NEWCOMER PROGRAM

First time buyer?

You're in luck because we have a wide array of programs designed specifically for you. Select from the options below and drive away in a Volkswagen for less!

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Foreign Business Professional Plan

Description:

Business professional on International Assignment in Canada, or with a Canadian Professional Designation (e.g. Certified/Chartered Accountant, Lawyer, Dentist, Engineer, Pharmacist, Doctor)

Customer Eligibility:

Immigration Status: International Assignment or SW1 (Federal Skilled Worker)
Employment Verification: Required
Payment to Income ratio: Maximum 25% of Canadian income
Credit history: No derogatory credit

Program Eligibility:

Vehicle New, CPO & Pre-Owned (up to 5 Model years old)
Can apply for: Special & Standard lease rates and Retail, Lease & Select Finance Plans
Finance Plan Term is not to exceed length of stay in Canada.
No Minimum Down Payment.

Required Documentation:

Work Permit, Valid Drivers License and Letter of Employment Required (Including income, hire date, position
and length of stay in Canada)
Copy of Current Pay Stub, if available.

Investor (Permanent Resident) Plan

Description:

A Permanent Resident of Canada with an Investor, Entrepreneur, or Provincial Nominee immigration status in Canada

Customer Eligibility:

Immigration Status: NV5 (Investor), EN5 (Entrepreneur), or PV2 (Provincial Nominee)
Payment to Income ratio: Maximum 25%
Credit history: No derogatory credit

Program Eligibility:

Vehicle: New, CPO & Pre-Owned (up to 5 Model years old)
Can apply for:  Special & Standard lease rates and Retail, Lease & Select Finance Plans
Finance Plan Term is not to exceed the length of stay in Canada. Take a look at your visa expiration date for the length of your stay.
Maximum Amount Financed: $125,000 Additional security deposits may allow for higher amount financed.
Minimum Down Payment must be 20% of Transaction Price.

Required Documentation:

Visa with an expiration date, immigration documents IMM 5292 or IMM 5688 form required for Confirmation of Permanent Residency, valid Canadian driver's license,  Verification of Home Ownership within Canada - temporary addresses (ex. hotel) are ineligible, and one personal reference.

Foreign Worker

Description:

A Temporary Resident Newcomer or a Permanent Resident of Canada admitted into Canada to work

Customer Eligibility:

Immigration Status: Working Visa or Permanent Resident
Employment Verification: Required
Payment to Income ratio: Maximum 20% of Canadian income
Total Debt to Income Ratio: Maximum 35% of Canadian income
Credit history: No derogatory credit

Program Eligibility:

Vehicle New & CPO
Can apply for: Special & Standard lease rates and Retail, Lease & Select Finance Plans
Finance Plan Term is not to exceed the length of stay in Canada. Reference visa or work permit's expiration date for length.
Maximum amount financed is $50,000
Minimum Down Payment: 20% of Transaction Price, or equivalent in Standard Security Deposit (before applicable taxes).
Advance Policy: New: Maximum 100% MSRP CPO: 120% of extra-clean Canadian Black Book wholesale + Protection Plans (per standard policy)

Required Documentation:

Work Permit, Visa, Immigration documents (Copy of form IMM 5292 / 5688 and Confirmation of permanent residence for permanent residents), Valid Drivers License and Letter of Employment/Copy of current pay stub Required (Including income, hire date, position and length of stay in Canada)
One personal reference also required.

Foreign Student

Description:

A Foreign Student is registered in a full time program at an accredited Canadian College or University

Customer Eligibility:

Immigration Status: Foreign Student
Payment to Income ratio: Maximum 25% (Based on an average of last 3 months of bank statements).
Credit history: No derogatory creditProgram Eligibility:
Vehicle: New & CPO
Can apply for:  Special & Standard lease rates and Retail, Lease & Select Finance Plans
Finance Plan Term is not to exceed the length of stay in Canada. Take a look at your student permit expiration date for the length of your stay.
Maximum Amount Financed: $75,000 Additional security deposits may allow for higher amount financed.
Minimum Down Payment must be 20% of Transaction Price.
Advance Policy: New: Maximum 80% MSRP CPO: Maximum 80% of extra-clean Canadian Black Book Wholesale + Protection Plans (per standard policy)

 
Required Documentation:

Student permit, valid Canadian driver's license, Official letter from the College/University's Office of Records and Registration with official signatory affixed thereto with the length of the program in Canada, last 3 months of bank statements, and one personal reference.

Recent Graduates

Description:

Customers who have graduated from an eligible institution/program within 24-months
prior to the date of the credit application, or will graduate within 90-days following the
date of credit application.

Please note that this First Buyer Program for New Grads will replace Volkswagen Finance Graduate Credit Approval.

Eligible Institutions / Programs:

  • Canadian or USA university with a Bachelor, Masters or Doctorate designation
  • Canadian or USA College with a 2-year Diploma program
  •  CEGEP program with a 2-year DEC
  • Recognized nursing, military or police school

Credit:

All applications are subject to credit approval

Employment Requirements:

Applicants must provide verifiable commitment of employment to begin within 90-days of the credit application date.

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