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Chase subprime auto loan

Established Member

Chase subprime auto loan

Hi Everyone,

 

Just wanted to know where the best place is to apply with Chase for a subprime auto loan (online, in store..)  I've been seeing many people claim they've obtained decent rates on used car loans with low 600 TU scores.  Right now im at 639...

13 REPLIES
Valued Contributor

Re: Chase subprime auto loan

I don't know the best way but we filled out a credit app at the dealership and received a loan through Chase.  It's not the best interest rate but we put 0 down on a used vehicle.  We each had a separate individual car loan as well (and not the best credit scores at the time) and they still accepted us.  The only thing I REALLY don't like about them is if you want to make a payment specifically toward principal you have to send a check - snail mail only. Smiley Sad 

 

 

11/30/08 TU 648 EX 672 EQ 656 SEPT 2014 TU 787 EX 789 EQ ???
Amex BCP $24.1K/Clear $8.5- Sallie Mae $27.5 -Cap One QS $7.5 - Chase Freedom $7.5/United $5k/CSP $20k/Ink- Citi DP $9.5/Dividend $13k/HHHx2 $15k/16.4/Reserve $4.5k Best Buy $1940 HD $1701- Discover IT $15k - Elan $8k GEMB Lowes $20k - Macy's $2k - Kohl's $800




Starting Score: 648
Current Score: 736
Goal Score: 765


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Senior Contributor

Re: Chase subprime auto loan


clocktick wrote:

...The only thing I REALLY don't like about them is if you want to make a payment specifically toward principal you have to send a check - snail mail only. Smiley Sad 

 

 


 

That is different from my experience with Chase Auto Finance, maybe different parts of Chase handle prime versus subprime loans or something?  On my car note, which I paid off well ahead of schedule in 2008, I made one online payment each month (using Bill Pay from my checking account) for more than the scheduled amount and all worked appropriately (I know, because I followed their interest calculations with my own spreadsheet).  Each month they added interest on the principal balance and subtracted my payment.  When the balance was under $1K I checked the website for the payoff balance, made a payment of that exact amount, and maybe two weeks later I got a release of lien document.

 

TU 791 02/11/2013, EQ 800 1/29/2011 , EX Plus FAKO 812, EX Vantage Score 955 3/19/2010 wife's EQ 9/23/2009 803
EX always was my highest when we could pull all three
Always remember: big print giveth, small print taketh away
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New Contributor

Re: Chase subprime auto loan

Who does Chase pull for credit???
Established Member

Re: Chase subprime auto loan

I heard its TU in NJ.. not sure though....

 

I appd yesterday at 5.. I went online today and it still says the app is in review.. I hope I get approved..

 

My TU score is 639.. I appd through Roadloans, and they approved me for $11,500.00 with 16% interest (ouchhh).. $11,500 is not enough, as I need atleast 15k but that interest rate is horrific..

 

I decided to apply online since it seems that it is the only way besides in person.. I'm going to try and call them to get a live person to guide me.. anyone else have similar experiences??

New Contributor

Re: Chase subprime auto loan

I would WALK befor I got another loan with Roadloans.... they are the SCUM OF THE EARTH!!!!!
Established Member

Re: Chase subprime auto loan

Smiley Sad
rohardi wrote:
I would WALK befor I got another loan with Roadloans.... they are the SCUM OF THE EARTH!!!!!

 

LOL.. thats funny you mentioned that.. just got a call from them.  They asked if I was still interested in the loan.  I told them their interest rate sucked and the loan amount was way too small.  The lady I spoke with immediately stated (sounded very scripted) that the loan amount and rate were NON NEGOTIABLE.  I told her that was fine.  They said they would hold the app for 30 days in case I changed my mind.  I would rather drive my beater that I have now then purchase a car with those horrible terms.

