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Chrysler Capital credit tiers

blnguyen89blnguyen89 Austin, TXPosts: 5
edited October 2018 in Jeep
Does anyone have information on which credit bureaus Chrysler Cap uses? Also, what are the cutoffs for each credit tier for leasing (eg. tier 1, tier 2, etc.)

I was at a Jeep dealership yesterday, and at the last minute, they told me they could not get me the lowest money factor since I did not qualify for tier 1 or 2. I had a score of 740 through experian, but 675 through transunion when they pulled it. The finance manager told me Chrysler cap only looks at transunion for their decisions. Is there any truth to this?

Thanks

Comments

  • kyfdxkyfdx Everywhere, USAPosts: 127,848

    Does anyone have information on which credit bureaus Chrysler Cap uses? Also, what are the cutoffs for each credit tier for leasing (eg. tier 1, tier 2, etc.)

    I was at a Jeep dealership yesterday, and at the last minute, they told me they could not get me the lowest money factor since I did not qualify for tier 1 or 2. I had a score of 740 through experian, but 675 through transunion when they pulled it. The finance manager told me Chrysler cap only looks at transunion for their decisions. Is there any truth to this?

    Thanks

    I don't have the answers, but I also don't see where the dealer has any incentive to lie about it. Fair credit laws make it unlikely they would do it, even if there were an incentive.

    Jeep dealers have access to at least two other banks with competitive programs (US Bank and Ally). I'm surprised they didn't have options, especially with the good score through Experian.

    Any idea why your scores are so far apart?

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    Edmunds Moderator

  • blnguyen89blnguyen89 Austin, TXPosts: 5
    Well, they offered Ally, which made the payments $20 more per month. I would prefer Chrysler because of the super low MF and low residual, making it possible to potentially have some equity at trade in. I generally dislike Ally because of the high residual and high interest to compensate. Thoughts on this?

    Yes- I had one retail card that was reported to transunion, but not equifax.
  • kyfdxkyfdx Everywhere, USAPosts: 127,848

    Well, they offered Ally, which made the payments $20 more per month. I would prefer Chrysler because of the super low MF and low residual, making it possible to potentially have some equity at trade in. I generally dislike Ally because of the high residual and high interest to compensate. Thoughts on this?

    Yes- I had one retail card that was reported to transunion, but not equifax.

    With CC, at Tier 2, the money factor only goes up by .00021 (of course, I don't know the cutoff). Seems like that would only raise the price by $15/mo. or so, if you wanted to stay with CC. But, if it dropped you to Tier 3, that's .00060 increase and that would be more like $45/mo.

    I understand about wanting lower residual, lower money factor, as it increases your options at lease end. I wish I had a solution for you.

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    Edmunds Moderator

  • blnguyen89blnguyen89 Austin, TXPosts: 5
    Thanks for the info.  I ended up biting the cost and paying the extra $20 per month to go through Ally.  I’m surprised the dealer can’t ask the bank for an exception.  I’ve always been approved for tier 1 lease and currently have an A4 lease as well.  

    Just wanted to to make sure they weren’t trying to pull something sneaky for extra profit.  

    Do do you know if maybe Ally gives them more of an incentive to get customers to them?
  • kyfdxkyfdx Everywhere, USAPosts: 127,848

    Thanks for the info.  I ended up biting the cost and paying the extra $20 per month to go through Ally.  I’m surprised the dealer can’t ask the bank for an exception.  I’ve always been approved for tier 1 lease and currently have an A4 lease as well.  

    Just wanted to to make sure they weren’t trying to pull something sneaky for extra profit.  

    Do do you know if maybe Ally gives them more of an incentive to get customers to them?

    Probably not... just different banks offering different lease programs. I'd guess the compensation structure is similar.

