topic Re: Jaguar Land Rover Financial/Chase Approval Requirements in Auto Loans

Jaguar Land Rover Financial/Chase Approval Requirements

Anonymous — Wed, 21 Aug 2019 02:07:47 GMT

Hi Guys,

One of my close friends is a senior underwriter with JLR Financial/Chase and I hit her up on requirements because I'm considering leasing a new Velar. I have not submitted yet but here is briefly what she told me:

If you apply directly online, the credit application will go straight to Chase. Once Chase receives the application, they forward to the dealer and the delaer contacts you.
What credit bureau they pull depends on your zip code. For my zip code (a far north suburb of Dallas), that credit bureau is Equifax.
They pull FICO 9 (auto enhanced I believe) if you submit online but if you submit through a dealer and the dealer has an 08 version, they will accept it if it is more reflective of your credit history.
They consider whether this purchase falls into your regular buying patterns.
Although your entire credit profile is considered, they really focus on the last 12 months.
Debt to Income (DTI) and Payment to Income (PTI) is considered.
They will not put you in a unit that is more than 15% of your PTI (i.e. if you make $10k/month, $1500/month is their marker).
That % could be reduced to 8,10, or 12% depending on your specific credit profile.
They Do/Don't have a black list. If you have an old charge off with Chase but still have an open checking/savings or credit card account, they will consider extending credit to you. If you have a charge off and no open business, your application will probably be rejected.
She really stressed to make sure the income you state covers all debt on your credit profile.

If anyone's interested, I will provide updates if I find out more.

Re: Jaguar Land Rover Financial/Chase Approval Requirements

lsgxjr — Thu, 22 Aug 2019 00:51:34 GMT

I’m definitely interested in what else you find out. I’m in the Dallas area proper and I’m thinking about leasing a Velar or Discovery if I can get over the reliability concerns.

Re: Jaguar Land Rover Financial/Chase Approval Requirements

Anonymous — Thu, 22 Aug 2019 01:59:11 GMT

Yes, that is my concern as well. Which is why I'm only considering a lease deal. Ok I will let you know. I'm probably going to make a move within the next month so I will have more info soon!

Re: Jaguar Land Rover Financial/Chase Approval Requirements

Anonymous — Thu, 22 Aug 2019 03:58:02 GMT

i think this is all generic info...specifically, the loan to value is very important...that's probably the most important issue after credit score..if borrower defaults and lender reposseses collateral (car) what is the perceived loss going to be. if the LTV is 40% vice 120%, all the other stuff doesn't matter as much. i dont think she's telling you any real secrets...and i would say this..if you want to buy a $100k car..and you put $60k down...the LTV is 40%....even if your payment on that was $1200 per month because you wanted a 3 year note vice 5, if your credit score and salary support they'd probably approve you with an income of $6000-$7000 per month...so nothing she said is 100% accurate...it has to do with the lender risk....what will the loss be if you don't pay..if you already went in $60k, the lender won't lose anything on a 3 year note..just the time to take it and auction it..but they'll charge you for all that...so i don't think it's quite like you said.

Re: Jaguar Land Rover Financial/Chase Approval Requirements

Anonymous — Thu, 22 Aug 2019 14:13:18 GMT

Thanks for the insight. I will bring that up when I speak with her again. Yes, most is generic information but what I gleaned from the conversation is when to time my application. Because I know they really scrutinize the prior 12 months of your credit file, I am now holding off on submitting an application until my new accounts have aged a bit longer...past the 12 month mark. I now also know I don't need to prioritize paying off a medical collections that is only being reported to Experian (since they will be pulling Equifax). Additionally, my FICO 9 scores are all much lower than previous versions. So yes, some generic information but also provides some direction as far as how to prepare and what to focus on.

Re: Jaguar Land Rover Financial/Chase Approval Requirements

Anonymous — Tue, 24 Sep 2019 02:24:31 GMT

DId you end up applying yet?

Re: Jaguar Land Rover Financial/Chase Approval Requirements

Anonymous — Wed, 08 Apr 2020 04:13:51 GMT

Great information! Looking to purchase a new Jaguar F-Pace S. Would you happen to know which credit bureau they would pull for Southern California? I can give a zip code if it helps. Jaguar is offering the 0% for 72 months and Im hoping I can qualify for that. ;-)

Re: Jaguar Land Rover Financial/Chase Approval Requirements

jetsfan2013 — Fri, 10 Apr 2020 13:31:05 GMT

Solid info, much appreciated. A friend recently app'd at a local Jaguar dealer and the pricing provided was not favorable. He ended up going through his credit union.

Re: Jaguar Land Rover Financial/Chase Approval Requirements

ridgebackpilot — Sat, 11 Apr 2020 05:42:10 GMT

@Anonymous wrote:
Great information! Looking to purchase a new Jaguar F-Pace S. Would you happen to know which credit bureau they would pull for Southern California? I can give a zip code if it helps. Jaguar is offering the 0% for 72 months and Im hoping I can qualify for that. ;-)

You might want to check Consumer Reports test ratings first. The F-Pace scored really low in almost all categories. Among luxury SUVs, Porsche, Lexus, BMW, Audi, Infiniti, Volvo, and Mercedes all scored far higher.

I have a Mercedes GLE350 and the cargo area is far more spacious than most of the other mid-sized SUVs, including the F-Pace.

