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  1. #1
    iambroke is offline Registered User
    Join Date
    Jul 2003
    Posts
    499

    Chase auto loans

    We just bought a Saturn ION today by trading in my hubby's car (98 toyota) and the loan is thru Chase at 1.9%. Anyone here have an auto loan thru Chase?

    We have 2 CC's and our mortgage thru Chase so adding another loan should be pretty easy...and paying online will be nice!

    The auto finance guy said they had to send the info directly to Chase to get approval but we took the car and he acted like we already had the loan, etc...we signed tons of paperwork. I've never heard of a dealership giving a car to someone without approval from the bank. Is this normal?

    Either way we're happy and really like our payments...230/month!

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  3. #2
    dduke25 is offline Senior Member
    Join Date
    Oct 2003
    Posts
    100

    Chase auto loans

    Yes they have they guidelines already from your score what they can get you.

    Example

    Tier 1 750 up
    Tier 2 700 to 749
    Tier 3 650 to 699
    Tier 4 620 to 649

    No Deals under 620

  4. #3
    chipper is offline Senior Member
    Join Date
    Feb 2003
    Posts
    331

    Re: Chase auto loans

    Originally posted by iambroke

    The auto finance guy said they had to send the info directly to Chase to get approval but we took the car and he acted like we already had the loan, etc...we signed tons of paperwork. I've never heard of a dealership giving a car to someone without approval from the bank. Is this normal?
    You never leave the dealership financed. On your contract, you will find a spot where you signed that says 'this contract is pending lender approval'.

    The easiest way to explain this is that you can buy a car on Sunday, when the banks are closed. On Monday, the lender reviews the paperwork to determine if you are approved. Although the scores are used for guidelines, the lender will review the rest of the report, especially previous auto history.

    Congrats on your new car and your 1.9% - that is awesome. I wouldn't worry a bit.

  5. #4
    Peachkiwi is offline Member
    Join Date
    Jun 2003
    Posts
    98

    Re: Chase auto loans

    We just bought a Saturn ION today by trading in my hubby's car (98 toyota) and the loan is thru Chase at 1.9%. Anyone here have an auto loan thru Chase?
    That's a fantastic rate! Congratulations! I had purchased a Mazda MPV with 3.5% financing (through credit union) two weeks ago and I had thought then I had gotten a good rate.

  6. #5
    iambroke is offline Registered User
    Join Date
    Jul 2003
    Posts
    499

    Re: Chase auto loans

    Our 1st saturn (2001 SL2) we got .9% and we wanted that but didn't mind another 1% on this one as the payment is much lower then our 1st one.

    I find the dealerships offer the best rates when I've gotten my cars. Seems they can offer close to nothing...One car we saw (Saturn ION 1) was 179.00 down and 179/month at 3.9% but I wanted a lower rate then that.

    Thanks!

  7. #6
    Peachkiwi is offline Member
    Join Date
    Jun 2003
    Posts
    98

    Re: Chase auto loans

    I find the dealerships offer the best rates when I've gotten my cars. Seems they can offer close to nothing...One car we saw (Saturn ION 1) was 179.00 down and 179/month at 3.9% but I wanted a lower rate then that.
    You are correct in that the dealerships offer the best rates especially with the current ecomony. In my situation, Mazda was offering 2.9% financing or $2500 cash rebate. I opted for the latter because I knew the credit union was offering the 3.5%. Congratulations again on a job well done!

  8. #7
    texan is offline Member
    Join Date
    May 2002
    Posts
    81

    Re: Chase auto loans

    Some dealers do a thing called "spot delivery." There are instances where people have been called back a week or two later for an additional down payment, co-signer or other requirements to satisfy the lender before the car loan is final.

    Although "spot delivery" is legal it is not very etical and can lead to embarrasment for the buyer.

    "Could you please return the car - the bank said NO." This happens to people all the time - as unfortunate as it is.
    "Success is not guaranteed. But if you never try then there is guaranteed failure."

  9. #8
    iambroke is offline Registered User
    Join Date
    Jul 2003
    Posts
    499

    Re: Chase auto loans

    That is fine with me...as I signed a contract with the terms I wanted so if it's not approved that way then fine they can take the car back.

    However they had BETTER give me my trade-in (toyota corolla) back! They took that and gave me this new car in exchange....

    So do they hold the trade until final approval too? Just seems odd that they had me clean it all out, give them the keys, etc...and they gave me 2550.00 for it too off my price.

    Therefore if the loan isn't approved for the terms I signed then I return the new car and get my tradein back? Do they just hold my trade-in til final approval. I doubt that they do. That is why I'm thinking they really approved us but can't say. Just seemed odd.

  10. #9
    texan is offline Member
    Join Date
    May 2002
    Posts
    81

    Re: Chase auto loans

    Read your contract carefully. There are instances where people have lost their trades - the dealer sold the trade - and per contract had the right to do that. In that case the dealer will attempt to get you financed for a car of less value than the one you originally took home - you agreed to that arrangement in the contract. Read the FINE print.

    When purchasing a new or used auto - "buyer beware." Don't purchase based on emotion, don't rush into the first deal offered and purchase according to what your budget can afford. This will prevent heart-ache later on

    Good luck and enjoy your new wheels!
    "Success is not guaranteed. But if you never try then there is guaranteed failure."

  11. #10
    iambroke is offline Registered User
    Join Date
    Jul 2003
    Posts
    499

    Re: Chase auto loans

    My contract specifically states:

    The contract contains the entire agreement between you and us relating to the contract. Any change to this contract must be in writing and we must sign it. No oral changes are binding.

    Therefore they can't change it without agreeing and signing it. It specifically states the make, model, VIN # and everything of the car we drove off the lot...APR, trade-in info etc....it is just like a complete contract. They can not change it like that.....we agreed to a specific car and term and that is what we signed.

    There is no place that states (I read the entire thing before signing it) what you say.

    It's not like we signed a blank contract.

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