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    Edmunds Moderator

  • blake4407blake4407 Posts: 31
    Ok kinda late to this discussion but a dealer just went from .00223 on a deal to .00440 because I came in at a teir 4 and they said they got me a bump to teir 3. On the jlu forum I asked if it was worth it to try a diff dealer even tho it would still be thru Chrysler Capital. From this discussion it sounds like teir 3 is only a .0006 increase on the MF so how are they getting to the .00440 my credit is only a fico 675 or 650 on trans they showed me that (Not the best score by a lot but did just get the best rate on a cla not 7 months ago with a pre approval with the buy rate shows to me) but I’m confused what they are pulling here ? I did beat them up really well and got over 10% discount So I thought they might be trying to jack up the rate but damn they must have known they wouldn’t have a deal at that rate even not taking into account the fair credit thing. Should I try a diff dealers finance department or just not bother 
  • MichaellMichaell ColoradoPosts: 121,216
    blake4407 said:

    Ok kinda late to this discussion but a dealer just went from .00223 on a deal to .00440 because I came in at a teir 4 and they said they got me a bump to teir 3. On the jlu forum I asked if it was worth it to try a diff dealer even tho it would still be thru Chrysler Capital. From this discussion it sounds like teir 3 is only a .0006 increase on the MF so how are they getting to the .00440 my credit is only a fico 675 or 650 on trans they showed me that (Not the best score by a lot but did just get the best rate on a cla not 7 months ago with a pre approval with the buy rate shows to me) but I’m confused what they are pulling here ? I did beat them up really well and got over 10% discount So I thought they might be trying to jack up the rate but damn they must have known they wouldn’t have a deal at that rate even not taking into account the fair credit thing. Should I try a diff dealers finance department or just not bother 

    Tier 2 - add .00042
    Tier 3 - add .00081
    Tier 4 - add .00180
    Tier 5 - add .00371

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    2015 Subaru Outback 3.6R / 2014 MINI Countryman S ALL4

  • blake4407blake4407 Posts: 31
    Ok cool so starting at .00223 the teir 3 would be .00304? Or do I add the teir 2 and 3 for .00346? Either way I don’t know where they got the .00440...
    that being said does money down or reducing the cap cost (mainly for my trade being upside down) help the rate or is that not true for leases?

    and last question does Chrysler cap do multiple security deposits?
  • MichaellMichaell ColoradoPosts: 121,216
    blake4407 said:

    Ok cool so starting at .00223 the teir 3 would be .00304? Or do I add the teir 2 and 3 for .00346? Either way I don’t know where they got the .00440...
    that being said does money down or reducing the cap cost (mainly for my trade being upside down) help the rate or is that not true for leases?

    and last question does Chrysler cap do multiple security deposits?

    Cap reduction does not chances the MF

    No MSDs from CCAP

    Did you get a good deal? Be sure to come back and let us know! Post a pic of your new purchase or lease!


    MODERATOR

    2015 Subaru Outback 3.6R / 2014 MINI Countryman S ALL4

  • kyfdxkyfdx Everywhere, USAPosts: 127,848
    blake4407 said:

    Ok cool so starting at .00223 the teir 3 would be .00304? Or do I add the teir 2 and 3 for .00346? Either way I don’t know where they got the .00440...
    that being said does money down or reducing the cap cost (mainly for my trade being upside down) help the rate or is that not true for leases?

    and last question does Chrysler cap do multiple security deposits?

    The adjusted CAP relative to MSRP is a part of the credit decision.

    Lower credit tiers have a lower maximum. While top tier credit might have a 130% of MSRP maximum, a lower tier might only have 110%. (not the actual numbers)

    So, an adjusted CAP cost that is significantly higher than MSRP can lower your credit tier for the lease, even below your normal tier.

    Did you get a good deal? Be sure to come back and share!

    Edmunds Moderator

  • save1982save1982 Posts: 38
    Just had the same garbage happen to me. Quoted a .0020 then bumped to .0026 with a 740 credit score. I will never buy a Chrysler product this seems to be how they do business with a lot of bait and switch techniques.
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