Apply for PhD with low undergrad GPA and good grad GPA i have poor ungrad GPA (2 of 4), and good grad GPA (3.88 of 4)

What are my chances if I apply for PhD study at Germany?

B.Sc pure mathematics 
M.Sc financial mathematics (i love it)
I recently applied for a PhD Position in Germany (and got it) with a very good M.Sc. but a much worse B.Sc. My professor did ask about my bad grades in the B.Sc., but in the end being honest and saying I was lazy, but feel more fit in the area then my grades might tell. This is in engineering. In the end my grades didn't matter too much, because my professor knew me from my master's thesis already. 

That being said, with a very good grad GPA you will probably have good chances to at least be invited to an interview. At that point your grades don't matter that much, because you can tell them about your skilsl yourself and explain your undergrad GPA if you must. I think many people here in Germany are less focussed on the actual grades than on the person and how they sell themselves. I am not saying grades don't matter, they are certainly looked at, but if you overcame the first hurdle, it is up to you to close the deal.

TL;DR: There is a chance. But you can only know for sure if you apply!