Jp Morgan Chase

[captaincarl]

Hello,

I bought a car on 3/30 from a dealer. We got approved for a auto loan from Chase. I have the car now and received a letter welcoming me to Chase on 4/8. It included a small survey and listed the due date of my first payment, the amount, and the account number. Then, the next day I received a letter from Chase saying they denied my request for an auto loan and stated the reason as my bankruptcy (discharged on 2/27/07). I don't want to go back to the dealer fearing that maybe they will investigate and somehow will take the car back. What should I do. Thanks in advance.

[SCORPIO07]

I would call chase. If you already got your account number, and payment amount from chase, I think it is safe to say that your loan was funded.

[Runnin on empty]

And they say we're the irresonsible ones for having to file BK.

"Just cause they rich don't mean they smart"....

[captaincarl]

Jp Morgan Chase

Thanks for the replies. I think I will call chase as the due date gets nearer. I want to get access to Chase online but I'm having trouble getting access. We had online access pre-bk but had it shut off after we filed. Geez....I'm irritated they sent me that rejection letter. Thanks for listening.

[cap350z]

Don't worry, your new account is good



Even prior to my filing bankruptcy, my credit was in bad shape. I always went to car dealers that could secure financing with GMAC. The salesguy that I've been working with for years always get's the deal to go through. And days, even weeks later the brand new car is sitting in my driveway and the mailman is still delivering rejection letters from various finance companies.

What happens is, the F&I (Finance & Insurance) department runs your application through several times, what could have happened,,,, was that Chase declined your application on the first pass, then the F&I manager tried a different spin to get you approved that Chase would agree with. By law the creditors have to send you a rejection letter, even through you were approved on the second or third try.

Hopefully your credit will continue to improve so you will get approved for big ticket items instantly and go through the front door.

Take care-

Thanks for the replies. I think I will call chase as the due date gets nearer. I want to get access to Chase online but I'm having trouble getting access. We had online access pre-bk but had it shut off after we filed. Geez....I'm irritated they sent me that rejection letter. Thanks for listening.

[CindyLou]

Yep, I'd be willing to bet that is what happened...it got run through and denied once or twice. When I got my loan from Ford I got two rejection letters in the mail the next week. The finance guy at the car dealership had warned me though. They had run it through 3 different ways. Me only, hubby only, and then both together. The joint app was the one approved.