Jaguar Land Rover Financial/Chase Approval Requirements

[ridgebackpilot]

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@Anonymous wrote: I fell in love with the styling. 

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Fair enough! At the end of the day, all these decisions are subjective. My wife's Toyota Highlander scores much higher in Consumer Reports' tests than my Mercedes. But who wants to drive a Highlander over a Mercedes?! Hahaha

[Anonymous]

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@Anonymous wrote:

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.

This literally means nothing. "More reflective" is not only highly subjective, but completely ambiguous in nature. To be on the safe side, borrowers should assume this means "JPMC will use the lower of the two scores". 

Both FICO Auto Score products mentioned (v8 and v9) tend to take consumers by surprise with how low they appear in relation to other scores. A significant factor is not simply a snapshot of utilization, but whether you are simply making minimum payments or actively paying off debt and moving the needle. Worst yet, showing a trend of increasing balances. 

If you're a PIF kind of cardholder, you may see these align better with other scoring products, but for anyone who carries a balance, beware that your 750 VantageScore may not be a 750 FICO Auto 8. It may not even be a 700. It's that large a difference. I've had a 640 VantageScore with a 505 Fico Auto 8. (Thankfully that is no longer the case, eek! It was a combination of young credit, new accounts, and utilization. This is with NO late payments. Let that sink in.) 

Adding to all the above, FWIW I leased a 2020 Range Rover last Dec and was informed that in order to qualify for their "prime rate" I must have a FICO score of 705 or greater. For all you potential buyers out there 

[ashbol93]

My auto score 9 for equifax is 704 through myFICO but my transunion and experian scores are much lower for some reason. Has anything changed with chase like them being more lienient with this coronavirus situation? I know sales have been slower

[Anonymous]

I ended up applying for a 2020 Jaguar F-Pace S last month and found out that yes, my scores were indeed much different than anticipated. I live in Southern California and they pulled Experian Auto 8 and TranUnion. My Experian score is 700 and TU is high 600's and that score in particular is lowest of all of my scores. Chase gave me the advertised 0% for 72 months. My husband and I make good money and we have a large savings account balance with Chase which is why I believe they granted me the good interest rate. This is my first luxury brand vehicle but we've never been late on any car payment. I have a bk that was discharged early last year but I think our income, savings, last year of account history and the fact we bank with Chase (so they can see everything we do) definitely helped. Hope this info is useful.

As for the Corona Virus thing...it seems that business is slower for many car companies but when I went to sign the papers for my car, the dealership was packed! They may be taking a tad longer to sell some models but they are still being sold. They know people that are usually in the market for a Jag or Land Rover and not usually the people that are complaining about having a large car payment even in times like this. 

[ashbol93]

Congratulations! And thank you for your response. I live in Northern CA, I don't bank with chase I bank with a local credit union through my job. My scores for TU and experian are mid 600's especially my FICO Auto 8 scores. So well just see what happens lol. That makes sense on why they aren't dropping the price on the RR sport I've been looking at since Mid April. 

[Anonymous]

Thanks