I’m looking to lease an Audi RS E-Tron GT that will arrive in May 2022
I currently have a Jaguar with a $900 payment, $30k total shows as financed with Chase (Jaguars captive).
The new lease would be $90k financed for 36months, $2600 monthly payments which is a 3x my current high credit
How does Audi financial look at this payment shock?
I assume they will require a huge down payment to put me at 2x my high limit that would be $60k financed, or $30 upfront. I know thats not the optimal thing to do for a lease
My TU is 819, Exp and Eq will be over 780 by then. I’m in California
Credit score means nothing if your income cannot cover your living expenses and a $150k vehicle. AFS will look at your DTI ratio when you do your credit app. You’d probably need to rid yourself of the 30k loan and any other debts to open up space for a $2600 monthly. I imagine insurance will be $$$, so factor that in your payment.
Have you tried Donny on this forum? He’s dealership is down in San Diego. More than worth the trip. He’s deals are pretty good and way better than what you’re describing. PM me for his number.
Just like any other bank they will look at your monthly debt. If your debt is more than 45% of gross income, my guess is you will not qualify, lease or loan.
Search term “DTI calculator” and see for yourself.
If the debt will be paid off, then you have “nothing” to worry about with regards to DTI. If you rent or own, that could affect your DTI ( Disclaimer: I am not a financial expert).
I’ve had EVs for almost 2 decades, they are disposable cell phones. I also don’t want a liability that large.
This and the Taycan have potentially additional risks with the 2 speed transmission that could be obsolete soon.
Taycan is even worse, 44% RV
@Batistuta Donny is great, but he doesn’t have enough allocation and they are asking $25k over so imagine that payment?
I have somewhere closer in OC that did it at MSRP with less deposit.
I also just helped sell 2 other RS E-Tron GTs at MSRP yesterday. Their respective dealers were asking $25k over and $50k over on the same cars.
@Bluemkn57cars it’s less than $2600, was just rounding up a little. Total financed is a tad over $90k
I was more interested in knowing what AFS looks at for DTI per their guidelines, not how to calculate it.
From what I’ve gathered it’s 30%
Just want to go in fully prepared.
Wow Donny is up to $25k over ask now? When I was looking they had the car in blue and that was $15k over. I went ahead and ordered an EQS. Good luck on your search.
Paying MSRP is painful for an Audi, over is not an option.
I was waiting for the EQS from the concept, the AMG 53 was going to be the next EV, drove it in Newport, loved it but I need something sportier.
Congratulations on the EQS. You have a deposit but, but now they want over MSRP on them too.
So I put an app with a broker on here with Audi. They approved me up to a $500 payment with $20K down (on a lease), which is low. They basically said how are going to afford a $1,000 payment when $500 is the most you ever paid. I told the dealer I usually put leases on my wife’s name and purchases under my name.
I went to BMW and they approved me for up to $107K. VW is a stickler at this point. I am glad I didn’t get the SQ7 as the X5 M50i is much better.
As someone who did similar search recently, I confirm, Taycan and ETron (all flavors, including SUVs) lease awfully. I ended up owning SUV, lease was just a rip-off.
There is the DTI as well as what you are saying. My credit shows $900 payment, how can I pay $1800, let alone $2600? They will probably ask for $30k down for a $1800 lease with strings pulled to get there.
VW financial family seems to be more conservative than other German OEMs in their financing.
@VicontT the day the E-Tron SUV was released it was a $1500 lease, then went to $380+ tax a month, now back to $1200.
EVs leases make sense when they are subvented by the OEM and with huge incentives.
This one isn’t a steal like my other EVs but Its the only one that I like until 2025 and beyond. There is nothing interesting on the pipeline till then
True, but if you have a BAD credit score, it doesn’t matter your income, they are most likely going to deny / ask for a lot of down. Unless you are Ford, they take anyone.
I finally got the car today after almost 10 months, MF doubling and battling AFS.
VW is getting tighter with approvals. My previous lease I financed $40k for a Jaguar I-Pace, this Audi is $102k financed.
They used my TU 796 score, putting $28k down plus drives, it was still denied. After showing I pay for a mortgage, they approved it.
Score and income matter, but depth of credit is a huge factor
PS AFS only allows dealers to markup MF .40bps from 120bps 5 months ago.
In their case, they pulled Trans Union. The score is generated from the transactions on that bureau, and the DTI would be calculated from the sum of the monthly payments for open trade lines on that bureau, divided by income.
If you are applying jointly, if needed, it can be expenses from both bureaus / sum of both your income.
You are usually asked on a credit app for other sources of income and other expenses (eg child support), those can also be included in the calculation.
