Just got approved through DCU, what does this mean?

[everlong24]

100% OF BOOK VALUE OR PURCHASE PRICE, WHICHEVER IS LOWER;

A PURCHASE AND SALES AGREEMENT FROM THE DEALER;

Soory for the all caps, I'm copying and pasting what was through their site. I am new to having a loan before going into the dealer, so forgive me for these ignorant questions!

[DevotionToU]

100% of book value or purchase price I am going to assume you got a loan for a used vehicle, and not a new one?

The Purchase/Sales agreement from the dealer.  All you need to do is to go to the dealership and agree to purchase the car, and then have them fax the purchase order to DCU.  You can call their loan office for all the necessary info that you need.

[everlong24]

Thanks for the response. So, the dealer will contact DCU and arrange the payments after I've agreed to purchase? There's no check like with Capital One? Oh, and I did apply for a used vehicle.

[Remember0]

No, they'll be mailing you a check. If you want it express mailed call them and for $20 they will express mail it.

It works just like COF's blank check from what I know.

The only time dealer handles anything is if he beats the rate. And assuming you got 1.24%, no point even letting him try. He won't be able to for used.

[everlong24]

Ok, so I go to the dealer and get the agreement signed. Then I wait till the check arrives before picking up the vehicle?

[nathan]

I am in the same soup waiting for a snail mail check from DCU. I refused the $20 charge for fast delivery because I am used to getting that for free from USAA , navyfed and penfed Lol. Dealer has already promised to match the 1.74% rate through lexus and an additional $750 off for military discount.

[DevotionToU]

You cna pick the vehicle up before you give them the check.  You will need to contact DCU after agreeing to purchase the vehicle.  Then they will talk to you about sending you the check.