Volkswagen credit promotion - score requirements?

[CargoJon]

Looks like VW is offering 2.9% promotional financing on certain Passat and Jetta models that are certified used.

 

I'm in the market for something like this, I'm wondering if anyone has any idea what the score requirements are for this kind of promo financing? Also might depend for me on which CRA they pull since my EQ is notably higher than the others.

 

Thanks for the thoughts / opinions / insight.

[MarvBear]

probably no lower than B flat tier. (educated guess)

[CargoJon]

Marv,

 

Lowest FICO is currently 675. Thnk I can get approved for that? I dont' want a pull if it's not likely.

 

Also, I wonder if it's better to get pre-approved via VW site for thsi then let the dealer pull me a hundred times?

 

If I can't get the VW financing, I was gonna get DCU at 5.25%....

Edited January 12, 2006 by CargoJon

[MarvBear]

Marv,

 

Lowest FICO is currently 675. Thnk I can get approved for that? I dont' want a pull if it's not likely.

 

Also, I wonder if it's better to get pre-approved via VW site for thsi then let the dealer pull me a hundred times?

 

If I can't get the VW financing, I was gonna get DCU at 5.25%....

 

How many installment accounts?

How many revolving accounts?

How many mortgage accounts?

 

Do NOT get the preapproval from the VW site!!!!!!!!!!!!!!!!!!

 

It will be forward to a dealer in your area. When you go there, THEY (the dealer) will pull, and when they put it into the queue for decisioning VW will pull again.

 

Here is todays latest rates from DCU:

 

Print Digital Federal Credit Union
RATES AND POLICIES


State: FL							Region: 2



New Auto 
Term Min Loan Amt   Tier 1 Tier 2 Tier 3 Tier 4 Tier 5 Tier 6 
36 6,001.00   5.450 6.450 7.450 9.950 11.450 14.200 
48 6,001.00   5.700 6.700 7.700 10.200 11.700 14.450 
60 10,000.00   6.200 7.200 8.200 10.700 12.200 14.950 
72 12,000.00   7.450 8.450 9.450 NA NA NA 
84 25,000.00   7.700 8.700 9.700 NA NA NA 

Loan rates are subject to change due to LTV or Year of Vehicle adjustments 

New Auto Policies 
ALL APPLICATIONS, INCLUDING NEW MEMBER APPROVALS, ARE SUBJECT TO DCU REVIEW. Financing not to exceed 115% of MSRP PLUS $595.00 CUDL GAP PLUS WARRANTY. TIER 4 financing not to exceed 100% of MSRP PLUS $595 CUDL GAP PLUS WARRANTY. Warranty Policy up to $2000.00 and 4x4 up to $2500.00 DCU reserves the right to require POI/POE/POR on all applications. POI must be a current paystub. No Bankruptcy, Repossessions or foreclosures in the last 2 years. DCU REQUIRES VALID US DL. 




Used Auto 
Term Min Loan Amt   Tier 1 Tier 2 Tier 3 Tier 4 Tier 5 Tier 6 
36 6,001.00   5.450 6.450 7.450 9.950 11.450 14.200 
48 6,001.00   5.700 6.700 7.700 10.200 11.700 14.450 
60 10,000.00   6.200 7.200 8.200 10.700 12.200 14.950 
72 12,000.00   7.450 8.450 9.450 NA NA NA 
84 25,000.00   7.700 8.700 9.700 NA NA NA 

Loan rates are subject to change due to LTV or Year of Vehicle adjustments 

Used Auto Policies 
ALL APPLICATIONS, INCLUDING NEW MEMBER APPROVALS, ARE SUBJECT TO DCU REVIEW. Financing not to exceed 115% of RETAIL KBB PLUS WARRANTY AND $595 CUDL GAP. Tier 4 financing is 100% of RETAIL KBB PLUS WARRANTY AND $595 GAP. Use Like invoice on vehicles not listed in KBB/NADA(MSRP X 90% X 115%) for advance. Tier 4 (MSRP X 90%). Warranty Policy to $2000 and 4x4 to $2500. Mileage not to exceed 80K miles. DCU reserves the right to require POI/POE/POR on all applications. POI must be a current paystub. NO Bankruptcy, Repossessions or Foreclosures in the last 2 years. DCU requires VALID US DL 

Lender does not finance salvaged, lemon law vehicles or straw purchases.

[CargoJon]

Marv,

 

Thanks for the tip on the VW deal. I won't do it. I get 1/4% off the DCU rates since they have my mortgage too...hence another reason I'll go with them if needed.

 

My credit profile:

About 8 open cc's, probably 40% utilization, no lates

on EX/TU - couple of cc lates from 2002 not on EQ

No current auto loans, 1 PIF one from 3 years ago (no lates), but it's not on EX

1 Current mortgage, 1 PIF mortgage from last house

Several student loans, one has one 60 day late from 3 years ago, eveything else is clean

One HELOC, $20,000 limit, $0 balance (and reporting as such)

Oh yeah, there's a couple old scattered loans from early 90's (installment) PIF no lates, varied by report.

 

Thanks!

[MarvBear]

gonna venture a guess here and say your auto enhanced is higher than the classic FICO score based on the fact that you have more than one mortgage account and multiple revolving accounts.

 

I bet you would qualify for the special financing that VW offers.

 

gut instinct.

[CargoJon]

Thanks. VW was scattered on CreditPulls...looks like TU and EX. EX is 693 and TU is 675.

 

If I do indeed find a car I want, I'll give it a try...if not I'll shoot for DCU.

 

I was just afraid these promos were for people with 740+ scores or something........

[MarvBear]

they would limit themselves too much. It's probably their first two tier levels at least IMO.

[CargoJon]

Great, thanks again for everything. Now we'll see if I actually like the car

[MarvBear]

If you do like the volkswagen product, better make durn sure you purchase a service contract.

 

I've heard too far too many horror stories about the problems. Better to be safe than sorry later IMO.

[CargoJon]

Ewww really?

 

I'm losing my company car, being replaced by a vehicle allowance. So the potential for higher mileage on this is possible. Is VW known for reliablility issues of late, especially as the miles creep up?

 

I want something a little bit "above" the normal Fords, Chevies, Hondas, etc.....thinking Volvo, VW, something like that....

 

Any recommendations? probably keeping for 3-4 years till its paid off, but when I'm done with it it will have high mileage...

[MarvBear]

IMO volks has a reliability issue. *my opinion*

 

don't think you could go wrong with a Honda product though.

[MarvBear]

and Volvo is FoMoCo.

[CargoJon]

Yeah you're right on the Volvo thing...but no worries there.

 

Hondas are great, I had an 03 Accord for company car and loved it, but I was hoping to get something with a little more "snob" factor.

 

Lexus, Infiniti, etc. are probably out of price range for what I want to spend....since I'm gonna mileage the heck out of it...

[MarvBear]

Acura? (honda product) has snob appeal

[CargoJon]

Ah yes...lemme look at that too....thanks!

[TomKC]

An Acura TL or TSX would fit that bill perfectly, and I believe Acura may have promotional financing available on the TL right now (they did recently, I don't know if/when it expired though).

[hegemony]

have you seen the new Lexus IS???

[jfg1022]

An Acura TL or TSX would fit that bill perfectly, and I believe Acura may have promotional financing available on the TL right now (they did recently, I don't know if/when it expired though).

 

 

Acura had 5.9 financing on their certified used cars when I went last week. They are really nice cars and the MDX is nice too. Good luck