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MannyLNJ

Wondering now why we had approval issues

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My 2012 Rav-4 was having some issues and rather than repairing my wife wanted me to replace it. She has excellent credit (over 720)  and my credit is the opposite (high 500's low 600's) due to inquiries, chargeoffs and collections 

 

Subaru was offering 0% for 36 months and we decided to go with them.  I needed to be on  the registration in order to transfer my custom plates to the car (Cancer plates in memory of my parents)

 

My wife and I filled out a joint application which was denied by Chase who is handling Subaru loans yet when we re-applied with only my wife being on the loan we were approved.

 

I'm curious why removing myself from the loan changed the approval decision. 

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1 hour ago, MannyLNJ said:

My 2012 Rav-4 was having some issues and rather than repairing my wife wanted me to replace it. She has excellent credit (over 720)  and my credit is the opposite (high 500's low 600's) due to inquiries, chargeoffs and collections 

 

Subaru was offering 0% for 36 months and we decided to go with them.  I needed to be on  the registration in order to transfer my custom plates to the car (Cancer plates in memory of my parents)

 

My wife and I filled out a joint application which was denied by Chase who is handling Subaru loans yet when we re-applied with only my wife being on the loan we were approved.

 

I'm curious why removing myself from the loan changed the approval decision. 

The answer to your question is in the second sentence of your post.

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That's what has be confused. With both of us on the loan if I didn't pay they could go after her and base the approval on our joint income. I earn more than my wife and I was surprised  that without my income we were approved.

 

It's a funny situation to me now. The insurance for both cars are in my name and I am not on either registration. 

 

 

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Manny. There is an old old saying in the car business that good credit does not overcome bad credit. Not to be rude to you but that's generally how it is.

Sent from my SM-N950U using Tapatalk on a beach far far away.

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3 hours ago, MannyLNJ said:

That's what has be confused. With both of us on the loan if I didn't pay they could go after her and base the approval on our joint income. I earn more than my wife and I was surprised  that without my income we were approved.

 

It's a funny situation to me now. The insurance for both cars are in my name and I am not on either registration. 

 

 

That you earn more than her is irrelevant provided that her income supports the financed amount.  Obviously it does given the approval of the note.  Not discussed in any of this thread is whether you previously burned Chase and if so, for what amount.  They have been known to occasionally blacklist. 

 

I am not understanding the comment about insurance being in your name given that policy premiums are generally keyed to the drivers on the policy.  Premium is looking at a number of factors regarding the risk-based pricing, and all drivers of the vehicles are generally expected to be listed on the policy.  At least in my State, a driver need not be named on a vehicle registration in order to obtain insurance on a vehicle.  Your State could be different, but from the standpoint of the insurance carrier, insurance follows the driver.  Payouts on a loss would often include the name of the vehicle registrant.

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On 3/7/2019 at 10:55 AM, MannyLNJ said:

My 2012 Rav-4 was having some issues and rather than repairing my wife wanted me to replace it. She has excellent credit (over 720)  and my credit is the opposite (high 500's low 600's) due to inquiries, chargeoffs and collections 

 

Subaru was offering 0% for 36 months and we decided to go with them.  I needed to be on  the registration in order to transfer my custom plates to the car (Cancer plates in memory of my parents)

 

My wife and I filled out a joint application which was denied by Chase who is handling Subaru loans yet when we re-applied with only my wife being on the loan we were approved.

 

I'm curious why removing myself from the loan changed the approval decision. 

I had a similar situation.  My credit was excellent in the 800’s and my friend had a 495 credit score.  I explained to the credit manager that I will be responsible for the payment but I wanted my friend first on the lease to help rebuild her credit and for the insurance to be in her name.  They had to call in to get the approval but it was approved. I’m thinking either your dealership didn’t follow through high enough up the food chain with Chase or perhaps Chase is more stringent than Honda Financial.

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