topic Re: Navy or USAA for Car Buying Service/Loan in Auto Loans

Navy or USAA for Car Buying Service/Loan

electra — Mon, 15 Apr 2013 05:05:42 GMT

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

Re: Navy or USAA for Car Buying Service/Loan

webhopper — Mon, 15 Apr 2013 05:29:32 GMT

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.

Re: Navy or USAA for Car Buying Service/Loan

Anonymous — Tue, 16 Apr 2013 02:12:52 GMT

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?

Re: Navy or USAA for Car Buying Service/Loan

Anonymous — Tue, 16 Apr 2013 02:13:20 GMT

I like USAA more than NFCU.

Re: Navy or USAA for Car Buying Service/Loan

webhopper — Tue, 16 Apr 2013 03:48:53 GMT

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?

Re: Navy or USAA for Car Buying Service/Loan

webhopper — Tue, 16 Apr 2013 03:57:35 GMT

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

Re: Navy or USAA for Car Buying Service/Loan

webhopper — Tue, 16 Apr 2013 04:04:23 GMT

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.

Re: Navy or USAA for Car Buying Service/Loan

Cageym — Tue, 16 Apr 2013 04:05:19 GMT

"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.

Re: Navy or USAA for Car Buying Service/Loan

webhopper — Tue, 16 Apr 2013 04:07:54 GMT

Cageym; was your dealership as surprised as mine that navy paid off the VIN of the ordered car; not the title?

Re: Navy or USAA for Car Buying Service/Loan

Cageym — Tue, 16 Apr 2013 04:10:58 GMT

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

Re: Navy or USAA for Car Buying Service/Loan

webhopper — Tue, 16 Apr 2013 04:20:52 GMT

Oh awesome makes it easier.

I think the dealership had had issues with peoples loan checks before because he was afraid they'd only pay after the cert of origin was received but actually navy gives the dealership 90 days after funding to turn in their paperwork; which is perfect for overseas since the car has to be paid in full 30 days before the trip.

My dealership really hooked me up telling me about the program. It was so awesome

The cert was issued to me in Sweden and I carried it home in my suitcase to hand to the dealership

Re: Navy or USAA for Car Buying Service/Loan

Anonymous — Tue, 16 Apr 2013 04:58:46 GMT

I think I would have purchased a euro had I known about this program...

Re: Navy or USAA for Car Buying Service/Loan

Cageym — Tue, 16 Apr 2013 05:34:19 GMT

I'm in the Indian Ocean so our choices are a little different. ENCS is for American vehicles anyway. I knew about the 30 days paid before delivery, ENCS told me they would take payment whenever so I'll probably do it in June, towards the end of the 60 days. Odd thing is thewy can only take $1000 from a credit card for the down, I was hoping to at least get rewards and pay the 10k on my NFCU card but no deal. LOL

Re: Navy or USAA for Car Buying Service/Loan

electra — Tue, 16 Apr 2013 13:17:56 GMT

Webhopper, great info on the European delivery and the $2k off BMW...thanks!!

I'd LOVE to do Euro delivery, esp to DE bc I have family there but not sure I could pull it off. I'm blowing most, if not all, of my vacation taking my son to the Bahamas this summer. Plus, even if they pay for my flight and one night of a hotel I'm sure the other costs add up. If you don't mind me asking, how much did you end up paying out of pocket for the trip?

Re: Navy or USAA for Car Buying Service/Loan

electra — Tue, 16 Apr 2013 13:20:59 GMT

Dustink,

Yep, that's what I'm figuring out...there's just not much out there in terms of inventory of used X3's or Q5's. Re: the $50k for the hybrid...the other one I'd want, the 3.0T is about the same price if you add all the features, plus doesn't get as good gas mileage. The X3 built out with all the goodies I want is also around that price. (Actually, I'd rather have the X5 but that's too pricey for me.) Maybe the BMW would be cheaper with the USAA deal though?

Re: Navy or USAA for Car Buying Service/Loan

electra — Tue, 16 Apr 2013 13:21:30 GMT

Dustink: What do you like better about USAA?

Re: Navy or USAA for Car Buying Service/Loan

Anonymous — Tue, 16 Apr 2013 15:04:53 GMT

@electra wrote:
Dustink: What do you like better about USAA?

Website layout and customer service.

I am sure many will disagree, but I feel like NFCU has crap1 type customer service. At least every time I call, I always get agents that seem scripted and have no idea what they are talking about. Completely opposite with USAA. Knowledgeable agents who are willing to help and have the authority to do so.

The NFCU website seems about 10 years outdated. Whereas the whole USAA website has an updated feel with great features. It is easy to go from car shopping, to auto insurance, then even to stock trading without a layout change or load times.

NFCU has barely any branches, and the ones they have generally have long lines. USAA lets you deposit checks at UPS stores, not sure if NFCU has that feature.

Re: Navy or USAA for Car Buying Service/Loan

Anonymous — Tue, 16 Apr 2013 15:20:58 GMT

Probably more used than you are looking for, but what about something like this? http://www.autotrader.com/cars-for-sale/vehicledetails.xhtml?zip=94121&endYear=2014&modelCode1=ACTIVEX6&sortBy=derivedpriceASC&showcaseOwnerId=1050441&startYear=1981&makeCode1=BMW&listingType=used&listingTypes=used&sellerTypes=b&searchRadius=0&mmt=%5BBMW%5BACTIVEX6%5B%5D%5D%5B%5D%5D&listingId=342160336&listingIndex=1&Log=0

Re: Navy or USAA for Car Buying Service/Loan

webhopper — Fri, 19 Apr 2013 12:09:34 GMT

@electra wrote:
Webhopper, great info on the European delivery and the $2k off BMW...thanks!!

I'd LOVE to do Euro delivery, esp to DE bc I have family there but not sure I could pull it off. I'm blowing most, if not all, of my vacation taking my son to the Bahamas this summer. Plus, even if they pay for my flight and one night of a hotel I'm sure the other costs add up. If you don't mind me asking, how much did you end up paying out of pocket for the trip?

The only thing we paid for "out of pocket" for the trip was meals and also, we purchased all weather floor mats at the factory.

Volvo fed us a traditional swedish meatball lunch. The hotel had complimentary breakfast... So we paid for 2 swedish meals, plus coffee and hot chocolate, and one airport meal. The Volvo deal came with lounge passes for SAS lounge, which we went to in Chicago. We rested there for about 3 hours waiting on the flight to copenhagen.

The planes had meals.

We got 2 nights at the Radisson Blu since I was a previous Volvo owner, and they had 1 extra night bonus for brand loyalty

IF you stay longer, then you can buy packages that are a decent value. You can either use the factory's travel service to book packages, or you can go on your own to book it. You just have to make sure your car gets to the dock on time, and if you turn it in dirty, expect delivery delay as they have to clean it before shipping.