After 2 months waiting for my Jeep GCL new build to arrive, the dealership informed me that Chrysler Capital does not approve financing for 1st time car owners.
They asked me if I might be willing to do a longer term lease (42 months was the number they used) as that might make this possible. They’re also trying to figure out what they can do to get the lease approved.
While I appreciate their effort, I’d like everyone’s opinion on this communication. Does this sound like something Chrysler Capital does and is the dealership’s communication (on finding ways around this) ok or does this raise red flags?
I imagine it’s not quite as cut and dry as first time car owners, but also what other credit history you have, score, income, etc. If you’re very marginal and have no history, it could happen.
I imagine by changing terms what they’re really trying to do is put you into a lease through a different company.
You might consider asking them for the denial from CCAP.
Thanks for the quick response. Good suggestion about the CCAP denial.
I should have added to the original post - they mentioned that my credit score came out great although they pointed out that I only have 2 credit cards. Experian and FICO scores are both 750+.
Banks would rather have someone with a 700 score but lots of history than an 800 with a single credit card on file. You need to either find a co-signer or if you graduated college recently, see if they have a college grad program. Also, more money down helps with an approval as well since it helps mitigates any risks the bank perceives.
My sister with a great credit score, but no loan/auto history, was bumped down a tier by CCAP. A co-signer was able to bring her back up to tier one.
Since you waited for the car, it would probably be your best bet to see if getting a co-signer could benefit you. (That’s assuming you can get a co-signer.)
CCAP said my SSN isn’t showing up - which is the situation when applications get rejected. They will send snail mail explaining the reason for rejection.
Family member is more than happy to cosign. But the dealership is acting up and seems to be reluctant to move forward. Locked the deal through a reputed broker very active here, but he’s been pretty unresponsive as well.
Not taking any names to protect them of unnecessary negative information, in case they’re actually working towards closing this with me; however, based on the last week since the car’s arrived at the dealership it seems like they have other plans.
Chrysler Capital may have done a payment call for you. Not wanting your payment to be above a certain amount, that could be the only reason why i can think of the dealer would want to stretch the term to 42 months. I would ask if you can do a little more money down, to drive down the payment.
Making a little extra $$ in rate for 6 more months on a deal is a very small amount so i assume it wouldn’t be so the dealer can pick up a negligible amount of profit.
Is it any indication that this “bad” dealer is the one being brokered by a popular broker here?
I find it sad that you have to create a thread regarding your experience with a dealer rather than the broker being on top of the situation, like that’s what a broker is for. Not just selling a lead
I believe I’ve made it ample clear that I am not passing judgement (do read my statement below) on either the dealer or the broker. Your message seems to be pushing the message towards an aggressive mood unnecessarily and I’d appreciate if you can retract/ alter the tone here. Thanks
This is a great community and people value each other’s views and opinions, so I would have to disagree with your statement here. I had to work on getting information because my broker had not responded (until this afternoon) for days, which is rare.
