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!
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.
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.
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.