Credit application - dodge

dodge
chrysler
dealer

#21

IDK about Chrysler’ secret cult qualifying equation but Score doesn’t mean much when you don’t have credit history and continues revolving credit.

Like mentioned above your score went down after 3 hard hits, that didn’t help.


#22

Ignorance is bliss, sometimes. Most people don’t understand how the credit hits work… OP clearly didn’t understand that doing so many credit applications across a large period of time would negatively impact his credit in a way that makes him look like a risky candidate for auto lending.

He can still over come this… primarily by NOT shopping FCA products like a Charger. He seems to be married to the idea of shopping Dodge, though.


#23

looool you are getting hosed by both the dealer and now your broker an sxt should be in the low to mid 3s, mid 4s puts you in scat pack territory. You should be thanking the bank for sh*tting on your deal or you may have ended up in the worst leases section of this forum. With that being said chrysler cap is a tough bank and as others have said applying for a loan across several months is not a good sign with limited credit history. My best advice would be to get a co-signer otherwise chrysler cap and it’s affiliated banks can push you to a higher tier and kill you on the payments.


#24

Go to Volvo :wink:


#25

With Tier 1 and he’s Tier 3. How can his broker change that?


#26

What is bad about having 40k of available credit, even if income is 30k? They go off your stated income anyways, especially with FCA vehicles. I highly doubt they will ask anyone for paystubs with a 725+ score and such a credit limit.


#27

I don’t think someone who is shopping for a 400 dollar Charger is going to look at a 600/mo S60. Totally different cars and classes :smile:


#28

For tier 1 credit based on Chrysler proprietary system.


#29

If he is having a hard time getting approved with FCA, then Volvo and other brands will be even more difficult.


#30

I have read Volvo does not have multiple tiers and is somewhat more lenient. The regal volvoarians of this forum may have some more insight.

FYI – I’m not trying to get in a argument with you


#31

What are you basing this on? I’ve always understood FCA to be among the most difficult lenders to get deals/approval through. Are you basing this on the optics that Dodge/Chrysler are mass market makers so their lenders are easy going when it comes to giving out money?


#32

For leases maybe, but for purchases, they are by far one of the easiest. There is a reason why the Dodge Journey is the choice of those with poor credit and tons of negative equity


#33

The ratio. If you run $40k of CC debt on an income of $30k odds are you’ll have great difficulty paying it back.


#34

Well duh. But that’s only if you have a high utilization rate of that credit.

For a high credit score, should want to have as high of a credit line as possible and as low of a utilization as possible. It’s not rocket science.

Having a $150k limit with 10% utilization ($15k debt) is far better for your credit score than having a $15k limit with 50% utilization (7.5k debt). Income is irrelevant when discussing credit utilization or credit limit in terms of credit score. In terms of loan approval and tiering from a credit/loan officer, besides the score itself your prior history and DTI are extremely important.


#35

I don’t agree with this. ALL dealers want to make a sale regardless of your circumstances. They may not to want to make a deal on your terms, but realistically, if they don’t make deals, they don’t make money. They don’t make money, they don’t exist.


#36

Because when I was first car shopping a while ago, and my credit was 640. Dodge pre-approved me for a $47,500 purchase, while Honda rejected me for a base Accord lease.


#37

What was the APR rate from Dodge?


#38

10.49% for 72mo


#39

FCA isn’t very hard. Their “captive” is Santander bank, which is a known subprime lender. I quote captive because they’re not the true captive in the official sense, however, they act as one at the moment.


#40

Honda gave a straight decline, for a Accord Sport.