As I was walking thru the mall with my son on Saturday a sign caught my eye, it had 1.99% emblazoned across it. As a new Fico fanatic, thanks to this forum, it stopped me in my tracks. The 1.99% was for ALL auto loans thru APL Federal Credit Union; the sign was badly designed, I have never heard of the Credit Union, and MyFico searches came up empty. So I did my 'googles' and researched the Credit Union and lo and behold it is legit! APL stands for Applied Physics Lab it was for employees of John Hopkins University but expanded to those who live, work, or go to school in Howard County, Maryland. APL was founded in 1954, has 3 branches, and has approved over 1 billion dollars in loans. Now for the FICO stuff:
- Hard pull on Experian to join
- $50 deposit to open share account
- Pull good for 30 days for all credit products
- ALL Auto loans are 1.99%
- No model year restrictions
- Loans up to 84 months
- DTI is the main factor NOT credit score for Auto Loans
- Loan max dependent on DTI
- Loans up to 120% of NADA clean trade in value
- Extended warranties can be rolled into loan amount
- No down payment necessaty if DTI supports loan amount
This rate has pretty much blown DCU, PenFed, and my beloved Navy out of the water. I will be app'n mid April and will report back with all the info I receive. This sounds too good to be true, so I am still skeptical BUT the customer service rep was very informative, welcoming, and patient with all my questions. The website is www.APLFCU.org check it out and hopefully this helps a lot of people in Santander hell or even those who have good rates who are looking to save a few dollars.
