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04-15-2017 06:27 AM
I'm shopping for a used car. CapOne preapproved me for $15,100 through AutoNavigator (which seems like it's based more on my history with them than my score). CarMax preapproved me (not sure the amount or rate. I had a voicemail saying I'm approved but need to call for the numbers). Right now CapOne seems like my best bet, but the down payment requirement varies wildly for each car I run through their calculator (2 cars of the same model with the same price and with similar miles, one requires just 1k, the other 3.5k I've been unable to make sense of their formula).
Anyway, back to the point... I'd like to see what DCU has to offer before I commit. The car I want (I know "want" isnt a huge factor with a low budget) has an OTD price of ~$17,900. The DCU application is asking for a purchase price estimate. If i'm denied after putting in $17.9k, will they tell me what they can do or is it a straight denial on everything if I ask for too much? I want 17.9k, but I can work with less. Do I put what I want or what I think they'll give me?
04-15-2017 08:27 AM
I would recommend that you put in what you would like.
Years ago with USAA when my credit was less than it is today, they would counter my requests. I have no idea if DCU will do the same. But, I would go ahead and shoot for what you want up front. It does sound like you have some options.
04-15-2017 10:34 AM
04-15-2017 02:23 PM
I asked for the $17.9k. I think I got denied. I got the "someone will contact you" message. Looks like Cap1 will be my best bet. CarMax came back with 19%.
If you got a flat out denial it would have said that. If it is someone will contact you they likely need more information. Call them.
04-16-2017 07:35 AM - edited 04-16-2017 07:36 AM
Epic, definitely wait for DCU. Same thing happened to me a couple of years ago - its just an ID check and the rate was really good compared to the dealer. I think the dealer is trying to push their bank on you. Also, they maybe closed tomorrow for Patriots Day.
04-16-2017 07:58 AM
Definitely do not panic and take the high rate. Like others have said, contact DCU and find out what they need/offer.
Keep us updated as well!
04-17-2017 02:29 PM - edited 04-17-2017 06:08 PM
The followup email was sent to my spam folder. So they approved me (but for $11,500). They didn't tell me my rate though. It says I need to send them a paystub, driver's license, and purchase/sales agreement. I'm not sure of what to do next. When I find a car, I get the purchase agreement from the dealer, then submit it and wait at the dealer to see what DCU says? How do i get the agreement before the car? Sorry for the stupid questions, like I said, I've never purchased a car at a dealer or applied for an auto loan before this.
*edit* Searched the forums and found the info I need. Disregard.
04-17-2017 04:32 PM
I would give them a call to confirm, but it sounds like you need the P&SA to send to DCU.
04-19-2017 06:43 AM
This is when it can be a bit more difficult to go through someone like DCU, but I think it is worth the hassle.
Yes, you need to basically finalize your deal with the dealer. When they want you to sign, you have them add that this deal is contingent on DCU financing being completed.
The finance department can send the contract to DCU or you can. An underwriter will look at the contract and ensure it meets their requirements as collaretal and confirm your paystubs etc. This should take a day and they can than arrange payment, often in the form of an over-night check to you. You take it into the dealer and endorse it to them and they will have check in hand.
The dealers don't like to have to wait and always want to take care of you in their finance department. Remember finance is a source of revenue for the dealer and when you bring your own financing they lose that (trust me they are still making money).
Anytime the customer leaves the lot without the car they are buying, there is always a chance that the deal will not happen. Reality is, it happens all the time.
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