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cten07

Chrysler Capital-I don't get it!

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Got denied from Chrysler Capital tonight trying to purchase. Car was 2020 Jeep Compass, MSRP 28.9k, loan amount was 29.1k OTD including roll in of 6700 in negative equity. 4 years ago Chrysler Capital approved me @ 8% with similar LTV, payment history is perfect with them and score was 517 back then. Score today was 548 Experian due to some recent CC baddie, just forgot to pay  l. I thought Chrysler would finance anyone a Jeep Compass. 

On Feb 22 I accidentally did the pre approval hard pull on their website instead of prequal soft pull , approved me up to 38k and sent it to dealer I was at tonight with similar scores. While I was there they told me to get POI and a utility.bill As I went online to get that stuff, sales manager came over and told me I was not approvable. Said I needed cash down due to current uncertainty right now. I thought that's what 6k in rebates  plus dealer discount of 2500 would take car of.  Earlier today I called Chrysler myself and they told me there was no reason for dealer to re run my credit today since the pre approval pulled my credit within last 30 days as long as I went to dealer listed on pre approval. Of course they refused as I gave them the pre approval number and filled out the credit app

 

Would it be easier to get approved on a leftover 19 at a different dealer with similar LTV since it has been sitting? I have no BKs, foreclosures and a perfect auto history. 

Just irresponsible. 

 

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That's Santander for you. 

10 hours ago, cten07 said:

Earlier today I called Chrysler myself and they told me there was no reason for dealer to re run my credit today since the pre approval pulled my credit within last 30 days as long as I went to dealer listed on pre approval.

You were misinformed by the rep from the lender, since they are not familiar with the laws/rules that govern how a dealership performs their activities.

 

10 hours ago, cten07 said:

I thought that's what 6k in rebates  plus dealer discount of 2500 would take car of. 

May be one of the main reasons you were declined.  A discount nor a rebate does not exist until someone purchases the vehicle.  The lenders recognize that fact.  Since the vehicle has 6K in rebates the lender already knows it isn't worth what the invoice is, even though that is their recognized value.

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Makes sense now. The lender is Chrysler Capital.  Now I know why GM approved me last October on an Equinox at 7.9% similar situation, Equinox had only 3250 in rebates but huge dealer discount. Wife changed her mind on Equinox at last minute. 

 

Would a leftover 19 with no rebates but huge dealer discount work better? 

 

Thank you for your help. 

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2 hours ago, cten07 said:

Would a leftover 19 with no rebates but huge dealer discount work better? 

I think we are fast approaching the time when lenders consider the prior year, even though new, will be considered as used.  That is usually done sometimes during the 1st quarter.

I have no vested interest in advising you one way or another, however, I would think that at this time of the year a 2020 model would probably your best bet.

 

Just be aware of what you are asking a potential lender to do.  You are asking a lender to cover all your negative equity plus your tag/title fees and sales tax/usage fees in connection with your transaction with no investment on your part.

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Thanks again. I won't waste another dealers time on a 19. Makes more sense now.

I just need to be more responsible with my credit, continue to pay down current car, and plan better on my part with a down payment. 

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Posted (edited)
5 hours ago, cten07 said:

Thanks again. I won't waste another dealers time on a 19. Makes more sense now.

I just need to be more responsible with my credit, continue to pay down current car, and plan better on my part with a down payment. 

You're definitely on the right path here!!  :good: 

 

Also remember that while having a car can be a necessity, but having a car loan is not.  

 

Try to get to the point where your savings goal isn't to put aside a certain amount for a down payment, it's to pay cash for the next vehicle.  

 

Edited by cv91915

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