FIRST TIMER: What does it mean when it says conditionally approved with Chase?

[Anonymous]

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@Membersince2013 wrote:
Well.. I've closed my loan. I didn't have to submit any proof of income. It's an awesome feel!

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Nice.. Congrats. 

[CreditCuriosity]

Awesome congrats!  I don't think out of all my auto loans or now my lease have I ever had to provide proof of income, maybe cause they can see all my previous car payment history?  dunno..  Anyways Congrats again!

[Membersince2013]

Thanks Thanks! 

Picking up the check tomorrow and then heading off to the dealership to get the car. I plan on going along with Penfed and having them send me a check and then i'll use the check to pay Chase lol.I have a feeling that Penfed will offer me a lower rate but im not waiting for another week to find out.

[Anonymous]

Congrats on your new car and auto loan! If you don't mind me asking how was the Chase auto loan experience? Was it quick and easy? Did they send you a draft to take to a dealership if so how long does take to receive, can you go to any delaership? I'm asking because I am in the market of buying a car. I got a approval already but feel like maybe I should try Other places like Chase to make sure I'm getting the lowest rate. How long did it take to close the deal from the day you got approved to the day you closed on the loan. (Sorry for all the questions)

[Anonymous]

My scores are also 654-666

[Membersince2013]

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@Anonymous wrote:
My scores are also 654-666

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I applied on friday night 3/13/15 and i recieved a call back the next day around 11am"ish" that my loan was approved. I could have went ahead and accepted the loan the same day, but i wanted to shop some more. I waited till today to accept the offer (even though Penfed is sending me a Preapproved draft). it was painless and extremely easy. I just called in and told them that i'd like to accept the offer. They asked me a couple of questions like the vehicle mileage and other vehicle details and i was asked to fax the purchase agreement, but i was at work and didnt have it so i waited till i got home to send it. Well, after i got home around 5pm"ish", i faxed the agreement but made a big mess of it, so the closing lady had to call the dealership and get them to fax it to her. After that, she read me some dislosures and made sure my Chase checking account was linked for auotpay, then she told me to go to so and so branch tomorrow with my license and pick up my check. Also, my scores are similar to yours. Makes me wonder what kind of rate i would have gotten last month when all my scores were 700+

[Anonymous]

Okay awesome great!! Congrats again!! Yeah Im getting the pre-approved draft from the bank I was approved at. So with Chase I have to have the car picked out first? Then apply? Thanks so much for all of your help!

[Anonymous]

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@Membersince2013 wrote:

Thanks Thanks! 

Picking up the check tomorrow and then heading off to the dealership to get the car. I plan on going along with Penfed and having them send me a check and then i'll use the check to pay Chase lol.I have a feeling that Penfed will offer me a lower rate but im not waiting for another week to find out.

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What rate did Chase offer you?  Penfed will definately be better....

[Membersince2013]

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@Anonymous wrote:
Okay awesome great!! Congrats again!! Yeah Im getting the pre-approved draft from the bank I was approved at. So with Chase I have to have the car picked out first? Then apply? Thanks so much for all of your help!

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Well, i dont believe you have to have the car picked out first. I'd say to know approx how much the car will run you. I figured it wont run me more than 20k and if it did, i have 5k to cover. I intially applied for 20k and get approved for 20k, but i then put down 4k. The 2014 Honda Accord LX ran for $19,996, minus all the fees and tax. With the down payment and everything else it costed close to 18k. I then called Chase and informed them exactly how much the car was going to cost today and they adjusted the loan to that exact amount and verifed the amount with the purchase agreement. Just know approx how much it will cost. I felt like they eont have a problem increasing the loan amount.....

[Membersince2013]

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@Anonymous wrote:

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@Membersince2013 wrote:

Thanks Thanks! 

Picking up the check tomorrow and then heading off to the dealership to get the car. I plan on going along with Penfed and having them send me a check and then i'll use the check to pay Chase lol.I have a feeling that Penfed will offer me a lower rate but im not waiting for another week to find out.

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What rate did Chase offer you?  Penfed will definately be better....

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Chase originallu offered 4.47% and changed it to 5.09% today probably because the loan amount was reduced. Penfed is offering 2.99%!!!