Chrysler Financial Rebate; Does ANYONE qualify?

[Gifford]

I was declined the rebate because Chrysler financial turned down my loan request (I am pre-approved with my credit union) my credit score is 764, what gives? Is that not high enough? I thought it was pretty good...



Is CHrysler Financial a reputable lender? I've seen some horror stories when I goggled them. .

 

[daytripper63]

I was declined the rebate because Chrysler financial turned down my loan request (I am pre-approved with my credit union) my credit score is 764, what gives? Is that not high enough? I thought it was pretty good...



Is CHrysler Financial a reputable lender? I've seen some horror stories when I goggled them. .

If a 764 is not good enough than I dont think they will be writing many loans!

 

[GECCO]

I ran into that problem from another angle... I was briefly looking at buying a leftover new '05 or a new '06 and was going to pay cash plus my trade... the dealers said I had to add $1000 to the prices advertised in the paper because one of the discounts that price assumed was the $1000 rebate for financing through Chrysler. I asked one guy if he thought it sounded right that they were gonna charge me MORE because I was paying cash and he didn't have much to say... . it was actually one of the factors in the decision to buy a slightly used '05 instead of a new truck.

 

[dodgestang]

Pre approval through credit union produces one credit score.



Then seeking approval through second source produces second score which is affected by the recent credit inquiry from the credit union. And then possibly an approved credit line for $xx,xxxk from said credit causing a change in your debt to income ratio?

 

[Deron]

I ran into that problem from another angle... I was briefly looking at buying a leftover new '05 or a new '06 and was going to pay cash plus my trade... the dealers said I had to add $1000 to the prices advertised in the paper because one of the discounts that price assumed was the $1000 rebate for financing through Chrysler. I asked one guy if he thought it sounded right that they were gonna charge me MORE because I was paying cash and he didn't have much to say... . it was actually one of the factors in the decision to buy a slightly used '05 instead of a new truck.

Not sure what the problem is. I bought my truck on December 28 and used Chrysler Financial. Haven't checked my credit score lately. But I do have a good debt to income ratio.

 

[tpicard]

Possible

Pre approval through credit union produces one credit score.



Then seeking approval through second source produces second score which is affected by the recent credit inquiry from the credit union. And then possibly an approved credit line for $xx,xxxk from said credit causing a change in your debt to income ratio?

I just did the same thing with a like credit rating. I got approved. I will refi after 3 mounths to get a lower rate and more flexable payment plan though my union credit union. I will only see about 400 bucks of the 1000 because of the higher payment though. But 400 hun is 400 hun. I really don't understand why a score like yours wouldn't go through. I would inquire with the dealer. They should tell you why you didn't qualify so you can remedy it.

Good luck. T

 

[LandScraper]

I was declined the rebate because Chrysler financial turned down my loan request (I am pre-approved with my credit union) my credit score is 764, what gives? Is that not high enough? I thought it was pretty good...



Is CHrysler Financial a reputable lender? I've seen some horror stories when I goggled them. .

Well tell them your going to look at chevrolet and ford and watch what happens. They'll call you with all kinds of amazing stuff that they have gotten done plus you could possibly get the truck a little cheaper. They pulled this on a friend of mine and he got up and told them to stick it where the sun dont shine and no more than 30 minutes later his phone was ringing and the salesman telling him that they had gotten it worked out He went back and actually played a little more hard ball and got the truck for less than he was gonna pay to start with. You just have to be good at their game.



Mark

 

[RJOL]

... I will refi after 3 mounths to get a lower rate and more flexable payment plan though my union credit union...

Just wanted you guys to know that you will be told by the dealer finance guys that you have to keep the loan for 90 days. The reason you are told that is that the dealer doesn't get his kickback from Chrysler Finance unless you make at least three payments.



The facts are this. If you get approved for this financing, but want to use your own, just smile, get the Chrysler Finance discount, and take your truck. As soon as you get the Chrysler Finance account information, in the mail, take it into your local finance office and get it refinanced or pay it off with cash. I did this with mine and never made a single payment to Chrysler. Also... I think your going to find that the Chrysler Finance interest rate is a lot higher then your credit union, so use yours if you can...

 

[KCJackson]

The $1000 CFC rebate was in effect when I got my 05 last March. My three bureau scores were all in the mid to upper 700s at the time, I was a repeat CFC customer, and with cash/trade/rebates, I was putting 35% down - that much down keeps the loan right-side up for its duration. No trouble at all qualifying.

 

[TowPro]

Keep this in mind. In the beginning of a loan your first couple payments are mostly interest, very little principle. if you take the CFC financing and wait 2 months before you refinance, your payoff is going to be within a couple dollars of what you paid originally. If your payments are $500. 00 per month and you make 2 payments, there went your $1000. 00. CFC makes back that $1000. 00 rebate within the first 2 or 3 months.



I hear there lease rates are competitive, I hope to find out around Feb 17th.

 

[JConley]

I got approved on my new MC, and did the Chrysler finance. I havent made any payments yet, but I can get 1. 2% better financing through the local credit union. Is there anything Chrysler can do to me if I dont hold the Chrysler note for the 90 days? Can they ask for the $1000 back?

 

[JasonBrown]

I bought my '05 in August, had to finance through Chrysler Financial. The rate was 8%, but I re-financed through my credit union a few days before the 1st payment was due. I had to buy another title at $60 but it got the additional $1,000 off. When all was said and done my $41K sticker truck was purchased for $33K with tax, title, and license. My credit union rate was 4. 75%. The person I dealt with at the Credit Union said that people do this all of the time from all of the auto manufacturers.

 

[JEly]

When I bought my 06 M/C the dearler told me of the CFC rebate and said all I had to do was make 1 payment and then get it refinanced through my credit union and the CFC was $1500 and that was Dec.



JIM

 

[RJOL]

When I bought my 06 M/C the dearler told me of the CFC rebate and said all I had to do was make 1 payment and then get it refinanced through my credit union and the CFC was $1500 and that was Dec.



JIM

Jim... You can pay the note off at any time (see my comments above). They can't ask for anything back!!!

 

[JEly]

Well I made the one payment and if they got me for a couple bucks so be it. The dealer that I deaL with treats me pretty good so I took him for his word.

I have taken the loan to my credit union and switched the loan to them





JIM

 

[JWChessell]

Gifford:



With a credit score of 764... . if you are a member of a recognized minority group -- race, religion, sex, ethnic ancestry, etc. , etc. , you may have a legitimate cause of action against the dealership for denial of credit on impermissible grounds. Check in your local yellow pages under "attorneys" for "Lawyer Referral Service. " You may be able to find an attorney who will give you 30 minutes to an hour of office time for free to discuss it with you.

 

[2Gen3Gen]

I got approved on my new MC, and did the Chrysler finance. I havent made any payments yet, but I can get 1. 2% better financing through the local credit union. Is there anything Chrysler can do to me if I dont hold the Chrysler note for the 90 days? Can they ask for the $1000 back?

When I bought my wifes Sebring 6 months ago, the dealer couldnt sell my loan fast enough. When I went back the following Monday afternoon to write a check for the balance after my trade, they said that they already financed my car. Needless to say, I was a bit Pi$$ed. I went into the General Managers office and had a check for the $1,000 that they didnt include when they closed my deal. Yes, when I got the loan info in the mail, I called and got the payoff and the bank wired the funds that day. I think they made $5 in interest and the dealer, I doubt got any kick back. If they say yo need to keep the loan 90 days, that is just a line of #$%^&*().