Land Rover lease based on past relationship with Chase

[Anonymous]

Hello!

I have had a banking relationship with Chase for the past five years and never had any issues. However, I had a credit card with them that was paid through a DMP that I exited earlier this year in February. The Chase card was PIF two years ahead of schedule and closed accordingly.

Question: it is my understanding that Land Rover Financial is backed by Chase (or is Chase). Scores aside (all 700+), would my past involvement with the Chase card in the DMP hinder my chances at getting a lease later this year? If not approved by LRF, do dealers find an alternate route or what are my best options?

Appreciate the help!

[pizzadude]

I think you're right, www.landroverfinancialgroup.com indicates leases are subject to credit approval through Chase.

With leases dealers pretty much have to go thru that channel and they don't shop you around like they would if you were purchasing, at least that's my understanding.

It's good that you paid off your chase card via DMP, although it's still a derogatory TL on your report, hopefully they wouldn't hold it against you.

[sccredit]

My understanding is that Chase Auto and Chase bank credit products treat everything differently. Chase Auto is 12 months post default before they'll consider again. Since they were repaid I don't know if that makes a difference. I burned Chase for $10k in a bankruptcy and 23 months later had a join 0.9% 36 month auto loan with them. 

[Anonymous]

If Chase doesn't approve you alternate lenders for leases are fairly limited. USBank and Ally have fairly competitive lease programs and I believe some credit unions also offer leases. I generally prefer to lease through the manufacturer as there are more loyalty rewards if you stay with that brand the next time you lease.

[4sallypat]

When I leased my most recent Land Rover, my dealer did try other banks as well as Chase.

My scores at that time were borderline (mid 600) and the dealer had to go to "bat" with me for a Chase lease.

Chase accepted, but did charge a higher lease MF rate and extend the lease term to 42 months instead of the standard 36 months.

After the 42 months, all paid on time and scores up in the 700s, Chase did come back and offer me their base MF and 36 month standard lease if I wanted to lease another.

Unfortunately due to many problems I had with the LR, I decided not to get another LR.

[Anonymous]

This is all great to know! Seems very much like a YMMV scenario depending on dealer and location. The Chase credit card is PIF something like 18 months ahead of schedule, though I don't know if enrolling in a DMP is considered burning them? Regardless, I'm hinging on the hope that my credit scores (720-740 and 680-700 Auto 8) and the idea that Chase Auto is a separate line of business.

[4sallypat]

Yes, Chase Auto is a separate business from their banking, loans, mortgage, etc...

I'd ask the dealer if they can do a soft pull and pass the numbers to Chase Auto for consideration.

Or go thru a 3rd party leasing company like US Bank or Ally...

[Anonymous]

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@4sallypat wrote:

Yes, Chase Auto is a separate business from their banking, loans, mortgage, etc...

I'd ask the dealer if they can do a soft pull and pass the numbers to Chase Auto for consideration.

Or go thru a 3rd party leasing company like US Bank or Ally...

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Had no clue I could ask the dealer for a soft pull - thank you!