Purchasing this weekend - DCU approval

[dang729]

Thank you to everyone for all the advice you provided. I was approved yesterday through DCU for their 1.74% apr on a used vehicle! In addition, they offered me their platinum visa with a $7500 limit at an 11.5% apr.

I'll be going to purchase this weekend.

The dealer offered me a new vehicle (manager demo car) that has 500 miles on it. It's a new 2014 Kia that has never been owned.

They are discounting it about $10,000 off the MSRP.

I'm wondering if at the time that I pull out the DCU approval they will come back and say that the car is only eligible for the price offered with discounts if I finance directly through them. Has anyone heard of this happening? Or should I be pretty confident that they will take the DCU approval for their new car?

In addition, I will probably let them run my credit to see if they can beat the 1.74% apr - but doubt they will be able to.

Any opinions are greatly appreciated!

[CH-7-Mission-Accomplished]

---

@dang729 wrote:

Thank you to everyone for all the advice you provided. I was approved yesterday through DCU for their 1.74% apr on a used vehicle! In addition, they offered me their platinum visa with a $7500 limit at an 11.5% apr.

I'll be going to purchase this weekend.

The dealer offered me a new vehicle (manager demo car) that has 500 miles on it. It's a new 2014 Kia that has never been owned.

They are discounting it about $10,000 off the MSRP.

I'm wondering if at the time that I pull out the DCU approval they will come back and say that the car is only eligible for the price offered with discounts if I finance directly through them. Has anyone heard of this happening? Or should I be pretty confident that they will take the DCU approval for their new car?

In addition, I will probably let them run my credit to see if they can beat the 1.74% apr - but doubt they will be able to.

Any opinions are greatly appreciated!

---

Unless they have captive dealer financing at 0%, nobody is going to beat that rate.  I wouldn't let them destroy my credit report with 20 inquiries.  Lock up your SS number and don't give it to them under any circumstances!

[jim44]

---

@CH-7-Mission-Accomplished wrote:

---

@dang729 wrote:

Thank you to everyone for all the advice you provided. I was approved yesterday through DCU for their 1.74% apr on a used vehicle! In addition, they offered me their platinum visa with a $7500 limit at an 11.5% apr.

I'll be going to purchase this weekend.

The dealer offered me a new vehicle (manager demo car) that has 500 miles on it. It's a new 2014 Kia that has never been owned.

They are discounting it about $10,000 off the MSRP.

I'm wondering if at the time that I pull out the DCU approval they will come back and say that the car is only eligible for the price offered with discounts if I finance directly through them. Has anyone heard of this happening? Or should I be pretty confident that they will take the DCU approval for their new car?

In addition, I will probably let them run my credit to see if they can beat the 1.74% apr - but doubt they will be able to.

Any opinions are greatly appreciated!

---

Unless they have captive dealer financing at 0%, nobody is going to beat that rate.  I wouldn't let them destroy my credit report with 20 inquiries.  Lock up your SS number and don't give it to them under any circumstances!

---

+1  I don't think they will run 20 inquiries trying to beat 1.74% , but I agree there is no need to give them your SS#.  Congrats on the APR!!! 

[Anonymous]

no but they could run 6-7 without blinking. It all only counts as one during a 30 day shopping period. Although I personally hate multiple credit inquires.

[Anonymous]

do you know if DCU normally approves loans from California or are they mostly a east coast lender?

[dang729]

Not sure if they only work with certain states. Im in IL and had no issues whatsoever.

Thanks for the feedback guys!

I plan on letting them know about my trade in and downpayment AFTER they agree to the price I ask for.

Again, I'm afraid that they'll back out on the price we agree on once I drop that bombshell on them, especially since I don't plan on financing with them.

Should I wait until it's in writing before I mention it? Since this is my first time financing I'm not sure at exactly what time I will actually be "paying". Does that happen with the finance guy or the sales manager?

[jim44]

---

@dang729 wrote:

Not sure if they only work with certain states. Im in IL and had no issues whatsoever.

Thanks for the feedback guys!

I plan on letting them know about my trade in and downpayment AFTER they agree to the price I ask for.

Again, I'm afraid that they'll back out on the price we agree on once I drop that bombshell on them, especially since I don't plan on financing with them.

Should I wait until it's in writing before I mention it? Since this is my first time financing I'm not sure at exactly what time I will actually be "paying". Does that happen with the finance guy or the sales manager?

---

Each dealership differs... the salesman should write up the order including your trade and the F&I prints the forms for you to sign.  That is when the F&I will try to push the financing, extended warranties and other various add ons. At this point he or she will finish with your Bill fo Sale which will include tax, tag & title and trade in. Don't think it's going to make too much difference when you mention your trade or financing. In the end they want to sell you the car whether you finance it with them or not.  Looks like you've got all your "ducks in a row".  Good job! 

[Anonymous]

Hi,

I didn't want to start a new thread but I was approved for a DCU auto loan recently and have just sent in all the necessary documents EXCEPT the Purchase and Sales Agreement. I have not been notified of an amount or an APR but i'm not sure if I go to the dealer and agree on a price, then have the dealer send a copy of the Purchase and Sales Agreement to DCU?

With Capital One they gave me an amount and an APR already and I havn't been to the dealer yet. I'm going this Sunday to test drive a specific car with no plans of agreeing to anything until next weekend. If anyone needs more info i'd be happy to provide it, this might seem sonfusing because it does to me.

[oj2009]

Congrats! What are you scores?