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Old 02-03-2017, 01:53 AM   #1
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Default Auto Loans for ED

Hi All

I'm thinking about doing an ED on a Q7 Prestige later this year and was wondering which banks/credit unions will extend auto loans for a vehicle bought under the ED program. I searched this forum for an answer but did not find anything recently that answered this question. So I thought that I would ask it again. I have not served in the military and none of my family have either, so any credit unions that require someone in the family to have served in the military for membership is not open to me. Your help would be much appreciated.

CarSwami

Last edited by CarSwami; 02-03-2017 at 02:46 AM.
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Old 02-03-2017, 08:55 AM   #2
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Any banks/credit unions will. There is no difference from their perspective if you do ED or not. With ED, you are still buying a US spec car that gets registered in the US, once it gets here. You'll have to pay for the car before you leave. The difference is that you take delivery in Germany, drive it around for a bit and then hand it back to be shipped to your dealer. When it arrives, the car gets registered as a new vehicle, even though, it's technically used now. ED is between you and your dealer.
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Old 02-03-2017, 09:45 AM   #3
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My experience was different. Even though I was pre-approved at a credit Union, I was told by the Dealer, that for European Deliveries, I had to use Audi Financial Services. It might have been the credit union that wouldn't do it. I would call the bank/credit union you want to use and tell them that you are doing a European Delivery and see if they will finance it. I will probably re-finance through the credit union next month to get a lower rate.
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Old 02-03-2017, 09:54 AM   #4
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It is possible that Audi requires financing through AFS for ED. I'm not a 100% sure, but the difference between ED and a regular purchase is that with ED you are actually buying the car directly from Audi, however, the dealer handles the transaction details. That's also why most ED orders don't come out of the dealer's allocation. RS models and the R8 are slightly different as they do come out of the dealer's allocation. I paid cash for my ED RS5, so I didn't actually have to go through this.
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Old 02-03-2017, 11:50 AM   #5
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Hi All, thanks for your responses to my question. The reason I asked it is because there have been several reports on the BMW ED Forum that some banks/credit unions will not finance vehicles purchased through ED for one reason or the other. I will of course contact my banks and credit unions individually and ask them, but I was hoping that folks on this Audi ED Forum could also give me the names of a few lenders that they have used to finance ED vehicles.

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Old 02-06-2017, 01:35 AM   #6
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Has anyone financed an ED using PenFed in the DC/MD/VA tristate area in recent times? There are reports on the BMW forum that people have used PenFed in the past, but those reports are a few years old.

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Old 03-14-2017, 06:04 PM   #7
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We've done ED several times over the last 30 years. In the early years, many banks wouldn't make a loan on an ED car because of the perceived risk of the car never coming back to the US and being unable to repo it if needed. That's apparently less of an issue now.

The idea that you could only use Audi Financial is nonsense of course- any method of payment is acceptable to the dealer. That dealer is just trying to force you to a more profitable deal, as they get spiffs and other benefits from originating loans with AFS.
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