Chase Auto Finance Review (2024): Should You Look Elsewhere?

Who Is Chase?

Chase National Bank was founded in 1877 by John Thompson and eventually grew into Chase Manhattan, one of the largest banks in the country. In 2000 Chase Manhattan completed the acquisition of J.P Morgan & Co, another financial industry giant, with the combined entity becoming J.P. Morgan Chase.

JP Morgan Chase is the largest bank in the U.S., with over 5,100 branches, 16,000 ATMs, and 250,000 employees. It’s also the largest credit card issuer in the US after its acquisition of Bank One in 2004.

The Chase Bank Auto Loan division offers new, used, and lease buyout loans for automobiles under ten years old with terms between 48 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 that can help you understand the process of purchasing and financing a car.

The materials cover the entire auto purchase process, and there are multiple articles and worksheets that will help you determine whether you should purchase a new or used automobile. You can jump around from section to section or go through the entire process to prepare yourself for making your car purchase and obtaining financing. 

Chase’s car loan education resources are 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.

You can also shop online for cars offered by Chase Auto Preferred dealers. You can pick out a car online and save time by applying for financing right away. You can also schedule a visit with the selected dealer and apply with them directly.

Another nice feature Chase offers is a free credit score through Chase Credit Journey, whether you are a customer or not. 

How Do Chase Car Loans Work?

The Chase Car loan process is straightforward if everything goes smoothly.

• Choose a loan type. Are you buying a new car or a used car? Are you looking for a lease buyout?
• Prequalify. You can prequalify in minutes with no impact on your credit score. You’ll know how much you can afford to spend.
• Shop. You’ll have to use a dealer in the Chase network. Choose a car that fits your needs and your prequalification budget.
• Apply. You’ll have to supply your car and dealer details to get a financing decision. Expect a hard credit check at this stage.
• Review and compare. Review the loan offer and compare it with an offer from at least one other lender. Borrowers who shop get the best deals!
• Close a deal. Chase will deal directly with the dealer, saving you time.

☝️ Note: You can only use a Chase auto loan at a dealer that is a member of the Chase network. The dealer will be the borrower of record. 

Requirements

You will need to meet a few general requirements before applying for a Chase auto loan:

• Proof of identity. A government-issued ID with a photo and signature will be expected.
• Proof of insurance. You may have to arrange insurance before a loan is approved. Lenders will expect comprehensive coverage.
• A Social Security number will be required.
• Registration papers for your current vehicle if you are trading it in.
• Proof of employment. You will be expected to provide pay stubs, W-2 forms, or other proof of your employment and income.
• A credit score. Chase doesn’t publish their minimum credit score. Some online reviews suggest a 650 minimum. Minimum credit scores may vary based on other factors, like income.

Most of these will be required by any auto lender, so get them ready if you plan to shop for a car loan.

Chase Auto Loan Customer 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 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 running around before funding.

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 Finance BBB

Chase Auto Finance BBB has had a file at the Better Business Bureau since 1923.

Unfortunately, they have an A rating with a staggering 4221 complaints in the past three years and 1598 complaints in the past 12 months.

These complaints tend to be financially related, with claims of fees being charged outside of the contract or loan payments continuing to be debited from customers’ accounts after being paid off. 

BBB Reviews of Chase Auto Financing generally point to a company that wants your business so long as it is all of the online and automated variety. 

Conclusion

Chase might be a good choice if you are looking for financing from a big-name bank. Remember that Chase only offers to finance new and used vehicles available at one of the dealers in their network. If you are looking for refinancing or private party financing, you’ll have to look elsewhere.

If you are one of the lucky people who never have to contact Chase Financial Auto, then you will probably have a fine experience, but if there are any problems along the way.