Can someone with more experience with LR Financial / Chase tell me what my options are here?
Dealer came back (after running my credit without notifying me), saying that the “bank” only approved me for a 20k DAS lease. I asked whether it can be structured as a 1st DAS and salesperson said no. I’ve always been Tier 1 with CCAP and with BMW before that, so I find that surprising.
Sounds like maybe I should do financing instead with a CU?
Had this same issue with an LA-based JLR dealership.
Not only was the sales manager a condescending dickhead (looked like one too since he was bald), but he said that Chase only approved leases at 5k down.
I called Chase JLR and they said this is incorrect, and that $0 DAS is absolutely possible.
Relayed that information back to shiny-dome and he changed his tune to “Well that’s our own dealership requirement and I’ve already sold your car anyways so bye”.
Funny thing is, I woulda done $5k down anyways. I was just confirming with the bank first. It was gonna be a flip anyways.
Needless to say, I didn’t walk out with my Defender. Turned me off to the brand too, if Instagram influencers hadn’t done that enough.
Similar situation. Bank would only approve me with $10k down. Funny I went to a different JLR dealer and got approved for 1st payment das like I requested
was this with a NE/NJ JLR?
Edit: @NATO reply from dealer: “Its directly from Chase, has nothing to do with us. We do not have anything do with a customers credit history or application approval. Ill get you the [lease rate sheet i asked for] breakdown in a bit.”
Edit2: lease breakdown looks fine. 77% RV and Edmunds MF + 100. Just the 20k down that I’m not willing to do.
Credit bureaus can only be pulled with a wet or digital signature.
If the dealer pulled without this, call a lawyer.
It was several ~5 months back, so I don’t recall every detail, but I did fill out the pre-approval form on their website (was requested / [required?] to reserve the car. I assume this had a digital signature element to it, though I don’t immediately recall. **
So, prior to submitting I wrote over email:
“Can you confirm this would be a soft-pull on credit? I’d prefer not to have 2 hard-pulls for the same car, one at order and one at delivery (has happened before…)”
Reply was: “Completely a soft pull. We don’t do hard pulls until the vehicle arrives and is ready for delivery.” [emphasis added]
**Edit: the pre-approval form clearly says:
I authorize Land Rover Princeton to check my credit and employment history, obtain credit reports, and/or to submit my application to one or more financial institutions for the purpose of securing credit.
I assume this counts as a digital signature.
This isn’t the case, or you wouldn’t be able to apply for a credit card or other loan product over the phone.
‘…the only time explicit, written permission is required is when your credit is checked for employment purposes.’
Yes correct. Verbal is also allowed. Generally it’s recorded and retained.
I’m not sure you really have a beef beef if you agreed to a credit inquiry. This is on you, not them, snide comment aside.
Trusting a salesperson would also be user error.
To bring the convo back to the defender, rather than credit - I believe I gave my permission, when hitting submit given their terms mentioned above. I followed-up in writing to confirm they wouldn’t run my credit, and they said no until the vehicle arrives. I guess on me for believing sales person when he said that. Not much to be done there.
Is there any way to reduce the amount due if salesperson is blaming chase, or should I go the CU route if I really want the car?
Anything I should know about paying off LR Financial leases early? Is it as easy as with CCAP?
Your explicit permission for a credit pull isn’t required at all on a consumer credit transaction, at least not under the FCRA (a handful of states go further on some credit matters than federal statute, but I don’t know of any who have more stringent requirements on this.)
The subscriber (“puller”) isn’t the one who’s regulated by FCRA anyway, it’s the credit bureau.
The subscriber accepts rules set by the credit bureau to ensure that the credit bureau stays in compliance.
Take a look at the text of the FCRA in the link I posted.
Going forward, can they run my credit as many times as they like / “feel necessary” without me having any say [à la chappie]?
Technically yes, the bureau can furnish a report to the subscriber as long as one of the conditions in the FCRA is true (such as: the subscriber intends to use the report for a credit transaction involving the consumer). But this gets harder and harder to defend the more time that passes since the consumer last made contact.
But let’s be practical. There’s no incentive to continue pulling, as there’s a fee involved in each one – and the report itself doesn’t become unusable the day after it was pulled. It has a shelf life for underwriting purposes.
Call Chase to confirm. I spoke to the underwriting department and they told me verbatim that 0 drive off structuring is not a problem and that they do it often. 100% sure your JLR dealer is full of 
.
You gotta play by the dealer rules, so if they want that amount down it is what it is.
Can someone explain why the dealer cares how much you put down? Do they make more money one way or another?
Maybe trying to stop flippers.
That makes
Sense
Wouldn’t 20k down stop everyone. I’m thinking most wealthy people are financially literate and wouldn’t have 20k of risk tied up in a depreciable…. And wreckable asset.
Wouldn’t that stop a regular buyer too, unless they were just uninformed and thought that 20k down was the norm? If anything, a flipper’s more likely to not mind putting down 20k since it would only be x number of months versus spread over 3 years?
I did call chase / LRF, they gave me the CCAP-Chappie playbook of “we can’t tell you anything, reach out to your dealer for more info”.