That explains the Chase decline. It was their dealer department, likely some no-experience dweeb with no idea how to buy paper. I have found them tight with high rates on used vehicles. Again this is their dealer department, which will be far removed from their business or personal banking unit. Lean on that relationship and let them know how the dealer guys screwed up. Likely they will fall all over themselves to get you a deal done.
@Anonymous wrote:
Thanks everyone for their replies. I had an extremely busy day. Here are some updates:
Banks Applied & Status
BMW Financial Services: Approved, 72 months, $0 down, 8.54%
Innovative Funding Services: Didn't do anything... said to wait 6 months since BMW already took up the loan.
RoadLoans: Loan Amount Too High
WellsFargo: Approved, 72 months, $10k down, 8.50%
Achieva Credit Union: Loan Amount Too High
Consumers Credit Union: Declined. No prior history large of combined auto loans.
DCU: Application moved to Senior Loan Officer
Chase: Declined. Too high of a balance on personal credit cards. *This was a digital send through the dealer.*
Regarding Chase, yes... I will certainly be discussing things further with our business banker. We use Chase primarily for our business (credit cards, banking, and lines of credit) as well as Citi Bank. I do have leverage there however my experience before with Chase is that you're either a prime borrower at a great rate or an ok borrower at an awful rate. Either way, I will be making the phone call tomorrow.
I absolutely agree regarding the comments of dealing with Chase. $225k/year in deposits, usage of their credit card services, full business profile with most all services, and a long standing customer on both sides (10+ years personal and business) only to be auto declined. If all of the above fail, I certainly hope they come through and provide me with a rate that blows my mind. I may just consider jumping ship on both the personal and business end.
On the opposite side of things... DCU seems promising. I had a fairly long phone call with them today, giving them my background, and everything went smoothly. I just hope they're able to come back with an offer as I've seen nothing but good things from others on here about them.
