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The letter lists the 4 factors. Other than explaining what they mean (which I attempted to do) what else are you expecting?
Info was filled out at the dealer and they submitted it.
Interesting... Wonder if you would have gotten a different result filling out the credit app directly thru Chrysler Financial?
I’m pretty sure the dealer had something to do with it. As others have said, they probably just use that zero APR to get people in the door and then during the buying process, tell them that they don’t qualify for it, because most people at that point aren’t gonna just walk out of the deal. I’m considering filling out the application directly through Chrysler when my 22 arrives at the dealer and see what the result of that will be.
I filled out the pre-app on the Chrysler Capital website. That way I knew there would be NO issues at the dealer, and I would know if I was going to get the CCAP rebates.
CCAP is going to pull your credit anyway. Doing a pre-qualify certainly won't hurt anything. You'll have a better idea of what you qualify for. Like I said in a previous post, if you get approved online thru CCAP, take the pre-approval letter with you to the dealer.
For the record, I did fill mine out online at the request of my sales lady once the WS had been issued, but before the truck had arrived at the dealer. This is the email exchange. She seemed to almost indicate I would be approved before I even submitted the application. I think it really just comes down to the dealer. This was all done on the same day 4/2.
Based off your credit information the dealer pulled, they already knew your credit score, and felt with high confidence you'd be approved, BUT, CCAP gives the final approval and funds the deal. Until your deal if fully funded, your transaction was conditional.
In the case of a vehicle purchase the only reason to pay the loan off early would be to avoid interest charges.
It's just a habit. I Have always done that.
not sure I really like the idea of not knowing what my interest rate will be. I would rather know before hand, that way I can check the rate of my credit union, if its lower, I would use them. Although it is nice to know what my pre-approval amount is.
Actually, unless they know the specific price of the truck, I’m not sure why you’d want to be pre-approved for a specific amount. In my case, I was able to finance the entire purchase price of the truck plus the Mopar MaxCare with absolutely nothing down.
that is what I am wondering. I have never heard anyone going to the dealer and only get approved for a certain amount while trying to finance a vehicle. But I know pre-approvals are different.
CCAP just approves you for a MAX amount based off your credit. I didn't select a vehicle.
Pre-approvals generally give you a MAX AMOUNT that you would be approved for.
Don't need everyday. If you pay in full ( remaining statement balance, excluding new charges ) you won't pay interest, but the new balance will report.
