One of my close friends is a senior underwriter with JLR Financial/Chase and I hit her up on requirements because I'm considering leasing a new Velar. I have not submitted yet but here is briefly what she told me:
If anyone's interested, I will provide updates if I find out more.
Yes, that is my concern as well. Which is why I'm only considering a lease deal. Ok I will let you know. I'm probably going to make a move within the next month so I will have more info soon!
i think this is all generic info...specifically, the loan to value is very important...that's probably the most important issue after credit score..if borrower defaults and lender reposseses collateral (car) what is the perceived loss going to be. if the LTV is 40% vice 120%, all the other stuff doesn't matter as much. i dont think she's telling you any real secrets...and i would say this..if you want to buy a $100k car..and you put $60k down...the LTV is 40%....even if your payment on that was $1200 per month because you wanted a 3 year note vice 5, if your credit score and salary support they'd probably approve you with an income of $6000-$7000 per month...so nothing she said is 100% accurate...it has to do with the lender risk....what will the loss be if you don't pay..if you already went in $60k, the lender won't lose anything on a 3 year note..just the time to take it and auction it..but they'll charge you for all that...so i don't think it's quite like you said.
Thanks for the insight. I will bring that up when I speak with her again. Yes, most is generic information but what I gleaned from the conversation is when to time my application. Because I know they really scrutinize the prior 12 months of your credit file, I am now holding off on submitting an application until my new accounts have aged a bit longer...past the 12 month mark. I now also know I don't need to prioritize paying off a medical collections that is only being reported to Experian (since they will be pulling Equifax). Additionally, my FICO 9 scores are all much lower than previous versions. So yes, some generic information but also provides some direction as far as how to prepare and what to focus on.