VW credit

[Anonymous]

Hello everyone. I leased a 2015 Golf TDI base on April 5th of 2015 as a first time lease/purchase with my TU credit score of 629 and proof of income. Okay well, I had a change of heart and got a promotion at work so I no longer care to save a little money on my monthly/fuel payments so I ordered a 2016 GTI to my specifications and it will be arriving sometime in October. Now my dealer is aware of my trade in and I just want to know If I would get approved again through VW Credit? I have higher income now & myFico score for Transunion is 656, Equifax is 645 and my Experian for some reason is 601. I know VW pulls Transunion for the most part and my dealer told me I should be fine since I make all my current car payments on time. I do have a few collections less then $2500 from about 4-5 years ago and my credit card balances are normally 30% below 30% of my credit limit & I have about $20,000 in student loans which I don't think it matters because majority of the world does. I know I was approved once in the beginning with less credit line, less income, and a lower score I just want to make sure I will be okay In October if anyone has experience with VW Credit. 

[Creditaddict]

most car companies, once you lease or finance with them and are current with payments they almost guarantee future financing... some go as far to not even look at your credit for payments up to a certain amount so you could burn your credit into the ground but if you stayed current on the car, get another one!

Infiniti offered pre-approval with no credit pull towards the end of my partners lease for up to $200ish more than his previous lease monthly payment if he wanted to lease again.

BMW use to have a similar program too

moral of story, I wouldn't worry about it.

[Anonymous]

Are you keeping both vehicles? Does your lease have any termination fees you will have to pay? Turning in this early will result in penalties in most cases, even if it's because you want to buy a car. The dealership may try to roll fees into your new loan, and you'll end up being very underwater on the vehicle with a higher payment because of it, or they will demand a larger down payment to keep the loan to value reasonable. 

[Creditaddict]

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@Anonymous wrote:

Are you keeping both vehicles? Does your lease have any termination fees you will have to pay? Turning in this early will result in penalties in most cases, even if it's because you want to buy a car. The dealership may try to roll fees into your new loan, and you'll end up being very underwater on the vehicle with a higher payment because of it, or they will demand a larger down payment to keep the loan to value reasonable. 

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I don't know of any lease that has early pay penalties but the car will be very upside being so knew and a vw.

[Anonymous]

No early termination fee. It's going to be a direct trade in and I should be upside down about $2500 according to their early appraisal which isn't a big deal considering my dealer is giving me $500 below dealer invoice on the new hot hatch. I already gave them a $1000 for a deposit on ordering the car which will be put towards my down payment and I may add additional $500-$1000 just to cover the "hit" as much as possible and I'm leasing for lower payments & I may buy the car in the end once my credit increases and some of the collections clear up by then. 

[Anonymous]

I'm also curious to know if the scores from Fico are the same scores the dealer pulls?

[Anonymous]

How did this turn out?  I'm in a very similar situation.

[Dj4Money]

 Be sure to post a picture and I highly recommend APR for a flash! 

[Anonymous]

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@Anonymous wrote:

How did this turn out?  I'm in a very similar situation.

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I'm hoping the OP traded in the TDI already, cause it's value just plummeted big time.

[Anonymous]

I was actually wondering if right now would be a good time to buy a VW at a much lower price. I don't think I want one, but I'm all for saving money.