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Jaguar Land Rover Financial/Chase Approval Requirements

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Jaguar Land Rover Financial/Chase Approval Requirements

Hi Guys,

 

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 you apply directly online, the credit application will go straight to Chase. Once Chase receives the application,  they forward to the dealer and the delaer contacts you.
  • What credit bureau they pull depends on your zip code. For my zip code (a far north suburb of Dallas), that credit bureau is Equifax.
  • They pull FICO 9 (auto enhanced I believe) if you submit online but if you submit through a dealer and the dealer has an 08 version, they will accept it if it is more reflective of your credit history.
  • They consider whether this purchase falls into your regular buying patterns.
  • Although your entire credit profile is considered, they really focus on the last 12 months.
  • Debt to Income (DTI) and Payment to Income (PTI) is considered. 
  • They will not put you in a unit that is more than 15% of your PTI (i.e. if you make $10k/month, $1500/month is their marker).
  • That % could be reduced to 8,10, or 12% depending on your specific credit profile.
  • They Do/Don't have a black list. If you have an old charge off with Chase but still have an open checking/savings or credit card account, they will consider extending credit to you. If you have a charge off and no open business, your application will probably be rejected.
  • She really stressed to make sure the income you state covers all debt on your credit profile.

If anyone's interested, I will provide updates if I find out more.

 

 

 

5 REPLIES 5
New Visitor

Re: Jaguar Land Rover Financial/Chase Approval Requirements

I’m definitely interested in what else you find out. I’m in the Dallas area proper and I’m thinking about leasing a Velar or Discovery if I can get over the reliability concerns.
Message 2 of 6
Member

Re: Jaguar Land Rover Financial/Chase Approval Requirements

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!

Message 3 of 6
Regular Contributor

Re: Jaguar Land Rover Financial/Chase Approval Requirements

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.

Message 4 of 6
Member

Re: Jaguar Land Rover Financial/Chase Approval Requirements

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. 

Message 5 of 6
New Member

Re: Jaguar Land Rover Financial/Chase Approval Requirements

DId you end up applying yet?

 

Message 6 of 6
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