 

Another update.. called chase with the 1800 number listed on the loan status webpage.  I called them to see if they needed to verify anymore info and what the decision was.  The rep I spoke with advised me it was an instant decline Smiley Sad (if it was instant, why didnt I just get a message that it was?) and that the reason was due to never having an installment loan in that amount and for derogs (2 unpaid collections from 2004)  I asked if their department specialized in subprime.  The rep told me NO, they were PRIME only, and that I had to go through a dealership to get any decision on subprime financing.  Hearing that was a bit bizzare and surprising, because on their auto loan page, they have at the top (prime, non-prime.. etc) as to make you think they do both?  If I had known, I would've never wasted the inquiry.. don't know what to do next, looks like I may be at the mercy of the dlrship.  In any event, I will bluff them and tell them I've secured financing and that I'd like to see if they can beat what I have.  Anyone have any suggestions as to where I can app besides Roadloans and Chase?

Established Member

Re: Chase subprime auto loan

Well this is hilarious.. appd through Cap One and got a 24hr message.  Called and their lovely automated phone system declined me and stated "i will recieve a letter in 30 days.. blah blah blah"  Then I get this wonderful email..

 

 

Dear JLRNA

 

Capital One Auto Finance® is pleased to inform you that your loan application has been conditionally approved through our lending partner RoadLoans.

RoadLoans will be contacting you with an offer detailing your loan terms and conditions. They will be working with you throughout your vehicle purchase process and once your account is established, provide the servicing of your loan.

For information on how to contact RoadLoans, go to: https://my.capitaloneautofinance

 

Greattttttttttt  Smiley Mad

Frequent Contributor

Re: Chase subprime auto loan

Back when my scores where low 600's I had a loan with HSBC at 13%. I went to buy a different vehicle, and the dealership got me financed through chase at 9%. I shopped Roadloans at the time just to see what they would quote, and it was 16.9%. 4% more than my sub HSBC and way higher than Chase. I told them their numbers where laughable. I would never waste an inquiry with Roadlaons again and I would advise any of you to do the same.
Valued Contributor

Re: Chase subprime auto loan


MattH wrote:

 

That is different from my experience with Chase Auto Finance, maybe different parts of Chase handle prime versus subprime loans or something?  On my car note, which I paid off well ahead of schedule in 2008, I made one online payment each month (using Bill Pay from my checking account) for more than the scheduled amount and all worked appropriately (I know, because I followed their interest calculations with my own spreadsheet).  Each month they added interest on the principal balance and subtracted my payment.  When the balance was under $1K I checked the website for the payoff balance, made a payment of that exact amount, and maybe two weeks later I got a release of lien document.


Sorry for the late reply.  I wish I could figure out another way besides sending a check.  We pay $60 over our payment monthly and we also pay 2x a month.  Instead of adding to the principal, it just moves the due date a month ahead.  Our car payment is due the 6th of each month and because of our 2ce/month and over the amount payments, we now do not technically owe a payment until July.

 

I went into our local branch and they looked at me as if I had three heads.  They 'tried' to apply the payment to principal and they told me to wait a couple of business days to see what happens.  They never had to manually do it before (which I found hard to believe).  I looked a few days later - nope, never went to principal as planned.

 

We always pay straight from a Chase account too.  Found this regarding our loan: "allocation of funds: any amount that exceeds the payment due will be applied towards your next payment balance"

 

My other car loan through my credit union is so much better - anything over the actual payment amount is applied directly toward the principal.  I love it.

 

FYI for the thread - Chase pulled Experian for us in NY.

 

11/30/08 TU 648 EX 672 EQ 656 SEPT 2014 TU 787 EX 789 EQ ???
Amex BCP $24.1K/Clear $8.5- Sallie Mae $27.5 -Cap One QS $7.5 - Chase Freedom $7.5/United $5k/CSP $20k/Ink- Citi DP $9.5/Dividend $13k/HHHx2 $15k/16.4/Reserve $4.5k Best Buy $1940 HD $1701- Discover IT $15k - Elan $8k GEMB Lowes $20k - Macy's $2k - Kohl's $800




Starting Score: 648
Current Score: 736
Goal Score: 765


Take the FICO Fitness Challenge