Chrysler capital not accepting "Business" financing

Ask the Hackrs
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First post so excuse if not in proper format.

Have been in contact with a broker working on a deal with Dodge to lock in a lease on a Durango RT. Lease to be thru Chrysler Capital under a business with me as a CoSigner.

First they gave us a response that there are 3 bankruptcies under my name. Had a bankruptcy in 2018 and that was it. Dealer still claims thats what Chrysler capital came back with and no effort to get it sorted out.

Had another broker try to work out a deal with another dealer to use a different person as a co-signer with no bankruptcies and perfect credit score, dealers just said " Chrysler Capital wont do anything with a business lease"

Does anyone know of possible cause or insight on why Chrysler Capital is being like this? Pretty sure we are not the only ones that ran into this issue.

Thank you all in advance for any input.

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I have a ton of leases with them via my business. I’m guessing this is the bankruptcies but could also be a finance guy who doesn’t want to fight for it.

I’d assume the other co-signer could work BUT if they’ve flagged the business maybe there’s nothing they can do.

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Sounds like they aren’t accepting a personal guarantee from someone who isn’t an officer of the business.

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A bankruptcy stays on your report for 7 to 10 years depending on what type. You may want to sort out the “multiple” bankruptcies coming back (maybe they pulled all three bureaus and each one reported it?) but that’s going to cause an issue no matter what since it hasn’t fallen off the report yet.

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How does one get 3 bankruptcies at the same time?

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I don’t think that should be possible. I’m saying that maybe the dealer pulled all three bureaus and each bureau had the same one listed? Maybe it was a misunderstanding in how that information was relayed.

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The act of filing BK leaves a public record that finds its way to your credit reports.

You could file three times and never have a case go all the way through to discharge, but you’ll still end up with three public records.

There are also multiple types of BKs.

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There is just one BK which has been closed out in 2018.
I’ve pulled my own credit reports to make sure there was nothing out of the ordinary on there. All 3 Bureau’s came back with 1 BK.

Our guess is that the Finance manager mixed up the paperwork or just didn’t want to deal with it or man up to his/her mistake.

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Most likely that’s what happened, but the thing that threw us off is that they did not even allow us to explain to them the mistake made and just pretty much hung up the phone on our broker after running my credit 5 times.

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The weird thing with that is we had a different broker send out an email to other dealers to work out a deal. As soon as the dealer heard that it will be a company lease(Without hearing our company) they just said “Cant do chrysler capital business lease”

My guess is that there is a lot more steps/work for finance manager involved in getting a lease approved with company leases vs personal, so they just don’t want to bother with it.

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This! Broker deals are like tinder. You want to be in, out and on your way. The LAST thing that ANYONE wants to do is do a ton of work on a deal that makes no money

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especially w the grosses that brokers here make. why spin your wheels?

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I was just commenting on how one could end up with multiple BK PRs on one’s credit report, in reponse to that specific question from another member. :slight_smile:

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