Re: God I hate Chase...
03-14-2011 03:37 PM
I don't bother to read your posts, Vish.
So, if you personally had a choice of being paid in full... by a nationally known name, assured by attorneys with signed legal documents that you would be paid in full...
you could choose to chase some peon with no money to try and obtain funding for the vehicle.
You'd choose the latter?
I hope you don't work in finance or therein, lies the problem with rationale.
Even a bank I talked to in hopes of securing a short term loan,scratched their head at chase.... as did my bf who is a gazillionaire (met him after the fact)...
As for the comment, I'd have had to make the choice anyway:
no. Had the original deal gone through as expected, I'd have had the truck off my loan, money to purchse a Geo Metro, and funds left over to pay for the house.
As is, I lost everything.
Sometimes, ya'll thinking just makes me scratch my head.
I take business decisions about 30 hours a week out of my 40 hours a week job.
If it was my personal money, I would go with you to the GM dealership (or watever), work with you for documentation and get the full money.
I totally understand your thinking and you are absolutely right in your statement that it was stupid decision by chase (and they lost money). The only thing I am trying to differ is that you are thinking as an individual, not as a business.
Now, if I was taking that decision as a business, I would do exactly what chase did.
Think of it this way, GM won't do something like hand me the keys and take your check. Its like hand us the keys, fill up all these documentation then we will review the car and then make a check (if everything goes well). All this time, chase will have to risk the whole money (not just the difference) and work with you and GM to get their money. One of the steps here for Chase would be to terminate all their legal rights on the vehicle as a collateral, which you (chase officers) can never get an approval for.
Ex Fico: 762 (PSECU)
EQ Fico: 764 (DCU)
TX Fico: 773 (Discover)