First Time Buyer Plan Medford MA
- Any new and Near New Volkswagen (see Near New Vehicle Definition)
- Volkswagen Certified Pre-Owned
Retail Contracts only - First Time Buyer Plan does not apply to leases or Driver’s Option.
The dealer must provide the following information for each applicant prior to approval:
- The customer must never have had automotive credit
- Monthly payment may not exceed 18% of gross monthly income
- Minimum one year of verifiable full-time employment with current employer with income commensurate with all financial obligations. A contact name and phone number within the Payroll or Human Resources Department of the applicant’s employer must be provided.
- Minimum one year residence in dealer’s market area, renting or living with parents is allowed
- No credit history required; however, established history must be in good standing with no previous derogatory credit
- Three verifiable personal references; one must be a relative
- Qualification under this program is subject to verification prior to approval
- Please include the following when submitting the credit application:
- Proof of income
- Proof of Residency
- Copy of Social Security Card