Why doesn't Chase have any record of a car loan that the dealer said they financed through them?

I'm a first-time car buyer. I went to purchase a vehicle with financing and the dealer said they were working with Chase. I was skeptical of the agreement from the start, as some of the initial numbers (interest rate and principal) they gave me don't match the numbers on the loan agreement. I also called Chase and they have no record of any loan. What gives?

Answer
“First off, you probably received a generic document that outlined the rate and principal you might get on a vehicle. These are common in the industry and give you a ballpark of what you might pay based on your credit score and history.
Second, they still might be working with Chase, but loans can take some time to process. Just because Chase doesn’t have the paperwork doesn’t mean the dealership is lying.
In all likelihood, the dealer is doing a spot delivery. A spot delivery is when a dealership gives you the keys before the loan is approved. It’s a sales tactic that ensures you drive off the lot. While approval isn’t guaranteed, it’s the next step.
While it may seem alarming, call the dealership. They should give you all the information you need. If you don’t get the answers you’re looking for, walk away.
Don’t forget that when you buy a new vehicle, you will need proper coverage. Use the free Jerry app to help you find the best deal. Jerry compares rates from the top 50 companies in under a minute, delivering the best deals to your phone.”
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Eric Schad
Answered on Jul 30, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
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