Chase Auto Loans

Are Their
Loans Right For You?


Chase auto loans are great for most all levels of credit and they offer loans for A+, A, B, C and very upper level D tier credit customers.

There was a time about six months ago that Chase Auto Finance had dropped some of their less profitable dealers, ours being one of them (we had more options back then), but we are now signed back up and doing quite a bit of business with them.

Chase Auto Finance used to offer a competitive program, but it seemed I could always find a lender with a better approval.

Now with many lenders falling by the wayside and Chase still holding strong, I've been really beginning to like the Chase auto loan program and have been sending them both prime and non prime deals. How does this apply to you? Find out just below...


Here's what's covered
below about Chase Auto Finance:

Preferred Customer Credit Criteria
Preferred Auto Loan Structures
Chase Auto Finance Guidelines and Restrictions
Get Chase Auto Finances Best Rates
Chase Customer Service and Payoffs
Summary of Chase Auto Loans

The following sections are based on my experience with Chase Auto Finance and their indirect lending program. This may or may not accurately reflect what you as a direct consumer may experience, but should hopefully be close. See my disclaimer

Close Disclaimer

I am not affiliated with Chase Auto Finance and do not get paid to refer customers to their site. I also do not hold a grudge against Chase Auto Finance and did not build this page to discourage anyone from using their services.

I assume no responsibility for the accuracy of the information on this page and it should be used for general informational purposes only.

Any information pertaining to auto lenders and/or their auto loan guidelines is based on information, rates and terms that can change at any time.

Although, every effort is made to keep this information current, I can make no guarantees as to the accuracy of any of the auto lenders information reviewed on this site.

It is strongly recommended to check directly with the specific auto lender for their current program guidelines and available rates.

In addition, certain restrictions may apply to certain available auto loan programs, again please see lender for details.

There are many variables that may affect your auto loan approval (your approvals rates, terms, restrictions, etc.) and/or turn down, such as, but not limited to:

* Credit score* credit history* age of vehicle* miles on vehicle* type of vehicle* state of residence* term of the loan* loan structure
and/or* whether the loan is secured direct from lender or indirect from the dealership.

To compare auto lenders rates visit: Current Auto Loan Rates


Chase Auto Loans
Preferred Credit Criteria

As mentioned above, Chase Auto Finance has a great full spectrum lending program and they loan to A+, A, B, C and upper level D tier credit customers.

Customers that fit within one of those credit tiers will need a minimum credit score of 540.

Chase Auto Finance has six prime credit tier levels and four non prime credit tier levels. Unlike most other auto lenders, they do not use credit score to determine what tier a customer will fit into.

They base their decisions on:

  • Credit history.
  • Length of credit history.
  • Loan structure.
  • Monthly debt ratio.
  • Monthly payment to income ratio.

Because Chase Auto Finance does not use credit scores to define their tiers it can be a little difficult to accurately explain their auto loan program.

They have a computer scoring system that rates each customers application, based on the above criteria, and that determines what tier a customer will fit into.

Typically, to get an approval, a customer would have to have at least three lines of well paid credit with at least three years of credit history.

Sometimes just credit cards and a decent pay history will do it, but often times it seems they like to see installment loan credit, like previous auto loans and/or home loans.

This is especially true if you have some accounts that have been paid poorly, sent to collections or even charged off.

They will approve deals (will vary from customer to customer) with prior collection accounts, chargeoffs, bankruptcies, etc., but you'll want to show them that you have the overall desire to pay and that you have paid in the past.



Chase Auto Loans
Preferred Loan Structures

Chase has, as with most all other auto lenders, tightened up a bit and it now seems that the max front end advance they allow is 130% including Tax, Title & License, plus approved back end products:

  • Extended warranty
  • GAP insurance
  • Credit Life
  • Disability insurance
  • Pre-Paid maintenance
  • Vehicle recovery systems.

The 130% is the advance based on a new cars invoice, Kelley blue book wholesale or NADA wholesale, if used.

An example, if a vehicle had a $10,000 wholesale blue book value, then Chase would be willing to loan $13,000 (130%) including TT&L, plus the extras from above.

