[Warning Government Action] Chase Auto Loan Review (2020)
Chase auto finance recently paid 53 million dollars to settle a government lawsuit for discrimination in their lending practices based on race. The customer ratings and reviews for Chase Auto rates are some of the worst we have ever read for any company, let alone a national lender. Many customer reviews complained of waiting on hold for 30 minutes to an hour, loan staff repeated requests for the same documents they had already sent and the utter lack of care by Chase Auto Loan customer service representatives. We dive deep into these reviews and other issues in the hope this review helps you make a more informed decision on who you choose to use for your next car loan.
Can take multiple days or longer.
Higher than most competitors reviewed.
EASE OF USE
Everything can be done online.
Slow, unfriendly, disorganized, should we go on?
Credit Knocks Overall Star Rating:
Seemingly, there is a Chase Bank on every corner they offer multiple loan options and access to excellent online financial education tools to help in making an auto purchase.
Chase Car Financing also has a history of discriminatory lending practices based on race and national origin which would be enough for some people to consider another bank for their auto loan needs.
Chase Bank Auto Loan customer reviews and ratings are extremely troubling with complaints of slow loan approval, poor customer service, and 30+ minute hold times.
While JP Morgan Chase may be the largest financial institution in the U.S. that doesn’t necessarily make them the best choice for your next auto loan.
Guess What... It's Free To Apply
Who Is Chase Auto Finance?
Chase Auto Finance is a subsidiary of JP Morgan & Co, the international banking and financial services juggernaut.
JP Morgan Chase was founded in 1877 by John Thompson when he started Chase National Bank.
Since that time, Chase National Bank has been through many name changes, mergers, and acquisitions.
Today JP Morgan Chase is the largest bank in the U.S. with over 5,100 branches, 16,000 ATMs, and 250,000 employees.
The Chase Bank Auto Loan division offers new, used, and refinancing for automobiles under ten years old with mortgage terms between 48 months and 72 months.
They offer several educational resources and financial calculators to help you choose an auto loan that you can afford.
What Makes Them Different?
The Chase Car Loans website offers a comprehensive financial education library to help you make an auto purchase.
The focus is on the entire auto purchase process, starting with multiple articles and worksheets to determine if you should purchase a new or used automobile.
You can jump around from section to section or go through the entire process to best prepare you for making your car purchase and obtaining Chase Car Financing.
Most of Chase's auto loan competitors provide education more towards choosing the best auto loan and the factors that determine what you can afford.
Chase's car loan education resources stand out as much more comprehensive than other lenders websites we have reviewed.
Of course, these resources are available to anyone whether you obtain a loan from Chase Auto Financing or not...
How Does Chase Car Loans Work?
Chase Car loans work the same as most banks, today. You will have the option of speaking with your local bank's loan officer, or you can apply for an auto loan online.
Based on hours of reading customer reviews, we would strongly suggest that you consider a Chase Bank Car Loans only if you are going to work with your local bank's loan officer.
Chase Auto Loan Reviews reveal glaring deficiencies with Chase's online loan processes when anything out of the norm is necessary.
Meet The Guidelines
First you need to meet the general guidelines before you can apply and those are:
At least 18 years old, A current resident of the US or Canada, and Employed full-time or able to prove a guaranteed fixed income of at least $1,000 a month
Are You Buying New or Used
You need to figure out what type of financing you will need, are you buying a new car or a used car?
Will you be refinancing or are you looking for a lease buyout?
Once you know which option you are going for then you can go to the next step.
Follow The Process
Get Your Paperwork Together
Things Chase Auto Group will need are:
Keep in mind this is just a general list, Chase Car Group could need more or less information, just have at least the things above ready.
Time To Apply (Hard Inquiry)
Now that you know you meet the general requirements, you have all your documents together and you know what car dealer you will be matched with, it's time to apply.
FICO allows you to shop around for the best auto loan rates for 30 days after your first inquiry. During this grace period you can apply for an unlimited number of car loans without any additional inquiries being recorded to your credit file.
At this time you will probably see a hard credit inquiry hit your credit profile but don't worry, FICO will give you a 30 day grace period to shop for as many Chase Bank Auto loan rates as you want and only show one hard inquiry will be recorded on your record.
It makes a lot of sense to get a Chase Auto Loan Pre Approval letter before going to the dealership to buy your car.
Review Your Offer
Be sure to review the offer from Chase Auto Loans before you purchase.
You need to look at their requirements as well as the Chase car loan rates and if they will require a down payment or a co-signer. Just be sure to pick the best offer!
Look At Everything
Remember that Chase Bank car Loans will have their own specific requirements so be sure to look at the offer with as much detail as possible.
Make sure you understand what you are paying for and keep referring to the original offer to make sure nothing changed from the time you accepted it to the time your loan was funded.
Pick The Best Offer
Once you choose an offer your loan can be funded by either bank deposit, ach, check or certificate.
