Credit question


I have 3 months left on my Audi SQ5 lease and was thinking about leasing again, specifically the Etron. However my credit got pretty ugly during COViD due to losing one of my properties in a short sale. Credit score is still low 700 though. Any thoughts if Audi financial would approve me for another lease? Never missed any payments on anything besides that lost property, which now shows 0 balance on the mortgages. Thanks for any input.

If you were a bank, would you hand a 70,000 automobile over to someone who just defaulted?

Well I am not a bank and nor are you. No need for sarcasm COVID has effected many businesses not just mine.

If you want the Etron, the current incentives expire tomorrow (except for Costco).

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Where is the sarcasm, my friend?

Banks lend on their carefully calculated perception of a borrower’s propensity to pay the loan back.

You just defaulted. Audi is not going write a note for a luxury suv for a person who had a charge off in the last 12 months.

Of course I am not the bank. Did you expect the bank to be on this forum to answer your query? If you want the bank’s input, send them your app.

“How Does a Short Sale Impact Your Credit

A short sale will blow a hole in your credit score, dropping it as much as 100-150 points, depending on where you started. The higher your credit score, the more you will fall.

Rod Griffin, Director of Public Education for Experian, one of the three major credit reporting bureaus in the U.S., said: “Short sales, are among the worst things that can happen to your credit score.””

Source: How Does a Short Sale Affect Your Credit?

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I would just go talk to a Finance Manager at your Audi dealer and see what they say.

A score that’s still in the 700’s and a current Audi lease will definitely help, although only someone at the dealer or Audi FS will able to say for certain whether a recent short sale would be an automatic disqualifier.

You are most likely correct, perhaps I was mistaken about detecting sarcasm. It is what it is. Will wait and buy used for now.

Unfortunately for you, a short sale almost always prints the same on a credit report as a foreclosure (but it should drop years sooner). “Not paid as agreed.”

You will not be approved by automated credit analysis. Your only hope is on appeal. Did you pay the note until short sale close? That would help a reconsideration.

I’m sorry you had a hardship.

A credit union could also be helpful to you here.

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Thanks. No, I stopped paying for many months as we were negotiating with the bank. On credit report it just says ‘closed’ but also it indicates ‘over 180 days late’ prior to the accounts being closed.

Thanks - will try that!

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Where did you get this score, and is it the same score model that Audi uses?

Separately, the presence of a major derogatory like a short sale (with or without the string of late payments that often accompany a short sale) is going to make it much more difficult and/or expensive to get credit for a while.

If my opinion is worth anything, I do truly believe a loyalty with the brand you’ve established 3 years of prior history of payments with, will go a lot further than a blemish on your credit report. It worked when I went from Honda to Acura, they already knew I was loyal to the brand and my payment history with them specifically so I would like to assume it’s got to be worth something for you and Audi as well.

Thanks man. I am glad to say that loyalty paid off. Got tier 2 financing from Audi but dealer matched it to tier 1. All in all very happy with the deal. Got the last 4 payments on my SQ5 waived (3 by audiusa and 1 the dealer absorbed in deal) and altogether about 18K off a black prestige with optics package. So to all of you nay sayers above, I am glad to prove your wrong :slightly_smiling_face:


Hey! Very nice!

Post pictures!!

Actually 24k off … forgot the dealer contribution… will post pics soon!

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