Jaguar Captive Lender-Chase

[Anonymous]

I was really stuck on purchasing a Range Rover Velar, however with the issues that I've been hearing about, I decided to try for a 2021 Jaguar F Pace.  My FICO scores are EX-700, Eq-707, Trans-695.  I would like to get to tier 1 financing soI have been disputing some small collections on my credit report.  I opened a dispute with Experian on Monday and they immediately deleted it and my score went up by 25 points.  I have/had 2 car loans.  I paid the Capital One loan off early (extremely high interest rate-14%).  I still have the other car loan through Ford that I could pay off (owe $4K); however it's my only other installment loan besides student loans.  I make $110K/year.  My issue is that I filed Ch 7 BK 6 years ago and Chase credit card was included in that BK.  Does anyone happen to know the lending criteria for Chase Auto and will they look at the previous credit card and give me a no? I have been reading that Chase is one of those lenders who can hold a grudge so I don't want to waste my time applying and take a HP.  I am a member of NASA credit union but I have read that they aren't prior bankruptcy friendly as well. Will the fact that I paid off an auto loan recently increase my score? I have one credit card with 66% utilization.  I will get it down to <10% before the statement cuts.  I hope that helps my credit score as well.  I'm trying to be in the mid 700's before I pull the trigger and attempt to get the car loan because if a dealer has to end up sending me out to their banks, I don't want this process to hurt my scores too much.  Any advice would be greatly appreciated.  I've been lurking on the forum for the last few days and I can't seem to find all of my answers so I decided to just ask.

[Anonymous]

Chase will see that you burned them in the bankruptcy and will most likely not approve any loan through them or any of the manufacturers that they support. 

If you pay your exisitng auto loan down to <9% utilization you may get a score bonus. There are theories that this score boost doesn't taken into account mortgage or student loan balances, but this isn't proven so you might not get a bonus.

[sccredit]

I burned Chase for about $11k in my BK (DC 3/2018) and finaced a Subaru through them in Feb 2020 at Tier 1 rates but had DW on it (was not part of BK) with 820+ FICOs. YMMV

[Anonymous]

The disputes may come back to haunt you unless they were disputed for inaccuracies, which I suspect wasn't the case based on your post. EX removed the collection because it's in dispute - often the bureaus do this until it is resolved. If it is validated, it is reinserted on your reports and will likely cost you additional points as it's been updated. 

[Anonymous]

Actually I disputed the items because they were small medical bills that had been paid by my insurance company. The doctors office tried to make me pay the difference to which I refused because they have to accept the contracted rate after discount. I know this because I used to work for a major insurance carrier and my info was confirmed in writing by the insurance company!

[Anonymous]

Ok that's good. Hopefully they stay gone and you'll be in better shape

[4sallypat]

Check with Capital One Auto Navigator using a SP for an offer - you can find the rate and max amount instantly and use that to finance with them if necessary.

I'd go to a CU for the best rates - mine is offering 1.75% at 48 months.

BTW: the F-Pace is nothing like the Velar in terms of handling - they are night and day.

How do I know ? 

My Land Rover was in the service dept about 50% of the time I had it was an F Pace loaner for many months. I drove them all - 2.5L to 3L to Supercharged R versions - they are ride stiff and harsh.

Suspension and ride manners are markedly different and the off road ability of the Jag is not on par with dual speed transfer case Range Rovers...

I gave up on the Land Rover and decided it is a weekend car (extra vehicle) that you can't rely on for dependability...

[Anonymous]

@4sallypat You convinced me that I'm doing the right thing by forgoing the Range Rover; however now you have me nervous about the Jaguar...Lol. Maybe I need to look at a BMW or Mercedes SUV.

[4sallypat]

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@Anonymous wrote:

@4sallypat You convinced me that I'm doing the right thing by forgoing the Range Rover; however now you have me nervous about the Jaguar...Lol. Maybe I need to look at a BMW or Mercedes SUV.

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I didn't mean to dissuade you.

If you have another vehicle you can rely on, then by all means get a Range Rover - I am looking at getting the new Land Rover Defender 110 for more serious off road use.

I have 2 other cars so getting RR would not detract me from the reliability since I have other cars I can depend on (BMW & Honda).

If you looking at a primary car, the BMW or Merc are more reliable by a longshot.  Their captive lenders (BMWFS & MBFS) are very keen to earn your business.  When I got my first BMW, I was young, low scores and couldn't qualfy at other luxury brands - BMW stepped up and offered a monthly maximum budget that was within my means and ended up with the first gen X5 (E53) in 1999 and since then, BMWFS has increased my monthly amount and finally lifted the limit after my 2nd BMW.

I was planning on keeping the 4th BMW but they had the Takata airbag issue and could not own it so I had turn her in. After getting a screaming deal on my 5th BMW, I recently just paid off the loan on my 528 = very happy with it's reliability.

That's what you call an almost lifelong relationship with a car finance company!

[Brian_Earl_Spilner]

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@Anonymous wrote:

@4sallypat You convinced me that I'm doing the right thing by forgoing the Range Rover; however now you have me nervous about the Jaguar...Lol. Maybe I need to look at a BMW or Mercedes SUV.

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You're trying to decide between 4 of the most unreliable car makers. As long as they're new and under warranty, you should be fine as they will give you loaners, typically. If not, find a dealer that will regardless of the work that is being performed.

As for your original question, Chase's departments don't affect one another. While credit cards will blacklist you for 10 years, auto only blacklists for 1 when a bk is present. Including them in bk shouldn't affect an auto loan, but there's always a chance for denial. I can reach out to my former co-workers that still work there to get a definite answer on their current policies.