% interest, and no payments for 6 months! I’m lowering my car payment by $200/month, to boot! My previous lease had negative equity wrapped into it, which made my payments higher than they should have been. 

I love my new car and the approval process was so easy, which made it even better! Proof of income was not required. I can’t even tell you the last time I was asked for income documents. If you’re in the market for a new car with great financing terms, you may want to check out a VW. VW credit is doing some awesome offers right now, and having that payment vacation is a godsend!

[ridgebackpilot]

Thanks for sharing and congratulations on 0% financing! Your experience mirrors mine at the Ford dealership recently. The only difference is that my credit scores were higher.

I suspect the auto manufacturers want to sell cars so badly these days that they've lowered their Tier 1 lending stadards to attract more buyers. Zero percent is a great incentive; more people should take advantage of that when buying a new car or truck!

[Mv350]

Congrats on the 0% deal! I just jumped on the 0% train at Ford today 😁

[19eighty5]

Congratulations!

[ohreally7654]

Thanks so much, @ridgebackpilot, and congratulations to you, as well! I’ll definitely buy another, versus leasing, if I can get a similar deal with my next car. I suspect that you’re correct that, right now, there may be more leniency with the tiers. I’ve also had a relationship with VW credit, and strong income (~120K/yr), which may have helped. 

[ohreally7654]

Thanks so much, @Mv350, it sounds like Ford has some great deals going on right now! Big congrats to you, enjoy your new vehicle, and the sweet credit deal!

[ohreally7654]

Thank you, @19eighty5!!

[KLEXH25]

Congratulations!! That's an awesome deal, and thanks for sharing with the community!

[ohreally7654]

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@KLEXH25 wrote:

Congratulations!! That's an awesome deal, and thanks for sharing with the community!

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Thanks so much! I’ve learned so much from this community, I want to share my own experiences where I think it may benefit others  

[Anonymous]

Congrats! My wife has the 2019 Tiguan and it's a great car. I have my eye on the new Atlas cross sport but that might have till next year even though I know I could get probably get a good deal now.