topic Re: Mazda capital services in Auto Loans

Mazda capital services

iwant700fico — Mon, 02 Jul 2012 18:36:37 GMT

Just wanted to share my recent auto loan approval. Applied at my local mazda dealer with no auto loan on my credit, had 3 collections on my credit and 2 recently opned CC's. I had 2 closed CC's in good standing from 2000, 2001 which helped my scores . I am in process of rebuilding my credit and the salesman at thedealer assued me with my scores I could get approved for a lease thru chase/Mazda capital services. My Auto enchnaced fico turned out to be 660 and was instantly approved for the national lease deal Mazda was advertising.

EX 680 6/2012

Tu 640

EQ680

Re: Mazda capital services

Anonymous — Wed, 04 Jul 2012 02:51:55 GMT

I did the Mazda 3i lease special too on July 2nd, the last day of the lease deal and drove home with the car.

They offered .00072 money factor with a 704 fico, however, on the lease agreement in section 3 it stated "subject to assignee approval within 10 days of execution, otherwise lease shall be void and lessee shall return the vehicle on demand". Does your lease agreement say the same ?

I did not get to the dealership until 5:30pm but gave them my SS to run credit before I got there. I am assuming their system gave me a prelim. approval subject to Mazda Capital Services (Chase) fully approving once the bankers had a chance to fully review the file.

I am nervous about having been allowed to drive off with a car without the loan being fully approved. Is my nervousness unfounded ?

I did not call the finance mgr at the dealership today (July 3rd) but I am wondering if they call me to let me know its really completed or do they only call me to say the loan fell through. I have never made a late car payment in my life but do have BK7 from 9 1/2 yrs ago....I have a credit card with Chase and have had a perfect credit history since the BK and have had 2 BMW leases in past 5 yrs before switching to Mazda.

Any thoughts on this ?

Re: Mazda capital services

iwant700fico — Fri, 06 Jul 2012 19:08:45 GMT

I wouldn't worry about it. You probably got the same deal thru chase bank. My contarct also said 10 days to return the car.

Re: Mazda capital services

Anonymous — Fri, 06 Jul 2012 19:20:38 GMT

No news is good news