Auto loan denial Chrysler Capital

[Anonymous]

My husband recently went to trade in my current vehicle & everything was going great, financing was fine then it was denied due to Chrysler, which is now partnered with Santander, showing a repo from 2017. In 2017, we did convert a Chapter 13 to Chapter 7, but there's no repo showing on his credit report. Since our filing, we purchased a home, had a few car loans with good rates & our credit is overall not bad. They cited the only reason for denial was the old repo. The dealer didn't even understand how it's not showing on credit reports but Santander continues to use that as the only reason. How long will they hold that over his head? 

[kilroy8]

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@Anonymous wrote:

My husband recently went to trade in my current vehicle & everything was going great, financing was fine then it was denied due to Chrysler, which is now partnered with Santander, showing a repo from 2017. In 2017, we did convert a Chapter 13 to Chapter 7, but there's no repo showing on his credit report. Since our filing, we purchased a home, had a few car loans with good rates & our credit is overall not bad. They cited the only reason for denial was the old repo. The dealer didn't even understand how it's not showing on credit reports but Santander continues to use that as the only reason. How long will they hold that over his head? 

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Was the loan from Santander or Chrysler Credit? If they are using their own records and not bureau reports, this is kind the same as being blacklisted with a lender. Sometimes these things can be forever, you would need to ask the lender in question.

[Anonymous]

Thank you so much for replying! The loan was through Santander. We've tried contacting them to verify the info & see exactly how it's listed with them etc, but they refuse to answer any questions! 

[Anonymous]

Try your local credit union.

Go in with pre-approved financing from them and it's a much nicer experience.

I have walked in with approval at 3.75% for 7 years a few years post discharge.

If you burn someone (Santander) they have their own records and rules. You could have an 800 credit score now and still be denied by them.

[blindambition]

Sorry about the denial. Best option when shopping is pre-approval from a CU. Santander is a lender that has questionable practices. I'd say that you dodged a bullet.

[Loquat]

I agree that not getting approved by Santander certainly isn't the end of the world and you can probably do better with a credit union. As for them knowing about your report even though it's not on your report, they still have internal information on your just like most lenders even if the info isn't being reported to the bureaus.

[Anonymous]

Santander is not forgiving at all if you have previously burned them, whether that be a bankruptcy or a repo. Their internal records will keep track of this for a long time. I would assume that your husband will never be able to get a loan through Santander for the rest of his life, and that is a blessing in disguise. Santander is a pretty crappy finance company, their customer service is horrible and their rates are terrible.

Any reason the dealership didn't look at another bank in their lender list for your loan? If you are doing a loan Chrysler Capital's standard rates are bad (like 5.9% or higher and that is with good credit) and if you take the subvented rate through Chrysler you give up so many rebates that it would make more financial sense to go with a different lender and take the rebates in 90-95% of the scenarios.