Chrysler capital pre approval

[Anonymous]

I went the chrysler capital sight and filled out a pre approval application... i was pre approved for $15,000. what can you guys tell me about the pre approval? is it good for new and used? is it good on a lease, because quite frankly, you can not buy a new car for  15k. thanks for all your help! BTW, can you change the dealership you requested if you wish? is it now only good for that dealership???  

[Alpha]

i was preapproved for a loan up to $58000 through Chrysler Capital, it was a worthless preapproval, way high interest rate and big down payment required..Dodge dealer said it wasn't really a typical preapproval.

[Anonymous]

wow really??

i went to a local dodge dealership today and i was approved on the spot, with a 6% interest rate. but unfortunately i was not that crazy about their selection of cars. 

I wonder why we had such different experiences.

[Anonymous]

and no money down either... they wanted me to sign and drive but like i said, small selection. all they really had were cars, and we want an SUV

[Anonymous]

I did the same thing. I was pre-approved for $58K, no APR was given. I even spoke with them on the phone the next day and they told me that I had to go to dealer for the APR. I knew right off the bat it was fishy. 

Spoke with my dealer and they told me Chrysler Cap wanted $7K down, I laughed. It was a bait and switch. For the pre-approval, they used my highest Fico Auto 8 which was 697. Then they changed to my lowest of 650.

I did my whole deal via online, email and phone. Finalized, went to dealer and walked out in less than 30 min. with my new truck and another lender.

Chrysler Cap? Stay away. They are AKA Santander...whom is also one of the lowest bottom feeding sub-prime lenders out there.

[Anonymous]

I was pre-approved by Chrysler in March 2015 for 67K purchase on a 65K income and a 568 auto enhanced score. I financed a brand new 2015 Dodge Jouney in March 2015; loan amount was 23K for 75 months at 8.10% with my scores and financed with Chrysler capital. Rolled in negative equity, bought GAP and put down only 1K. Didn't need the DP just put 1K down to reduce negative equity down to 2,700. Car I traded in was financed by Satander @14.96%. No auto baddies in my credit history, lots of others obviously!!

The pre-approval did not state int rate; I sent the pre-approval to several dealers. Most said it was a marketing gimmick only; I left those dealers and purchased from the one who did not play any games. The 8.10 was the best rate I received from anywhere while shopping. I had a RoadLoans approval in my back pocket for 10.8% with 4K down or 13.82% at zero down. A Toyota dealer had me with Satander at 12% as well.

[Anonymous]

Do they do soft or hard pulls and who do they pull? Thanks. 

[bigpoppa09]

When i did it they softed EX but as a lot of people said its garbage and a bait and switch i want to lease a dodge charger but Chrysler Capital is partnered with Santande so i wont be dealing with them.

[Anonymous]

I really suggest (to everyone) that you try a credit union and get preapproved so you can shop for any car that you want.  Dealers make a lot of money marking up interest and they rarely truely get people financed that could not get financed on their own. 

[txbusted]

Thanks for the heads up. I got a letter in the mail today and thought "maybe" since I am in the market for a car. Thanks to the feedback here I am going to shred and move on.