Chrysler Capital Approval Odds

[Anonymous]

I Will be going to a Fiat dealer this Saturday to purchase a new 124 Spider Abarth.  My scores across the board are as follows:  EX:  709,  Auto Fico 8:  671  Auto Fico 2:  710  EQ:  755  TU:  774.  Purchase price after rebates and incentives will be around 29000, with 6000.00 down. Experian is lower because they removed a positive auto trade line that should have remained for 10 years and a few inquiries that are not on other reports.  What are my chances of being approved through Chrysler Capital? I would really like them to only pull through the capitive lender, since I dont like any dings lowering my score anymore that it really needs to be.

Thank you for your input.  

[Anonymous]

You have better options than CC. Their niche is deep sub prime, I mean like people with scores in the 400s. Their lowest rates are fairly high. With your scores and the equity point you will be at, a credit union will pick that deal up. Congrats on your purchase!

[Anonymous]

I guess its off to the local credit union for me.
Thank you.

[Anonymous]

Yes that’s your best bet. A lot of people on here go through Pentagon Federal Credit Union. They seem to be very generous with rates. You can join by donating, I think it’s like $15 or $17 dollars to one of the organizations I m their website. I opened a savings account with them recently, I am 3-4 months out from trading for a new Ram 1500, but Bayer Heritage fcu and they will have my first shot at financing. I’ve been in the car business for over ten years, and both are extremely impressive, in my experience.

[Anonymous]

Yes, it sure was. I went with PenFed, online app with instant approval, 3.75 interest rate, cant complain at all. Called an finished process with customer service. Went to dealer today with price in mind. Got the vehicle for around 28,900.00 with 7000 down an financed the rest. Pick up on Tuesday of next week. Seems you're gonna have a mighty nice truck yourself in a few months. Exactly what I would get if I was purchasing one.
Thank you for the help with the credit union, greatly appreciated an they were so easy to deal with.

[Anonymous]

No problem! Congrats! I know a lot of tricks when it comes to credit and auto loans. Let me know if you need further assistance. Also, if anyone wants to pick my brain, you are more than welcome.

[Anonymous]

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@Anonymous wrote:
Yes, it sure was. I went with PenFed, online app with instant approval, 3.75 interest rate, cant complain at all. Called an finished process with customer service. Went to dealer today with price in mind. Got the vehicle for around 28,900.00 with 7000 down an financed the rest. Pick up on Tuesday of next week. Seems you're gonna have a mighty nice truck yourself in a few months. Exactly what I would get if I was purchasing one.
Thank you for the help with the credit union, greatly appreciated an they were so easy to deal with.

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Did PenFed do a hard pull with your membership application? I want to open an account with them in advance of applying for a car loan in two months, but I don't want an extra HP on my credit report between now and then.

[Anonymous]

Unfortunately, yes they did. But it doesn’t matter unless you are applying for credit with someone who is inquiry sensitive.

[Anonymous]

Pen fed also uses the same pull for 90 days unless you request otherwise. So either way, if you are gonna apply in 2 months or now, it’s the same pull

[Anonymous]

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@Anonymous wrote:
Pen fed also uses the same pull for 90 days unless you request otherwise. So either way, if you are gonna apply in 2 months or now, it’s the same pull

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Then it might make sense for me to wait then since I anticipate my credit scores will be higher in two months than they are now (I will have paid all of my credit card debt off by then).