I couldn't get clear explanation from the finance manager either so he got an analyst from land rover financial aka chase on the phone. Basically there was an issue with my child support order where wa state stopped applying payments to the account since (according to them) the original child support order had expired. I didn't know until I recieved a $4500 check saying I overpaid on my child support. Long story short, I sent the check back and got the issue fixed however state ended up reporting it as a overdue collection on my report. After several disputes they removed the collection & my score jumped back up. Well I guess I didn't pay close enough attention because although they removed the collection status & started reporting back as positive trade,p the bureau or state didnt fix the 90+ late pay reporting.
Analyst said that although the bureau may be reporting it as positive trade and not factor in recent late pays, their system catches this info by looking at up to 5-year history on each account listed on the report. I offered to send in documents including even a letter from WA child support division staying that it was system error that caused the entire issue and I have never been late on my payments. However, analyst said that it wont matter since they can only consider info they get from credit agencies.
After hanging up and giving up all hope to get better rate, i recieved a call from the GM of dealership. Apparently the finance manager spoke with him about the issue so he got of a hold of his contact at chase and had them move me up to tier 1
Finally flew put to LA on Wed morning to pick up the car and drove it back to seattle...After 17 hours and 34 min is when the supercharged turbo finally got its well deserved break...haha
Analyst said that although the bureau may be reporting it as positive trade and not factor in recent late pays, their system catches this info by looking at up to 5-year history on each account listed on the report. I offered to send in documents including even a letter from WA child support division staying that it was system error that caused the entire issue and I have never been late on my payments. However, analyst said that it wont matter since they can only consider info they get from credit agencies.
After hanging up and giving up all hope to get better rate, i recieved a call from the GM of dealership. Apparently the finance manager spoke with him about the issue so he got of a hold of his contact at chase and had them move me up to tier 1
Finally flew put to LA on Wed morning to pick up the car and drove it back to seattle...After 17 hours and 34 min is when the supercharged turbo finally got its well deserved break...haha
@Anonymous wrote:
By the way I found out that land rover/Chase's tier I & II is are same rate. Another thing im really surprised to learn is that MF, residuals and score requirements for different tiers can vary from dealer to dealer. In Seattle MF was .00541 (12.99% APR = HORRIBLE), 53% residual & required 700+ fico to be considered tier I, vs. Pasadena .0007 (1.68% APR), 55% residual and 730+ fico for tier I. In NY, land rover of huntington, offered the best MF of .0003 (.72% APR) with 57% residual value but 750+ fico to qualify for top tier. Their sister dealership in glenn cove (same owner) didnt have same offer (apparently only handul of dealers are offered this privilage by chase) but close to what i got in pasadena. Unfortunately neither dealetship were willing to sell me a car since i dont live in ny city/long island area. Apparently land rover discourage or may be even prohibits dealers from selling to out of state customers due to the whole "people reselling and exporting to Asia" issue. But luckily if you go through a good broker they can get around this issue. The broker in LA area was super amazing! Not sure if im able to mention them in my posts so I leave out that info.
This is interesting...as mentioned, dealers do mark up the MF and this allows profit on the backend of the loan, especially if the car was heavily discounted from the MSRP. Not sure why there are differences in residual values if all those posted are for the same mileage. Maybe Land Rover Finance AKA Chase publishes regional residuals but for the most part its national.
