Archive for the ‘Finance’ Category

How to Finance A Car For a First-Time Buyer

Friday, May 17th, 2019
Hand sorting through a stack of hundreds

It’s not exactly an easy process to buy a car. After all, you can’t just head to the store, pick up what you need, and then leave. It can feel pretty daunting, especially if you haven’t done it before.

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How NOT to receive CA DMV renewal notices or parking citations after you return your Lease.

Monday, May 14th, 2018

There’s nothing more frustrating than receiving a parking ticket or DMV renewal notice months after you returned your leased vehicle. The CA DMV states you (the lessor) must complete a Notice of Transfer and Release of Liability and submit it within 5 calendar days. This will release you of liability associated with your leased vehicle after the transfer date, including those pesky renewal notices which can look more like DMV collection attempts.

There are a few pieces of information you’ll want handy when completing this form online.

  • License Plate Number
  • VIN number
  • Mileage on the vehicle
  • New Owner (this would be the company you leased from such as VW Credit)
  • Date of transfer

FAQ

Why doesn’t the dealer take care of this? The dealer isn’t able to complete transfers on your behalf as we are not a selling or buying entity in this transaction. 

What if I never completed the Transfer and Release of Liability when I turned in my lease, but just received a renewal notice? It’s a good idea to still go online and complete the form so that you can update the dmv.

I turned in my lease and completed the Transfer and Release of Liability form online but still received a renewal notice? Chances are it was issued before the DMV updated their records. Renewal notices are computer generated events generated more than 60 days prior to the expiration date. 

VW Foreign College Student Plan

Thursday, February 25th, 2016

If you’re a Foreign College Student in Los Angeles Volkswagen has a plan just for you even if you don’t have a Social Security number or credit history in the United States (however any established credit must be in good standing with no previous derrogetory items).

This program is available to Foreign students currently enrolled in a 2 or 4-year accredited U.S. college or university pursuing a Bachelor’s, Master’s, Doctoral or Nursing (RN or LPN) degree. Under this program qualifying applicants may either finance or lease a new Volkswagen or finance a Certified Pre-Owned Volkswagen. The contract length however is limited to the to anticipated graduation date on the I-20 form.

To begin the approval process under the Foreign College Student plan please apply in-person or online at VW of Downtown Los Angeles.

Here’s a list of the required documentation that have ready:

  1. Current I-20 Form
  2. Copy of Visa (Types: F1 or J1)
  3. Copy of US Social Security Card (if you have one)
  4. Copy of 3-months of bank statements
  5. Contact Info for your school (typically Registrar’s info)
  6. Proof of address (lease agreement, utility bill, etc.)
  7. US Drivers License

It typically takes about 2-5 days for the approval process to be completed. The turn around time largely depends on how easy it was for VW Credit to verify with your school that you are currently enrolled.

If you have any questions please call or stop by today! Volkswagen of Downtown Los Angeles | 213-222-1296

*VW Foreign College Student Stipulations subject to change.

Top 3 reasons why so many people lease cars in Los Angeles

Friday, October 16th, 2015

Frequently I get asked by new arrivals to Los Angeles from the east coast why do so many people lease their cars in here? They are often surprised to learn that 77% of new car sales at our dealership are leases and these sales statistics are similar to many other dealers in the area. So what gives? Why are so many people leasing?

You drive less here – In Los Angeles driving just a few miles to your favorite grocery store is a major time suck. You simply aren’t as going to pack on extra miles. Just ask any Angeleno if they can drop you off at LAX on Monday morning. Sure the airport may only be 8 miles away, but you just asked your soon to be ex-friend to invest nearly 2-hours getting your there.

Expense – Lease payments are generally about $100 less per month than financing the same new car. If you work in the entertainment industry your next gig may be another month or two away and the $100-200 could have been gas money or haircut for your next audition.

First Impressions – People like to look good in Los Angeles. Rolling up to the dog park, valet or picking up a date in the 7-year old rusty Chevy Malibu from Minnesota isn’t going to work. It’s a tough town if it looks like you’re crashing on an air mattress in your friends living room.

 

Volkswagen of Downtown Los Angeles | 213-222-1296 | vwofdlta.com

 

Volkswagen Lease Return in Los Angeles

Wednesday, October 14th, 2015

Returning your Volkswagen Lease at VW of Downtown Los Angeles is a snap. You can expect the process to take about 15 minutes and you never need an appointment nor do you need to call ahead to return your VW lease at VW of DTLA.

VW of Downtown Los Angeles is available to receive your lease during regular sales department hours (8:30-9PM M-Sat and 9:30-8PM Sunday).

