Questions W/DCU

[Remember0]

"will always be Nada clean retail amount for used cars?"

Are you asking if they always use clean retail as the basis for LTV and for refis? If so most financial institutions do, yes, but not all. I'm pretty sure DCU is one of those that do use NADA Clean Retail. You really should call and ask DCU for questions specific to them.

"What I really don't understand is at what % ltv will it cover the whole car sale with TTL?"

Depends on final price and what TTL is in your area. Let me give you an exmaple in my state.

NADA Clean Retail = 14k

Car Price = 12k+200 (doc fees)

Taxes = .06*12.2k = 732

Title + License = $200

Total Car OTD Price = 12k+200(doc)+732(tax)+200(title+license) = 13132

If you borrow 13132, the LTV is 13132/14000 = 93.8%. So you'd need a loan that allows you to borrow up to 94% LTV. If it only allowed 80% LTV, you'd have to come up with 13132(purch price)-.8*14000(NADA Clean retail)= $1932 as a down payment.

Again this is how it typically works. I'm not sure if DCU means something else if they say 80% LTV, really you should call them on Monday when they open if the dealer doesn't finance you at a lower rate. Something tells me though that the dealer is going to be able to beat DCU's rate and won't require a down payment making this whole issue a moot point.

[aubie1kenobie2]

Is this your first auto loan? I know a rep from DCU mentioned this to me (first time car buyer program) where they require 20% DP and would only finance 80%. In my case though, they approved for 125% of the amount I requested. Guess it's a YMMV thing.

[beachdudede]

I was approved for a car loan this week by DCU and did not have an LTV or a downpayment requirement. I was given an amount I could borrow up to, $14,500. If I wanted a more expensive car than that, I had to come up with the money myself (I did put 10% down to go a bit over the limit for the car I wanted and to reduce my monthly payment).

It was not that I could buy a car for up to $14,500 and had to put 20%, or $2,900 down.