Volkswagen

[sunshine24]

I'm thinking about buying a car within the next few months. I know that auto FICO is different and I have had two paid car loans and one almost-paid currently on my credit reports. All have perfect payment histories. I'm wondering if someone can give me some info on VW Credit. I see they have a 0% interest deal for certain vehicles for premium rated credit, which I know I don't have. For those of you with VW credit, what kind of interest are you getting at your scores? I'm hoping to bump mine up a bit more between now and the time I buy but I'm curious. Thanks!

[Anonymous]

You can always call the F&I guy at your local volvo and ask what their highest tier is. The last time I heard it was 700+.

[Anonymous]

VW Credit rates customers on an internal scoring system. Tiers are 1-4. 0% is good only for tier 1, from their they add "surcharges" to your rate for each tier lower. Even an approved tier 4 would be a decent rate though.

[laz98]

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@Anonymous wrote:

VW Credit rates customers on an internal scoring system. Tiers are 1-4. 0% is good only for tier 1, from their they add "surcharges" to your rate for each tier lower. Even an approved tier 4 would be a decent rate though.

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Is it the same for people who are trying to lease a VW?  A friend wants to lease a Jetta, but she has horrendous credit.  I'm curious what her experience will be like.

[Anonymous]

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@laz98 wrote:

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@Anonymous wrote:

VW Credit rates customers on an internal scoring system. Tiers are 1-4. 0% is good only for tier 1, from their they add "surcharges" to your rate for each tier lower. Even an approved tier 4 would be a decent rate though.

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Is it the same for people who are trying to lease a VW?  A friend wants to lease a Jetta, but she has horrendous credit.  I'm curious what her experience will be like.

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Yes, this is the same for a lease... Tier 1-4. Tier is not soley determined by CS. Deal structure (Term, Price, Downpayment) can affect the tier as well. A 600 credit score with $4000 down could be a tier 1 whereas a 725 CS with $4000 negative equity may be a Tier 3 or 4. 

[laz98]

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@Anonymous wrote:

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@laz98 wrote:

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@Anonymous wrote:

VW Credit rates customers on an internal scoring system. Tiers are 1-4. 0% is good only for tier 1, from their they add "surcharges" to your rate for each tier lower. Even an approved tier 4 would be a decent rate though.

---

Is it the same for people who are trying to lease a VW?  A friend wants to lease a Jetta, but she has horrendous credit.  I'm curious what her experience will be like.

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Yes, this is the same for a lease... Tier 1-4. Tier is not soley determined by CS. Deal structure (Term, Price, Downpayment) can affect the tier as well. A 600 credit score with $4000 down could be a tier 1 whereas a 725 CS with $4000 negative equity may be a Tier 3 or 4. 

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Gotcha.  Thanks for that info!  I don't think they have the money for a down payment.  Honestly, they shouldn't be car shopping/leasing at all.