Here are a couple common questions:

Do I have to return my lease from the dealership I obtained my lease from?

You are free to return your VW lease at any Volkswagen dealership.

Do I need to be present to return my lease or can someone turn in my VW lease for me?

You should be present so that you can sign and obtain a copy of the odometer statement for your records.

I can’t find my 2nd key. Can I return it later?

When you turn in your lease we have to document how many keys were received with the vehicle. We are unable to receive keys later on as VW will send a transporter very quickly to retrieve your car. It’s best to return your lease when you have all your keys and books or Volkswagen will bill you for them.

My lease is due but I haven’t scheduled my lease end inspection yet with AIM (VW’s third- party lease inspection company). What should I do? 

You can still return your Volkswagen at VW of Downtown LA. When we ground the car Volkswagen they will send AIM to inspect the car at our premise. The only downside to this is the car is already grounded and you will be unable to make any repairs to the vehicle if that’s something you wanted to do. To schedule an inspection with AIM please call 844-264-9704 or schedule online https://selfshedule.aiminspect.com

I’ve already returned my lease, but I received a DMV renewal notice. Am I going to be penalized?

There’s nothing more frustrating than receiving a parking ticket or DMV renewal notice months after you returned your leased vehicle. The CA DMV states you (the lessor) must complete a Notice of Transfer and Release of Liability and submit it within 5 calendar days. This will release you of liability associated with your leased vehicle after the transfer date, including those pesky renewal notices which can look more like DMV collection attempts.

There are a few pieces of information you’ll want handy when completing this form online.

  • License Plate Number
  • VIN number
  • Mileage on the vehicle
  • New Owner (this would be the company you leased from such as VW Credit)
  • Date of transfer

Here’s a great resource to schedule your end of lease inspection as well as review wear and tear use information.

http://www.vw.com/financial-services/ownership-experience/lease-end-process

If you would like to buy your lease or return you lease and get another Volkswagen please be sure to meet with one of our sales associates at VW of Downtown Los Angeles.

 

 

USC College Grad Car Program

Tuesday, September 29th, 2015
College Grad

The Volkswagen College Grad plan is a breeze for USC students looking to lease or finance and new or pre-owned car with no credit. If you are within six months of graduation or have graduated no more than 24 months prior to your credit application with VW of Downtown Los Angeles then you are eligible to submit your application for approval for the College Grad Program with any of the following degrees:

  • Associate’s
  • Bachelor’s
  • Master’s
  • Doctoral
  • Nursing degree (RN or LPN)

As an added benefit to using the VW College Grad Plan your First Month’s payment is paid by VW (up to $800)! 

Here’s a list of what is required for your application process. If you have any questions please reach out to the sales team at VW of Downtown Los Angeles or stop in. We’re about a mile from USC campus located on the intersection of Figueroa and Washington.

College Grad Required Documentation: 

  • Verifiable Proof of income and full-time employment (job offer letter or recent pay check) that exceeds $45,000 annual income.
  • Copy of degree or transcript
  • References
  • Completed and signed VW Credit Application.
  • Proof of residence (driver’s lic, apartment lease agreement, utility bill, etc.)

College Grad FAQ: 

Do I need credit to get approved?

No credit history is required; however, established history must be in good standing and you must have no previous derogatory credit.

Can I get 2 cars?

Customers are eligible for this program once per degree

How long will it take to get approved?

Once the complete application packet is submitted to VW it typically takes about 2-5 days for your confirmed approval.

I’m not currently at home out of state, but will be returning to the Los Angeles area soon. Do I need to come in person to get started?

No, you can start the process by calling us at 213-222-1296 or by filling out a “Contact me” form on our web site. If you want to jump right into it you can also complete an application pre-approval under the finance page at vwofdtla.com

What will be my payment?

Your payment is very easy for us to calculate once we know the car you want. We can provide you with lease and finance payment options with various terms customized to your situation. One thing to keep in mind is your monthly payment under this program may not exceed 25% of your gross monthly income.

I’m a Foreign College Student at USC. Can I use this program?

No, there is a separate program for Foreign College Students. Please contact us so that we may help you with this.

I am not close enough to graduation to meet the requirements or I have bad credit. Can I still use this program?

You won’t qualify for the College Grad program, but you we can submit your application with a qualified co-signer. Even if your co-signer is out of state.

Volkswagen of Downtown Los Angeles has been selling VW’s in Downtown Los Angeles since 1959. We’ve helped thousands of USC students and USC Alumni over the years and look forward to helping you too.