The 130% advance is for their top tier customers and when you get into their non prime lending program front end advances can be as low as 80%.

Even though they have tightened up some, they still offer a very generous advance when compared to some of their competitors. It is still very possible to get approved for a no money down auto loan.oac

Of course, if you are trying to roll over negative equity from a trade in vehicle, then you may need to pony up some cash to get a good approval.

Chase Auto Finance is also limiting some of their advances on select vehicles like:

  • Trucks
  • SUV's
  • Vans
    and even
  • Minivans.
So be prepared to put some money down, because it appears they are only willing to lend 110% including TT&L plus back end products.

They have a max finance term of 84 months and the length of term they offer will be determined by the age of the vehicle and the amount financed.

Other restrictions may apply, i.e. advance %, overall credit history, etc.

Chase auto loans and approvals for them seem to be positively affected by larger down payments.

Larger down payments must represent to their scoring system a lower likelihood of repossession and in the event of a repossession it means Chase will not suffer as big a loss.

Bigger is definitely better
when it comes Chase auto loan approvals

As with most auto lenders, Chase Auto Finance provides additional discounts up to .50% and these may vary by state. These discounts can apply for:

  • .25% discount (when applying direct) for automatic payments from your Chase deposit account.
  • An additional .25% discount (when applying direct) for automatic payments from your Chase Premier Checking or Chase Premier Platinum Checking account.
  • Equity discounts. In other words big down payments.
  • Shorter term financing, like 60 months or less.


Chase Auto
Loans Guidelines

Vehicles That Do Not Qualify

  • Motorcycle loans are only available in certain states.
  • RV loans are only available in certain states.
  • Private party purchase loans are only available in certain states.
  • No commercial vehicles.
  • No vehicles for business use.
  • No conversion, delivery, gray market, or lemon law vehicles.
  • No salvaged, rebuilt, or branded title vehicles.
  • No Daewoo or Isuzu vehicles.

General conditions

  • Must finance more than $7,000 through the dealer and $7,500 if applying direct.
  • Max amount financed is $100,000.
  • No vehicles over 90,000 miles through the dealer and 75,000 if applying direct.
  • Vehicles must be 6 years old or newer.
  • Max finance term is 72 months for direct lending and 84 months for indirect lending through the dealership.
  • Must finance over $15,000 for 72 month loans.
  • Must finance over $25,000 for 73-84 month loans.


How To Get The
Best Chase Auto Loan Rates

First

Check your credit report and credit score to ensure that your file is as clean as it can be so that you will qualify for their better credit tier rates.

If you find that your score (although, score is not a big factor, but overall credit is) could use a little boost, then pay down some credit card accounts or payoff any collection accounts to give your score and credit rating a lift.

Get your Credit Report and Score from CreditReport.com – fast, free and easy!

Second

Negotiate a good deal and put 20% or more down. That way you will more than likely qualify for any equity discounts they may have.

Third

Finance for the shortest term you can comfortably afford. This not only helps you get to a more equitable position faster, but will also get you a nice discount on your finance rate.


Chase Customer
Service and Payoffs

If you're looking for some quick contact information, here you go:

Chase Customer Service and Payoffs

Retail Auto Loans 1-800-336-6675
Lease Accounts 1-800-227-5151
24 hour automated help

For The Hearing Impaired (TDD)

1-800-524-9765

Mail Correspondence To:

Chase Auto Finance
PO Box 901076
TX 1-0056
Fort Worth, TX 76155-2732


Summary of Chase Auto Loans

All in all, Chase Auto Finance offers some excellent rates and terms for new and used vehicles. You can feel confident in knowing that you are getting a very competitive rate, especially if you are able to get rates in the mid 4% to low 5% range.

You can access the Chase website here. Don't forget to bookmark this site so that after you get your approval you can learn some very valuable time and money saving car buying tips.

If you fit into their top credit tier, Chase auto loans offer pretty competitive rates for used vehicles, but if you are a little short, then it may be best to look elsewhere, because you may be able to do better.

As for Chase auto loans for private party and lease buyout rates, they seem to also be pretty good, but you may want to shop their rates to be sure.


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