Be sure to speak with your Chase Auto Finance loan officer about the date the funds are estimated to be available.
Chase Auto Online customer reviews indicate this estimated date may not be met.
Auto Credit Express Tools
Before you start your application process, I recommend you check out some of the tools offered by Auto Credit Express to get a better idea of how much loan you may qualify for and what the costs would be.
JPMorgan Chase Auto Loan Calculator
Before starting the car loan process there are a couple of things you should familiarize yourself with and the JPMorgan Chase Auto Loan Calculator is a great tool.
You should be aware of the current interest Chase Bank Auto Loan rates, and the Chase auto calculator will be helpful in determining how much of a loan and payment you can afford.
Checking Current JPMorgan Chase Car Loan Rates
First you want to check out the interest rate chart; we put this one below to give you an idea of what the chart looks like, you should be sure to click here to see current Chase Auto Loan rates.
Current Auto Loan Interest Rates
60 Month new car
48 Month New Car
36 Month Used Car
The above chart gives you an idea of the starting interest rate based on how long you need the loan for.
As you can see, the longer time you plan to take to pay the loan off, the higher the rates become.
While the monthly premiums will be lower if you select a longer payoff period, you are going to end up paying much more interest.
Estimating Your Rate
Once you have an idea of what your starting interest rate might be you can now use the Chase Car Loan Calculator to help explore rates and payments.
During this step you will choose the type of loan , the loan amount, put in your credit type or actual credit score and then your Zip Code.
Once you complete this process you will see 3 different APR's, a low APR, an average APR and a high APR.
You can use the Average APR to help determine what your monthly car note may be.Finally, you will take the estimated loan amount with the Annual Percentage Rate or APR that you received from the "Estimate Your Interest" Tool to get a rate.
Figuring Out Your Car Note
This tool is going to help you understand how much you will need to pay on a monthly basis based on the loan term length you choose.
Chase Auto Loan Reviews
Chase car loan reviews are mostly very negative.
'If you like being treated like crap, CHASE is the bank for you!!!' (no emphasis added or needed)
Being the largest isn't always the best, as customer reviews reveal a lender that has lost sight of their customers needs and regularly takes actions that would indicate that they also do not care.
Below are some of the Chase Auto Loan reviews:
As part of the process of this review, we read countless hours of JPMorgan Chase Car Loan reviews and while it is not uncommon for a large company to have negative reviews, these were especially troubling.
Looking closely, it doesn't take long to realize that Chase Auto customer service consistently shows a callousness to problems they have created and will make the minimal amount of effort necessary to correct a problem.
One example would be the number of complaints from people checking on their Chase Auto Loan Status and finding out that it keeps getting extended.
The estimated Chase Car Loan Status seems to be just that, an estimate, we've read customer reviews complaining of months of run around before funding.
If you are one of the lucky people who never has to contact Chase Financial Auto than you will probably have a fine experience but if there are any problems along the way...
Below we have gathered the most trusted customer Chase Bank Car Loan reviews from sites such as Yelp, Google and BBB for the Chase Auto Finance Division.
Chase Auto Loan Reviews
Customer Average Rating
Credit Knocks Reviews Avg. Rating
Yelp Reviews Avg. Rating
Google Reviews Avg. Rating
Better Business Bureau Avg. Rating
Consumer Affairs Reviews Avg. Rating
Best Company Reviews Avg. Rating
CUSTOMER REVIEWS AVG. RATING
Chase Auto Loan BBB - Better Business Bureau
Chase Auto Loan BBB has had a file at the Better Business Bureau since 1923.
Unfortunatley, they only have a D+ rating with a staggering 2748 complaints in the past three years (as of 9/23/2019).
Chase BBB complaints tend to be financial related with claims of fees being charged outside of the contract or loan payments continued to be debited from customers accounts after being paid off.
The Chase BBB Reviews generally point to a company that wants your business so long as it is all of the online and automated variety.
Chase BBB reviews and customer complaints are not taken seriously by the company as most go without a response which is why JPMorgan Chase Car Finance has a D+ rating.
Taking Action On A Car Loan
Hopefully, you found this Chase Auto Loan Review helpful because getting an auto loan can be complicated and a time-suck if done incorrectly.
Now that you know there are dealerships ready and willing to work with you there is no reason to go without a car.
Getting a car loan is also part of establishing a different type of tradeline which overtime, will help increase your credit score.
Annual Percentage Rates (APR), loan term and monthly payments are estimated based on analysis of information provided by you, data provided by lenders, and publicly available information. All loan information is presented without warranty, and the estimated APR and other terms are not binding in any way. Lenders provide loans with a range of APRs depending on borrowers' credit and other factors. Keep in mind that only borrowers with excellent credit will qualify for the lowest rate available. Your actual APR will depend on factors like credit score, requested loan amount, loan term, and credit history. All loans are subject to credit review and approval. Discrimination based on gender is absolutely forbidden. Whether the loan is for her or for him, you should receive the same terms.
Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.