Credit union question

[Anonymous]

I need your advice with the following-

-i applied for an auto loan on 11/22 of this year, got approved with my credit union -BECU

-went and bought a new car on12/22 of this year and told the car dealer that i have credit union loan. they asked me to sign an applicaiton for the same credit union BECU and that they would send it in

-when i got home i saw that my credit uniion online tab shows 2 auto loans now. one that i had been already approved and now another one from the dealership. 

So is this the same loan that just shows up differently in my account? the dealership was supposed to use the loan i said i was already approved.  Will this be considered the same loan by the credit uniion.

confused, please help

[SCF]

It sounds like the dealer may have had you apply for a second loan, and the credit union, maybe because of an instant approval process, gave you the second loan.  It may be something that their computer will clear up, but I think you should definitely call the CU and ask them about it.

[Watchmann]

Sounds like you have had two inquiries made.  When I bought a car in August 2006 I got credit thru the Lexus dealer.  An inquiry was made on the day of purchase when I signed all the papers, and a second inquiry was made a week later by Toyota Motor Credit Co (TMMC) when they completed all the paperwork.  Two separate inquiries were noted on my file.  They were the only two I had at the time so I wasn't going to worry about it.  You may want to inquire if this is the same thing that is happening to you if you are worried about it.  The total effect on your score isn't all that great or long lasting.

[Anonymous]

Yes. I agree. What worries me is this

-my first loan was for 40k and they had asked for a doc that i couldnt produce so i talked to them and the next day i didnt see that requirment on my loan. also i told them i didnt need so much money only 20k. so they approved the loan for 20 k

-now the second loan shows once again that requirement and is for 40k.

also my first loan expires on 12/24 the day i bought the car. does this mean that they wont honor the first loan since i bought the car on the last day it was valid for?

[Jazzzy]

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@Anonymous wrote:

Yes. I agree. What worries me is this

-my first loan was for 40k and they had asked for a doc that i couldnt produce so i talked to them and the next day i didnt see that requirment on my loan. also i told them i didnt need so much money only 20k. so they approved the loan for 20 k

-now the second loan shows once again that requirement and is for 40k.

also my first loan expires on 12/24 the day i bought the car. does this mean that they wont honor the first loan since i bought the car on the last day it was valid for?

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I think that your credit union is the only one who can answer these questions. Anything you get here will be opinion only...

It is best to know for sure.

[MrNoCreditMan]

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@Anonymous wrote:

I need your advice with the following-

-i applied for an auto loan on 11/22 of this year, got approved with my credit union -BECU

-went and bought a new car on12/22 of this year and told the car dealer that i have credit union loan. they asked me to sign an applicaiton for the same credit union BECU and that they would send it in

-when i got home i saw that my credit uniion online tab shows 2 auto loans now. one that i had been already approved and now another one from the dealership. 

So is this the same loan that just shows up differently in my account? the dealership was supposed to use the loan i said i was already approved.  Will this be considered the same loan by the credit uniion.

confused, please help

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Interesting. Something to look out for when I shop around. I'd hate for dealers to try and run my reports after I have established that I have been approved by a lender already. 

[Anonymous]

What was the requirement doc that you couldn't give them......you're applying for a loan correct?

[Anonymous]

Thanks all folks

update-so yes although it showed as 2 loans i called them and they removed the old one. and no, they didnt need the doc because i had got a name of the person who had removed the requirement. 

[Anonymous]

I am nowhere near our SOL. We have 10 years in the state I'm in and we are only 2 years out. There is a very STRONG chance that we will be sued for the 22k. They have tried before and requested proof of income from my husbands work to start a garnishment. The only reason that it was stopped is because we had started our Chpt. 13. 

While my dh does have a good income we do have 6 kids and our budget is not that flexible. I am trying to avoid garnishment and a collection account, but don't have the 22k to pay them.  

[Anonymous]

Why are you making that big of a purchase without having done your homework.  Go buy What Your Car Salesman Doesn't Want You To Know.  Why are you doing this without knowing what you are doing?

First, the salesperson is NOT on your side.  The more you pay, the more he makes.  He or she is only on your side in terms of getting you to buy something.  Beyond that, he's on his/the dealership's side.

The salesperson got you to sign that because he can use BECU to finance and will GET PAID by you going through him.  That's why he had you fill it out.  You had already applied with BECU and when you signed that form, you were applying through the dealership to BECU.  He'll make more money that way.

If you HAVEN'T bought the car, go in on a Saturday when it's busy and rip him a new one....publicly.  You can buy the car from someone else there.

Your best bet is buying through autobytel or costco if your'e buying new.  You'll get a better deal.  You can finance it that way through BECU.