topic Re: Tier 3 for FICO 760+? in Auto Loans

Tier 3 for FICO 760+?

tcyr72 — Fri, 15 Jul 2022 04:12:00 GMT

I have a perfect credit history, a 760+ credit score, but only got tier 3 (worst) for Chrysler Capital for a Jeep lease, because I don't have a loan history. I know I could get a much better deal from other banks, but the lease only works for Chrysler Capital. Any thoughts? Will I get tier 1 on my second lease?

Re: Tier 3 for FICO 760+?

Gladius — Fri, 15 Jul 2022 13:14:58 GMT

@tcyr72 wrote:
I have a perfect credit history, a 760+ credit score, but only got tier 3 (worst) for Chrysler Capital for a Jeep lease, because I don't have a loan history. I know I could get a much better deal from other banks, but the lease only works for Chrysler Capital. Any thoughts? Will I get tier 1 on my second lease?

My question is do you really want a Jeep that bad for them to insult you with tier 3 financing? I would tell them to go pound sand and look elsewhere. That is an insult for them to give you tier 3 with a 760 credit score. They may give the old "let me go talk to our finance manager" once you tell them no thanks and walk out the door.

Re: Tier 3 for FICO 760+?

increasingmyfico — Sun, 17 Jul 2022 00:39:39 GMT

@Gladius wrote:
@tcyr72 wrote:
I have a perfect credit history, a 760+ credit score, but only got tier 3 (worst) for Chrysler Capital for a Jeep lease, because I don't have a loan history. I know I could get a much better deal from other banks, but the lease only works for Chrysler Capital. Any thoughts? Will I get tier 1 on my second lease?
My question is do you really want a Jeep that bad for them to insult you with tier 3 financing? I would tell them to go pound sand and look elsewhere. That is an insult for them to give you tier 3 with a 760 credit score. They may give the old "let me go talk to our finance manager" once you tell them no thanks and walk out the door.

I don't know CCAPs programs but there may not be a huge difference between tier 1 and 3. Also credit score alone does not dictate rate. The loan structure (Ltv) and other factors also play a part in the decision. The finance manager doesn't set the tier. Santander, the bank, does.

Re: Tier 3 for FICO 760+?

webhopper — Mon, 18 Jul 2022 16:01:01 GMT

@Gladius wrote:
@tcyr72 wrote:
I have a perfect credit history, a 760+ credit score, but only got tier 3 (worst) for Chrysler Capital for a Jeep lease, because I don't have a loan history. I know I could get a much better deal from other banks, but the lease only works for Chrysler Capital. Any thoughts? Will I get tier 1 on my second lease?
My question is do you really want a Jeep that bad for them to insult you with tier 3 financing? I would tell them to go pound sand and look elsewhere. That is an insult for them to give you tier 3 with a 760 credit score. They may give the old "let me go talk to our finance manager" once you tell them no thanks and walk out the door.

I agree 100%... You should be able to get a competitive rate from a credit union or even the bank that you do your banking with. If they try to come at you with Santander or RoadLoans, run away, don't walk.... run!

Re: Tier 3 for FICO 760+?

bigseegar — Tue, 19 Jul 2022 13:52:55 GMT

Sounds like maybe you have a very young and very thin 760 file? If so lenders, especially auto lenders look right past that score.

Re: Tier 3 for FICO 760+?

disdreamin — Tue, 19 Jul 2022 20:04:22 GMT

@tcyr72 wrote:
I have a perfect credit history, a 760+ credit score, but only got tier 3 (worst) for Chrysler Capital for a Jeep lease, because I don't have a loan history. I know I could get a much better deal from other banks, but the lease only works for Chrysler Capital. Any thoughts? Will I get tier 1 on my second lease?

I don't think Tier 3 is the worst, when I checked there also appear to be Tier 4 and 5 for Chrysler Capital. I checked the money factors posted for last fall and there seems to be a significant difference between Tier 1 and 3.

Did you already accept delivery of the vehicle? If so, any advice about what to do about this particular deal is moot.

Re: Tier 3 for FICO 760+?

CreditCuriosity — Tue, 02 Aug 2022 22:48:31 GMT

@disdreamin wrote:
@tcyr72 wrote:
I have a perfect credit history, a 760+ credit score, but only got tier 3 (worst) for Chrysler Capital for a Jeep lease, because I don't have a loan history. I know I could get a much better deal from other banks, but the lease only works for Chrysler Capital. Any thoughts? Will I get tier 1 on my second lease?
I don't think Tier 3 is the worst, when I checked there also appear to be Tier 4 and 5 for Chrysler Capital. I checked the money factors posted for last fall and there seems to be a significant difference between Tier 1 and 3.

Did you already accept delivery of the vehicle? If so, any advice about what to do about this particular deal is moot.

always refinance with a CU most would consider it a new car and give a way better rate

Re: Tier 3 for FICO 760+?

disdreamin — Wed, 03 Aug 2022 00:09:13 GMT

@CreditCuriosity wrote:
always refinance with a CU most would consider it a new car and give a way better rate

Apologies if this is a stupid question, but can leases be refinanced? I was unaware that was a possiblity, but I've never leased before.

[ETA: I am asking because OP specified that this was a Jeep lease]

Re: Tier 3 for FICO 760+?

CreditCuriosity — Wed, 03 Aug 2022 00:49:00 GMT

@disdreamin wrote:
@CreditCuriosity wrote:
always refinance with a CU most would consider it a new car and give a way better rate
Apologies if this is a stupid question, but can leases be refinanced? I was unaware that was a possiblity, but I've never leased before.
[ETA: I am asking because OP specified that this was a Jeep lease]

Did not see it was a lease. My bad. Good question though assume one can buy out a lease and refi, but whether you gain anything I have no clue. Leases are a whole different beast.

Re: Tier 3 for FICO 760+?

Mdowning30 — Wed, 03 Aug 2022 17:33:42 GMT

You may pay double in interest and dont deserve that deal, Chrylser Capital isnt a far step from Santander lol.

Re: Tier 3 for FICO 760+?

Lou-natic — Mon, 15 Aug 2022 01:45:12 GMT

I wouldn't take this deal personally. But then again I know if I call up NFCU I'll get what I want at a fair rate. Everybody should have a good credit union in their pocket IMHO.