Report: #464429

Complaint Review: Chase Auto Finance

Submitted: Wed, June 24, 2009
Updated: Wed, June 24, 2009

Reported By: — Tucson Arizona

Chase Auto Finance

Po Box 78050 Phoenix, Arizona U.S.A.

Phone: 800-346-9670
Web:
Category: Banks

Chase Auto Finance Refinance, Refuses, Chase Auto, Lower payments, modify loan Phoenix Arizona

*Consumer Comment: Conditions

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My hours were reduced at the end of last yr. In November, I went to a chase branch and applied to refinance my car to lower my payments. Since then, I have tried unsuccessfully to get them to help me so I don't loose my car since my loan is over half paid off. My interest rate is 17% and my payofff is $9000.
Since I was struggling to pay my payments, I kept asking for help in what my options were. I asked to make interest only payments. Denied! They don't do interest only.

This past week, I spoke to a lady here in Tucson about my loan and she stated that Chase will not refinance any auto loan for anyone. When I asked her why she stated this is their policy.

I am now 2 months behind on my payments. They want $800 by the end of the month. I'm sure im not the only person with an auto loan from Chase that has this issue. Any ideas out there to help with this issue?
I thought the bank bailout money was for lending. I guess I was wrong.

Jackie
Tucson, Arizona
U.S.A.

This report was posted on Ripoff Report on 06/24/2009 08:10 AM and is a permanent record located here: http://www.ripoffreport.com/r/Chase-Auto-Finance/Phoenix-Arizona-85062/Chase-Auto-Finance-Refinance-Refuses-Chase-Auto-Lower-payments-modify-loan-Phoenix-Ari-464429. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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Updates & Rebuttals

#1 Consumer Comment

Conditions

AUTHOR: Flynrider - (U.S.A.)

SUBMITTED: Wednesday, June 24, 2009

I'm sure that Chase or any other financial institution would be willing to refinance your loan. You'd just have to meet a few requirements. Your credit rating has to be good, and the market value of your vehicle needs to be above $9000. If those two conditions don't exist, no one is going to refinance it.

The reason that banks needed to be bailed out was because they made loans to people with marginal credit on collateral that was worth less than the loan amount. You can bet that they have learned their lesson. You're certainly not the only one with this issue. Banks have tightened lending requirements across the board (for good reason). I happen to know that Chase is still lending on vehicles. You just have to meet higher standards than was required a few years ago.