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Navy or USAA for Car Buying Service/Loan

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electra
Established Contributor

Navy or USAA for Car Buying Service/Loan

I'm a member at both and I'd like to use either the USAA car buying service and loan or NFCU car buying service and loan.  I'd prefer to avoid too many HP on my credit so I'd like to just use one service and app for one loan...especially given that it sounds like I may end up getting a HP at whatever dealership I get the car from (which is fine...assuming they give a lower rate.)  

 

Looking for advice on who is the better selection given my choice of vehicles, credit profile, etc.

 

I'm looking to get either a new or slightly used Audi Q5 Hybrid or 3.0TPremium or a BMW X3.

 

Income before bonuses and stock:  $144k

Income w/bonus/stock: $211k

Will probably put down $10-$15 k plus trade in (maybe worth $3k) and finance around $30-$35k

 

Credit profile:

EQ:

717 FICO

1 (bogus) CA account from 2008 which I will hopefully get deleted soon

5 Tax liens, all paid, most recent from 2 years ago

2 revolving CCs

  • VS - CL $500, $0 owed (4 months old, all positive)
  • NFCU Visa signature - CL $10k, $970 owed (6 months, all positive)

BofA Car Loan - All positive, paid on time, DOLA Jul, 2003

 

TU:

686 FICO

 

1 (bogus) CA account from 2008 which I will hopefully get deleted soon

5 Tax liens, all paid, most recent from 2 years ago

2 revolving CCs

  • VS - CL $500, $0 owed (4 months old, all positive)
  • NFCU Visa signature - CL $10k, $970 owed (6 months, all positive)

BofA Car Loan - All positive, paid on time, DOLA Jul, 2003

 

EX:

771 USAA FAKO

No collections

1 paid tax lien

 

2 revolving CCs

  • VS - CL $500, $0 owed (4 months old, all positive)
  • NFCU Visa signature - CL $10k, $970 owed (6 months, all positive)

BofA Car Loan - All positive, paid on time, DOLA Jul, 2003

 

Message 1 of 19
18 REPLIES 18
webhopper
Moderator Emeritus

Re: Navy or USAA for Car Buying Service/Loan

I used navy for my loan. Told them the amount and they sent the check. I bought using overseas delivery program a new volvo with no trade in. They required no documents and the loan check was good for up to 125% of the nada value of the car. I received one HP on EQ. They pulled a 694 and I got 1.79% for 5 yrs. I did not use their car buying service. The dealership did not pull my credit. Transaction went super smooth. The check was good for 60 days. I submitted the check to the dealership on day 55 and they did not repull. Very pleasant experience. I put down 3800 on the car for my own peace of mind (it wasn't required)

The check took 2 days to show up in my mailbox. They could probably overnight it if asked.
FICO 9:
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.

Goal: Gardening!


Message 2 of 19
Dustink
Valued Contributor

Re: Navy or USAA for Car Buying Service/Loan

I noticed that slightly used cars were just as pricey as new cars when I was car shopping.

 

The X3 is one of USAA's preferred vehicles. You would be getting a pretty good deal on a new one. Plus, the price that you get through USAA is not always the lowest the dealer will go. The X3 looks pretty well priced vs the audi.

 

Just something to think about. New vs used. Plus, you would have a hard time finding a used audi hybrid. That awesome fuel mileage would be nice, but is it worth 50k? 

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Message 3 of 19
Dustink
Valued Contributor

Re: Navy or USAA for Car Buying Service/Loan

I like USAA more than NFCU.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Message 4 of 19
webhopper
Moderator Emeritus

Re: Navy or USAA for Car Buying Service/Loan

Agree dustink.
that is why DH and I went with new. The downturn in the economy has made the surplus of late model used vehicles dry up.
you used to be able to save a lot of $$ by buying a car with 10-20k miles.

This isn't true anymore.
I have nothing bad to say about usaa; ive never used them for an auto though.
Navy was easy to work with on my overseas delivery purchase. Doesn't bmw have a similar program?
FICO 9:
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.

Goal: Gardening!


Message 5 of 19
webhopper
Moderator Emeritus

Re: Navy or USAA for Car Buying Service/Loan

Bmw has a usaa 2k off deal

http://www.bmwusa.com/standard/content/salesandprograms/militarysalute.aspx

There are audi and bmw overseas programs as well.

http://www.edmunds.com/car-buying/european-vehicle-delivery-programs-double-the-fun.html


You get to order a car the European way... very specialized to your tastes right off the assembly line.

If you don't mind a free trip to Europe; compare prices on overseas vs. Statewide
FICO 9:
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.

Goal: Gardening!


Message 6 of 19
webhopper
Moderator Emeritus

Re: Navy or USAA for Car Buying Service/Loan

Also price on overseas delivery is predetermined / no haggling.

I applied for loan; was approved; put down a deposit; 55 days later I gave the dealer my check from navy... 30 days later flew to Sweden with DH on volvos dime.
FICO 9:
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.

Goal: Gardening!


Message 7 of 19
Cageym
Established Contributor

Re: Navy or USAA for Car Buying Service/Loan

"I used navy for my loan. Told them the amount and they sent the check. I bought using overseas delivery program a new volvo with no trade in. They required no documents and the loan check was good for up to 125% of the nada value of the car. I received one HP on EQ. They pulled a 694 and I got 1.79% for 5 yrs. I did not use their car buying service. The dealership did not pull my credit. Transaction went super smooth. The check was good for 60 days. I submitted the check to the dealership on day 55 and they did not repull. Very pleasant experience. I put down 3800 on the car for my own peace of mind (it wasn't required)

The check took 2 days to show up in my mailbox. They could probably overnight it if asked."

 

Same rate and term from NFCU. 2014 Jeep Grand Cherokee, put down $10k to keep the payment lower. Took all of 5 minutes for pre-approval. I also bought from Overseas Car Sales www.encs.com It won't be delivered until August when I get back on vacation.


What's in my wallet: Cap1 Venture NFCU Sig Visa Delta Gold Amex BCE Citi Simplicity IHG World MC Amazon Visa CSP
Starting Score: 5/2010 550-ish
Current Score: 6/20/2013 TU 800 6/20/2013 EQ 770 6/20/2013 EX 775
Goal Score: 800 accross the board
Message 8 of 19
webhopper
Moderator Emeritus

Re: Navy or USAA for Car Buying Service/Loan

Cageym; was your dealership as surprised as mine that navy paid off the VIN of the ordered car; not the title?
FICO 9:
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.

Goal: Gardening!


Message 9 of 19
Cageym
Established Contributor

Re: Navy or USAA for Car Buying Service/Loan

I don't even have a VIN yet, the vehicle isn't built. Smiley Happy But ENCS is licensed to operate on military bases, so they have dealt with NFCU thousands of times.


What's in my wallet: Cap1 Venture NFCU Sig Visa Delta Gold Amex BCE Citi Simplicity IHG World MC Amazon Visa CSP
Starting Score: 5/2010 550-ish
Current Score: 6/20/2013 TU 800 6/20/2013 EQ 770 6/20/2013 EX 775
Goal Score: 800 accross the board
Message 10 of 19
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