LJR Financing Question

[tpeezy13]

About to place a deposit on the new RR Sport and had a question on if I'll qualify:

Purchase price- $97.5k

OTD- ~$105k

Finance Amount- $75k

Fico Auto 8:

Eq 738

TU 750

Ex 715

Income:

2021- $158k

2022- ~$189k

Base- $140k

Debts:

$1,500 rent

$0 CC; $30 in limits

$524 car; will be traded in; $35k loan co signed through Chase. Previous $30k loan PIF co signed through Chase. 

$451 motorcycle; will be gone; $25k loan solo through BMWFS

Will I qualify? What kind of rate will I be looking at?

[increasingmyfico]

No idea what Chase is pricing loans at these days for JLR. You should be fine with the equity.

[Creditplz]

I can see this getting denied actually... chase likes seeing comparable installment loan payments... also is your JLR dealer selling it at MSRP?. I've had about 20 people tell me they placed orders and their S.A for the new body RR and each one has been asking for 20-40k over invoice... 

[tpeezy13]

The similar installment loan history is my fear. 

$30k auto co signed through Chase lasted 5 years with no hiccups. 
$35k auto co signed through chase will be 2 years old in December with no hiccups. I don't recall if i was offered more but $35k was all i needed due to the down payment i had. 
$25k motorcycle solo through BMW was opened in April. I don't know if i was offered more, my down payment took care of the rest. 

You don't think having $60k open in installment loans will help my case? And correct, my dealership is selling to me at MSRP with a custom order. If I wanted one off the lot it would be marked up. 

This truck is also 14 months out so I have another year to continue improving before i need to obtain financing. 

[cashorcharge]

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@Creditplz wrote:

I can see this getting denied actually... chase likes seeing comparable installment loan payments... also is your JLR dealer selling it at MSRP?. I've had about 20 people tell me they placed orders and their S.A for the new body RR and each one has been asking for 20-40k over invoice... 

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You are EXACTLY right on this @Creditplz 

I had my spec sheet in hand, planned to order the 2023 RR Sport and even on a order, they were not coming off the MSRP mark up.  They don't have to because everyone is paying it.  I decided to wait....and picked up the Jag F Pace SVR instead since it's the last JLR with the Supercharged V8 they produce versus the BMW 4.4.  I couldn't fathom paying over sticker and waiting in excess of 6 months for it to arrive.