DCU simultaneous membership, loan process

[beachdudede]

I was approved by DCU for a loan on a used car by phone yesterday. I submitted the membership application by phone today. The checking/savings/donation funds have been deducted from my hometown bank account. I've submitted the driver's license for ID. As far as I can tell, I've been approved for membership but am just waiting on my membership to be "established".

In the meantime, we've found a car that looks good on paper. It's a 5-hour round trip to the dealer (not much of a selection in our area). It's practically a new car for a used car price, but we haven't test-driven it or seen it in person.

A DCU loan rep is telling me that I can have the dealership submit a purchase and sales agreement by email to the dealer so as not to lose the car, then close on the loan and the loan department will establish my membrership if it's not yet completed.

Keep in mind, all I have is a verbal approval of my loan terms after completing the loan application and some emails from one of the loan reps about the loan. He says I will see the official loan details in email before I electronically sign for the loan.

For those of you who have worked with DCU, does this sound right? I don't have a shred of documentation other than the loan rep's emails, in which he doesn't contradict my understanding of the loan terms. I'd hate to drive a 5-hour round trip to find out we can't close on the loan until membership has been established.

[Remember0]

Just made the connection between your PM and this post haha. Sorry about the late response to your PM haha...but congrats! Did you submit your drivers license in color?

If you've been approved for membership, you should be good I think. Did they say they'd mail you out a blank check for the car purchase or something like that you can give to the dealer?

I'll let someone with first hand experience with DCU respond though, I imagine they'd be much better at answering your specific question.

[beachdudede]

No need to apologize Remember0. With as much as you contribute to this forum, I'm sure you're swamped.

I just talked to DCU and the rep told me they send a cashier's check direct to me and I take it and the downpayment to the dealer. So, we have to make two 5-hour round-trips, one to see and test-drive the car and one to deliver the check.

I expressed some urgency over this particular vehicle and the CSR said if we wanted to test-drive it tomorrow and sign a purchase and sales agreement the loan department could establish my membership for me if it has not been completed yet and the loan could be closed. I'd then get the check the next day by FedEx.

Yeah, it's a pretty darned good deal and nothing like it closer to home in scouring local dealer web sites for the past month.

I did email a scanned full-color image of my driver's license. They say if your address isn't on your driver's license then you need to submit a utility bill. I was asked for either a passport or driver's license.

[beachdudede]

No need to apologize Remember0. With as much as you contribute to this forum, I'm sure you're swamped.

I just talked to DCU and the rep told me they send a cashier's check direct to me and I take it and the downpayment to the dealer. So, we have to make two 5-hour round-trips, one to see and test-drive the car and one to deliver the check.

I expressed some urgency over this particular vehicle and the CSR said if we wanted to test-drive it tomorrow and sign a purchase and sales agreement the loan department could establish my membership for me if it has not been completed yet and the loan could be closed. I'd then get the check the next day by FedEx.

Yeah, it's a pretty darned good deal and nothing like it closer to home in scouring local dealer web sites for the past month.

I did email a scanned full-color image of my driver's license. They say if your address isn't on your driver's license then you need to submit a utility bill. I was asked for either a passport or driver's license.

[Remember0]

I think you're good to go. Just PM'ed you back w/ some last minute tips regarding dealership financing, but there's nothing groundbreaking there. Just be careful at the dealership and don't just accept everything they offer to you is all. Also for GAP insurance, dealer GAP is typically too expensive. Look into how much your auto insurance carrier would charge you for GAP (I got quoted $1/month recently by Allstate) before accepting dealer GAP.