Re: Jaguar Land Rover Financial/Chase Approval Requirements

Anonymous — Sat, 11 Apr 2020 05:53:25 GMT

Thanks. I have read all of the consumer reports, am a member of the F-Pace online forum and 2 Facebook pages. I've been doing research on the car for over 2 years and think I'm aware of every negative thing about the car. Haha. I'm also aware that plenty of people that don't have any problems just don't write reviews. Its a shame really. It has a great warranty though and I fell in love with the styling. My husband and I dont have any kids and I dont really need much room, just love the car. I did originally look at the Mercedes GLE but every friend of mine that had a Mercedes had major malfunctions with them in the last two years and that turned me off right away. My husbands best friend had his stop in the car pool lane of the freeway with his 4 girls inside. Just bad coinicidences. Enjoy your beautiful car though. I admire them everytime they drive by. :-)

Re: Jaguar Land Rover Financial/Chase Approval Requirements

ridgebackpilot — Sat, 11 Apr 2020 05:57:15 GMT

@Anonymous wrote:

I fell in love with the styling.

Fair enough! At the end of the day, all these decisions are subjective. My wife's Toyota Highlander scores much higher in Consumer Reports' tests than my Mercedes. But who wants to drive a Highlander over a Mercedes?! Hahaha

Re: Jaguar Land Rover Financial/Chase Approval Requirements

Anonymous — Tue, 28 Apr 2020 22:35:03 GMT

@Anonymous wrote:
Hi Guys,

One of my close friends is a senior underwriter with JLR Financial/Chase and I hit her up on requirements because I'm considering leasing a new Velar. I have not submitted yet but here is briefly what she told me:
If you apply directly online, the credit application will go straight to Chase. Once Chase receives the application, they forward to the dealer and the delaer contacts you.
What credit bureau they pull depends on your zip code. For my zip code (a far north suburb of Dallas), that credit bureau is Equifax.
They pull FICO 9 (auto enhanced I believe) if you submit online but if you submit through a dealer and the dealer has an 08 version, they will accept it if it is more reflective of your credit history.
They consider whether this purchase falls into your regular buying patterns.
Although your entire credit profile is considered, they really focus on the last 12 months.
Debt to Income (DTI) and Payment to Income (PTI) is considered.
They will not put you in a unit that is more than 15% of your PTI (i.e. if you make $10k/month, $1500/month is their marker).
That % could be reduced to 8,10, or 12% depending on your specific credit profile.
They Do/Don't have a black list. If you have an old charge off with Chase but still have an open checking/savings or credit card account, they will consider extending credit to you. If you have a charge off and no open business, your application will probably be rejected.
She really stressed to make sure the income you state covers all debt on your credit profile.
If anyone's interested, I will provide updates if I find out more.

This literally means nothing. "More reflective" is not only highly subjective, but completely ambiguous in nature. To be on the safe side, borrowers should assume this means "JPMC will use the lower of the two scores".

Both FICO Auto Score products mentioned (v8 and v9) tend to take consumers by surprise with how low they appear in relation to other scores. A significant factor is not simply a snapshot of utilization, but whether you are simply making minimum payments or actively paying off debt and moving the needle. Worst yet, showing a trend of increasing balances.

If you're a PIF kind of cardholder, you may see these align better with other scoring products, but for anyone who carries a balance, beware that your 750 VantageScore may not be a 750 FICO Auto 8. It may not even be a 700. It's that large a difference. I've had a 640 VantageScore with a 505 Fico Auto 8. (Thankfully that is no longer the case, eek! It was a combination of young credit, new accounts, and utilization. This is with NO late payments. Let that sink in.)

Adding to all the above, FWIW I leased a 2020 Range Rover last Dec and was informed that in order to qualify for their "prime rate" I must have a FICO score of 705 or greater. For all you potential buyers out there

Re: Jaguar Land Rover Financial/Chase Approval Requirements

ashbol93 — Tue, 26 May 2020 00:14:40 GMT

My auto score 9 for equifax is 704 through myFICO but my transunion and experian scores are much lower for some reason. Has anything changed with chase like them being more lienient with this coronavirus situation? I know sales have been slower

Re: Jaguar Land Rover Financial/Chase Approval Requirements

Anonymous — Tue, 26 May 2020 12:41:05 GMT

I ended up applying for a 2020 Jaguar F-Pace S last month and found out that yes, my scores were indeed much different than anticipated. I live in Southern California and they pulled Experian Auto 8 and TranUnion. My Experian score is 700 and TU is high 600's and that score in particular is lowest of all of my scores. Chase gave me the advertised 0% for 72 months. My husband and I make good money and we have a large savings account balance with Chase which is why I believe they granted me the good interest rate. This is my first luxury brand vehicle but we've never been late on any car payment. I have a bk that was discharged early last year but I think our income, savings, last year of account history and the fact we bank with Chase (so they can see everything we do) definitely helped. Hope this info is useful.

As for the Corona Virus thing...it seems that business is slower for many car companies but when I went to sign the papers for my car, the dealership was packed! They may be taking a tad longer to sell some models but they are still being sold. They know people that are usually in the market for a Jag or Land Rover and not usually the people that are complaining about having a large car payment even in times like this.

Re: Jaguar Land Rover Financial/Chase Approval Requirements

ashbol93 — Tue, 26 May 2020 14:54:11 GMT

Congratulations! And thank you for your response. I live in Northern CA, I don't bank with chase I bank with a local credit union through my job. My scores for TU and experian are mid 600's especially my FICO Auto 8 scores. So well just see what happens lol. That makes sense on why they aren't dropping the price on the RR sport I've been looking at since Mid April.

Re: Jaguar Land Rover Financial/Chase Approval Requirements

Anonymous — Sat, 26 Jun 2021 03:47:10 GMT

Thanks