topic Re: Is Chrysler capital pre-qualify a soft pull? in Auto Loans

Is Chrysler capital pre-qualify a soft pull?

Anonymous — Sun, 27 Feb 2022 15:23:09 GMT

Just making sure that this truly is a soft pull because I'm not ready to make a decision yet. Still exploring which vehicle I want and as you know, there's slim pickings right now. 😒

anyone have experience with this?

definitely not ready for a hard pull credit application.

https://apply.chryslercapital.com/applyprequalification.aspx

Re: Is Chrysler capital pre-qualify a soft pull?

chiefone4u — Sun, 27 Feb 2022 15:33:33 GMT

@Anonymous wrote:
Just making sure that this truly is a soft pull because I'm not ready to make a decision yet. Still exploring which vehicle I want and as you know, there's slim pickings right now. 😒

anyone have experience with this?

definitely not ready for a hard pull credit application.

https://apply.chryslercapital.com/applyprequalification.aspx

I don't have recent experience with it, but in 2020 it was a soft pull... it told gave me an amount I supposedly qualified for and an interest rate.

About two hours after application (pre-qualification) the local dealership started calling me. Just a warning if you're anything like me and don't want sales people giving their advice until you've narrowed down on your own what you think you want.

Re: Is Chrysler capital pre-qualify a soft pull?

Red1Blue — Sun, 27 Feb 2022 15:34:26 GMT

Hi @Anonymous you are better off talking to a dealer. They have more pull. Even you get pre-qualified when you goto Dealer they will do their own checks. Talk to a dealer too.

Re: Is Chrysler capital pre-qualify a soft pull?

Brian_Earl_Spilner — Sun, 27 Feb 2022 16:32:13 GMT

It's a soft pull, but like stated above, the closest dealer will start calling. I also started getting emails.

Re: Is Chrysler capital pre-qualify a soft pull?

disdreamin — Sun, 27 Feb 2022 21:22:06 GMT

I didn't get hard pulled when I filled that out a while back, but the amount that came back also wasn't realistic either - it was actually hilarious.

As far as contact from dealerships, I had one call, told them I'd contact them if I was ready to buy, and haven't been bothered since.

Re: Is Chrysler capital pre-qualify a soft pull?

Mjhall85 — Mon, 28 Feb 2022 03:16:08 GMT

@disdreamin wrote:
I didn't get hard pulled when I filled that out a while back, but the amount that came back also wasn't realistic either - it was actually hilarious.

As far as contact from dealerships, I had one call, told them I'd contact them if I was ready to buy, and haven't been bothered since.

Was it hilarious cause it was so low or so high ? Just curious

Re: Is Chrysler capital pre-qualify a soft pull?

disdreamin — Mon, 28 Feb 2022 16:05:13 GMT

@Mjhall85 wrote:
Was it hilarious cause it was so low or so high ? Just curious

If my memory is correct, I think it was like $200k - I was like uh, what is Chrysler trying to sell me? That was the original mortgage amount on my home haha.

Re: Is Chrysler capital pre-qualify a soft pull?

Mjhall85 — Mon, 28 Feb 2022 17:12:50 GMT

@disdreamin wrote:
@Mjhall85 wrote:
Was it hilarious cause it was so low or so high ? Just curious
If my memory is correct, I think it was like $200k - I was like uh, what is Chrysler trying to sell me? That was the original mortgage amount on my home haha.

200k you're getting a sweet car! To confirm to the original poster it is a soft pull as I did the app and no hard pulls were done. Not sure how reliable the amount and such is though. As they approved me for 133k and change. But let us know how it goes if you go with Chrysler.

Re: Is Chrysler capital pre-qualify a soft pull?

CCrew — Wed, 02 Mar 2022 17:52:08 GMT

It's a SP. Just for a DP I went for it as I'm semi-shopping RAM Cummins dually's. They approved for $150k, no interest rate given. Certainly won't let the dealer HP for a rate.

Re: Is Chrysler capital pre-qualify a soft pull?

CreditCrusader — Fri, 04 Mar 2022 00:14:54 GMT

@Red1Blue wrote:
Hi @Anonymous you are better off talking to a dealer. They have more pull. Even you get pre-qualified when you goto Dealer they will do their own checks. Talk to a dealer too.

This is actually a strong argument for securing financing approval before even walking into the dealership. I don't think there is a worse auto finance decision one can make than relying on a dealership to secure your financing.

Yes, they have SOME pull, but they also LOVE to rapid fire your credit app to anyone who will take it. I don't care how many people try to tell me that "they all count as one". Those pulls still all show...and not all credit evaluators view those INQs in such a fashion.

Plus, far too many auto dealerships try to match your financing with the monthly payment you seek...interest rate and total interest paid be darned. A friend and former roommate of mine made that mistake. To make the monthly payment "fit", they hit him with a 96-month term.

Last year, one of my kids did the pre-approval app through Capital One Auto Finance. We walked into the dealership with the approval amount in hand...interest rate and all. At that point, it was about negotiating the price on the trusk she wanted. They tried to tie together the vehicle with the financing, but we told them we were simply interested in agreeing on a purchase price.

Both sides did...and when they wanted to (again) talk about THEIR financing options, we whipped out the COAF pre-approval sheet and the matter was closed...no money down...and on HER terms.

YMMV on all this, of course. Just my two cents...

Re: Is Chrysler capital pre-qualify a soft pull?

disdreamin — Fri, 04 Mar 2022 14:42:55 GMT

@CreditCrusader wrote:
This is actually a strong argument for securing financing approval before even walking into the dealership. I don't think there is a worse auto finance decision one can make than relying on a dealership to secure your financing.

Yes, they have SOME pull, but they also LOVE to rapid fire your credit app to anyone who will take it. I don't care how many people try to tell me that "they all count as one". Those pulls still all show...and not all credit evaluators view those INQs in such a fashion.

Plus, far too many auto dealerships try to match your financing with the monthly payment you seek...interest rate and total interest paid be darned. A friend and former roommate of mine made that mistake. To make the monthly payment "fit", they hit him with a 96-month term.

Last year, one of my kids did the pre-approval app through Capital One Auto Finance. We walked into the dealership with the approval amount in hand...interest rate and all. At that point, it was about negotiating the price on the trusk she wanted. They tried to tie together the vehicle with the financing, but we told them we were simply interested in agreeing on a purchase price.

Both sides did...and when they wanted to (again) talk about THEIR financing options, we whipped out the COAF pre-approval sheet and the matter was closed...no money down...and on HER terms.

YMMV on all this, of course. Just my two cents...

I've never negotiated a vehicle based on payment and I've never entered a dealership with financing in place in advance. I've also never had my app shotgunned to multiple lenders (although for my most recent loan the dealer did shop me to the captive lender and one local bank, supposedly because Chase did not respond quickly enough). I know my credit score and income should support Tier 1 with pretty much any captive finance company for the vehicles/price range I'd be shopping for, and I know what the incentivized rate is before shopping - I let the dealership know that I will only accept that rate or I'll secure my own financing.

My take is to know exactly what you should pay for the vehicle, what you trade is valued at (if applicable), and what a reasonable rate would be from your CU/bank as well as the best rate the captive lender is offering (if applicable). As long as the dealership can meet or beat all of those numbers, they've got a deal. If not, shop elsewhere.