Tier 3 for FICO 760+?

[tcyr72]

I have a perfect credit history, a 760+ credit score, but only got tier 3 (worst) for Chrysler Capital for a Jeep lease, because I don't have a loan history. I know I could get a much better deal from other banks, but the lease only works for Chrysler Capital. Any thoughts? Will I get tier 1 on my second lease?

[Gladius]

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@tcyr72 wrote:

I have a perfect credit history, a 760+ credit score, but only got tier 3 (worst) for Chrysler Capital for a Jeep lease, because I don't have a loan history. I know I could get a much better deal from other banks, but the lease only works for Chrysler Capital. Any thoughts? Will I get tier 1 on my second lease?

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My question is do you really want a Jeep that bad for them to insult you with tier 3 financing?  I would tell them to go pound sand and look elsewhere.  That is an insult for them to give you tier 3 with a 760 credit score.  They may give the old "let me go talk to our finance manager" once you tell them no thanks and walk out the door.

[increasingmyfico]

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@Gladius wrote:

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@tcyr72 wrote:

I have a perfect credit history, a 760+ credit score, but only got tier 3 (worst) for Chrysler Capital for a Jeep lease, because I don't have a loan history. I know I could get a much better deal from other banks, but the lease only works for Chrysler Capital. Any thoughts? Will I get tier 1 on my second lease?

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My question is do you really want a Jeep that bad for them to insult you with tier 3 financing?  I would tell them to go pound sand and look elsewhere.  That is an insult for them to give you tier 3 with a 760 credit score.  They may give the old "let me go talk to our finance manager" once you tell them no thanks and walk out the door.

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  I don't know CCAPs programs but there may not be a huge difference between tier 1 and 3. Also credit score alone does not dictate rate. The loan structure (Ltv) and other factors also play a part in the decision. The finance manager doesn't set the tier. Santander, the bank, does. 

[webhopper]

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@Gladius wrote:

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@tcyr72 wrote:

I have a perfect credit history, a 760+ credit score, but only got tier 3 (worst) for Chrysler Capital for a Jeep lease, because I don't have a loan history. I know I could get a much better deal from other banks, but the lease only works for Chrysler Capital. Any thoughts? Will I get tier 1 on my second lease?

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My question is do you really want a Jeep that bad for them to insult you with tier 3 financing?  I would tell them to go pound sand and look elsewhere.  That is an insult for them to give you tier 3 with a 760 credit score.  They may give the old "let me go talk to our finance manager" once you tell them no thanks and walk out the door.

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I agree 100%...  You should be able to get a competitive rate from a credit union or even the bank that you do your banking with.  If they try to come at you with Santander or RoadLoans, run away, don't walk.... run!

[bigseegar]

Sounds like maybe you have a very young and very thin 760 file? If so lenders, especially auto lenders look right past that score.

[disdreamin]

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@tcyr72 wrote:

I have a perfect credit history, a 760+ credit score, but only got tier 3 (worst) for Chrysler Capital for a Jeep lease, because I don't have a loan history. I know I could get a much better deal from other banks, but the lease only works for Chrysler Capital. Any thoughts? Will I get tier 1 on my second lease?

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I don't think Tier 3 is the worst, when I checked there also appear to be Tier 4 and 5 for Chrysler Capital. I checked the money factors posted for last fall and there seems to be a significant difference between Tier 1 and 3.

Did you already accept delivery of the vehicle? If so, any advice about what to do about this particular deal is moot.

[CreditCuriosity]

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@disdreamin wrote:

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@tcyr72 wrote:

I have a perfect credit history, a 760+ credit score, but only got tier 3 (worst) for Chrysler Capital for a Jeep lease, because I don't have a loan history. I know I could get a much better deal from other banks, but the lease only works for Chrysler Capital. Any thoughts? Will I get tier 1 on my second lease?

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I don't think Tier 3 is the worst, when I checked there also appear to be Tier 4 and 5 for Chrysler Capital. I checked the money factors posted for last fall and there seems to be a significant difference between Tier 1 and 3.

Did you already accept delivery of the vehicle? If so, any advice about what to do about this particular deal is moot.

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always refinance with a CU most would consider it a new car and give a way better rate

[disdreamin]

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@CreditCuriosity wrote:

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always refinance with a CU most would consider it a new car and give a way better rate

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Apologies if this is a stupid question, but can leases be refinanced? I was unaware that was a possiblity, but I've never leased before.

[ETA: I am asking because OP specified that this was a Jeep lease]

[CreditCuriosity]

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@disdreamin wrote:

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@CreditCuriosity wrote:

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always refinance with a CU most would consider it a new car and give a way better rate

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Apologies if this is a stupid question, but can leases be refinanced? I was unaware that was a possiblity, but I've never leased before.

[ETA: I am asking because OP specified that this was a Jeep lease]

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Did not see it was a lease.  My bad.  Good question though assume one can buy out a lease and refi, but whether you gain anything I have no clue.  Leases are a whole different beast.

[Mdowning30]

You may pay double in interest and dont deserve that deal, Chrylser Capital isnt a far step from Santander lol.