No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
You can always make a 5k regular payment to DCU (not principle only) and divide the balance (plus interest) into equal payments. Definitely will be a nice cushion if you ever had an emergency month and were short on funds as this would put you 5k ahead on payments from day one.
Unless the amount you are financing affects your interest rate, you can pay DCU, as the only thing it affects is your payment. If you are worried about the size of the payment without the down, call DCU, I'm sure they will work with you (they are not going to turn down money).
I wouldn't worry too much, you should be fine. One of the nice things about working with credit unions is they aren't soulless faceless blood suckers who care only about the bottom line.
I would think that everything should be fine. Just talk to a loan officer Tuesday and explain situation. They should be able to rewrite loan for lesser amount. After all, your asking for less money to be financed. Not more.
@Anonymous wrote:
I'm concerned about the monthly payments. Instead of the 210-250 monthly payments we're budgeted for... The payments at 18k would be too much!
in reality yes...
1st payment 5k = 5k ahead
2nd payment $210 = $4,960 ahead
3rd payment $210 = $4,920 ahead
etc.
(the examples do not include interest)
Once you are ahead on the loan you are not required to make a payment until one is actually due. You can just make the $210 a month and chip away ($40 per month) at the 5k you are ahead. I did the exact same thing on my loan. I made a monster payment on the first day in case of emergency and i am way ahead. I now am not required to make a payment for several months (but i do) and am way ahead on the loan. Sometimes i make less than the payment set forth by the creditor and this is fine as my "minimum amount due at this time" is $0.
First congrats on your new car, and the fact that a day later you're still in love with no buyer's remorse. Second relax and stop worrying. This is doing you no good. Like others have said, since you're working through a credit union, you're dealing with people just like yourself who are far more understanding and want to help you the customer-member. They're not out to screw you. I believe you'll be fine and in great shape. Stuff happens. There are always work arounds, from redoing some paper work, refinancing and just applying your down payment. This wil work out fine and is probably a good lesson for both you and your finance.
Buying a new vehicle is so exhilarating and yet frustrating. Last year I sold cars and trucks for three months just to see how it works and see how I would be successful. It was challenging, fun and frustrating. Believe me the credit union and F&I manager can work and get this deal done correctly.
Have a good weekend and go out and enjoy your new baby.