Hello dear forum community,
A month ago I bought my 4 Series out of the loan early and sold it privately. In a year or so I’ll be getting a new car because I still have a company car, but unfortunately it’s not enough. Since I can’t drive a coupe anymore and I don’t like the BMW sedans at the moment, I’d like to go back to Audi. The big question I’m asking myself here is how to understand the Vario Credit, which is very different from what I know from BMW Bank.
Just for fun, I picked out an offer from an Audi as an example:
Purchase price: 59,840.00
Net loan amount: €47,872.00
Deposit: 11,968.00
Fixed interest rate (pa) 5.83%
effective annual interest rate: 5.99%
Total amount: €56,174.55
36 monthly installments: 255,00€
Zielrate: 46.994,55 €
I am familiar with the general process as of the dates mentioned, but I am not a trained businessman and the people in my private circle finance almost everything but do not question what will happen at the end of the term, so I thought I would ask in the forum.
What is different to BMW Bank is that with VarioCredit I have a documented right of return, so it is probably designed for me as I want to drive a car for a maximum of 3 years. I am definitely ruling out buying it out after the 3 years or further financing.
The question is what happens after 36 months when I return the car? I can’t find any mention of the amount of the documented right of return in the offer on the Audi website (unless the target rate would then be the documented amount?). What exactly is calculated here and what is the result? The down payment of 11,968.00 + the 36 paid instalments are then “gone” because they have already been paid. Assuming the car is in good condition, the Audi Bank gets the documented return value from the dealer, I’m left without a car and the sale doesn’t give me an amount for a new down payment. If that’s the case, I don’t understand what the appeal is and why so many people recommend VarioCredit?
