topic Re: Tale of two CUs: DCU vs. Logix for GT-R purchase in Auto Loans

Tale of two CUs: DCU vs. Logix for GT-R purchase

Anonymous — Wed, 17 Jun 2015 15:57:11 GMT

After many years of tossing the idea around, I've committed to pulling the trigger on a 2014/2015 GT-R: rates are great, prices are reasonable (for what the car is), income/stability is good (275 personal, 417 household), and most importantly I received lukewarm approval from the wife

Been a customer of both DCU and Logix for almost two years; have a CC with each ($5k and $15k, respectively; no utilization) as part of my rebuilding process. Applied to both online for $80,000:

DCU:

No instant approval; received acknowledgement email that evening. Next morning received approval email for $50,000. Called to speak with an analyst (who sounded a bit clueless during the conversation) - pulled EQ, score 733 (which matched my FICO Score 5 (mortgage)), was put on hold multiple times for a collective 25 minutes or so while she spoke to her loan manager: approval stood firm at $50,000 @ 2.24%/72 mos. citing new'ish revolving accounts on the profile and the Ch. 7 BK from 2009. Made a statement that they generally don't approve for more than half personal income (which I point out would be in the mid 100's if that was the case). After some back and forth, they wouldn't budge, then when I was placed on hold for a minute, analyst came back and whispered that they generally don't approve for more than $50k and they had to Google what a GT-R was. So, stuck at $50k.

Logix:

No instant approval. Next morning I received an email from a loan officer with a 'Congratulations - approved for $80,000 for 2.99% @ 72 mos'. Received a follow-up call a couple hours later asking if I had any questions, and suggested I purchase their GAP insurance for $349 which would allow me to extend my term to 78 months at the same rate. Stated that I simply need to have the dealership or private party send them a purchase order and they would overnight the check - all documents to be signed electronically. Received an electronic disclosure that they pulled EX with 710 (match FICO Score 2 (mortgage)).

Have a handful of cars sourced throughout the country - should have something solid within the next week or so - pics to come.

Re: Tale of two CUs: DCU vs. Logix for GT-R purchase

Kb109 — Wed, 17 Jun 2015 15:58:12 GMT

Oh my god I hate you. I'm so jealous! GT-R is my dream car!!!!!!!!

Re: Tale of two CUs: DCU vs. Logix for GT-R purchase

SamsungHDTV — Wed, 17 Jun 2015 16:55:40 GMT

Next step: call logix loan officer, "I've received a rate of 2.24%/72 months at another credit union. Is 2.99% your best rate? Are you able to rate match? Do you offer better rates at shorter loan terms?

Some credit unions try to rate match/beat. Most credit unions/banks offer better rates at lesser terms like 48 months. That also depends on if you would be comfortable on how the payments would look like at 48 months or whatever term.

Regardless if they rate match/beat, you still go with logix. Worth a shot.

Re: Tale of two CUs: DCU vs. Logix for GT-R purchase

Legen_dary — Wed, 17 Jun 2015 17:29:18 GMT

Congrats! Great car and great rate!

Re: Tale of two CUs: DCU vs. Logix for GT-R purchase

Anonymous — Thu, 18 Jun 2015 06:03:54 GMT

Congrats and you have my jealousy. I will be looking around in a year or 2 to find a lender for a GTR myself but it will most likely be a used unit with a 60K price ceiling unless something really great picks up at work. Did you apply anywhere else or notice anywhere else that would do loans that large possibly at longer terms? I would probably do 84 or 96 months on such a basically recreational purchase as I don't ever intend to sell it once I make it to that mountain top so the length of financing wouldn't be a huge deal

Re: Tale of two CUs: DCU vs. Logix for GT-R purchase

Anonymous — Thu, 18 Jun 2015 14:24:54 GMT

Both DCU and Logix offered 84 months terms; they also offered better rates for shorter terms. I didn't apply anywhere else becuase I didn't think a major bank would buy the paper for the same rate/length. There are a handful of '09s out there for sub-$60 if you browse the right forums - I imagine with the recent dealer cash incentives on the 14-16's and seeing how soft the market has recently become on these, there will be further price contraction on other years (albeit possibly at the expense of higher rates that may be forthcoming) - its all a balancing act.

Re: Tale of two CUs: DCU vs. Logix for GT-R purchase

Anonymous — Thu, 18 Jun 2015 16:58:38 GMT

I work for what I'll car a very large used car company so I get nice pricing on them. I had considered new as I've seen several buyers on GTR Life for sub 90K price tags on a BE but I'm not in a place to purchase one right now so that is kind of a moot point. Make sure to post pictures when you find the right one. What area of the country are you in? I have a good friend that usually has a few in stock at his dealer in NC. Send me a PM if you'd like to keep your thread uncluttered

Re: Tale of two CUs: DCU vs. Logix for GT-R purchase

Anonymous — Thu, 18 Jun 2015 17:15:37 GMT

i was also considering purchasing a GTR before pulling the trigger on a new M3

Did you try to go through penfed?

Update with Logix Tale of two CUs: DCU vs. Logix for GT-R purchase

Anonymous — Mon, 22 Jun 2015 18:00:23 GMT

Well - the honeymoon with Logix turned sour real quick...

The specific GT-R I sourced is at an out-of-state dealer, used, titled. Went to see the vehicle, drove it, performed a PPI, agreed on price, dealer sent Logix a purchase order.

Now Logix is coming back and saying that I can only buy an AZ-titled vehicle, or I need to register/title the vehicle in the originating state, citing an inability to perfect a title otherwise. They claim that their loan managing team reviewed this specific issue for several hours on Friday to no avail. My analyst was nice enough, but after beating around the bush, he finally came out and simply said a pre-approval is valid only for AZ-titled vehicles due to Logix policy and their comfort in perfecting a lein. Their workaround for buying an out-of-state vehicle is for me to attain financing with a dealer-backed bank, then refi with Logix once the vehicle is registered in AZ.

Bummer for me, the market in AZ for GT-Rs is vastly different than that of other states, so this is looking to be a non-starter.

Fortunately, it sounds like Bank of the West will pick this deal up for the same terms (which then leaves me no reason to refi with Logix).

Now, I've bought my share of out-of-state vehicles before, I have peers that have worked with outher credit unions without an issue, and in a former likfe I was F&I for a Ford dealership and never encountered this issue.... this is sounding like a real hot mess with Logix. Never underestimate how amateur a CU can be, despite a nice website or large population of members. Maybe I should apply for PenFed... *sigh*

Re: Tale of two CUs: DCU vs. Logix for GT-R purchase

Anonymous — Mon, 22 Jun 2015 23:55:14 GMT

Penfed would probably have no issue as long as your scores are good. I am an OG Supra guy and they still regularly finance them for people at great rates

Re: Tale of two CUs: DCU vs. Logix for GT-R purchase

Anonymous — Tue, 23 Jun 2015 15:36:23 GMT

Scores are good - but looks like Bank of the West bought the paper at a lower rate than even Logix could offer, same term length. Paperwork is en route - could be taking delivery by Thursday if all goes well.

Re: Tale of two CUs: DCU vs. Logix for GT-R purchase

Anonymous — Tue, 23 Jun 2015 15:50:20 GMT

Congrats, thanks for sharing

topic Re: Tale of two CUs: DCU vs. Logix for GT-R purchase in Auto Loans

Tale of two CUs: DCU vs. Logix for GT-R purchase

Re: Tale of two CUs: DCU vs. Logix for GT-R purchase

Re: Tale of two CUs: DCU vs. Logix for GT-R purchase

Re: Tale of two CUs: DCU vs. Logix for GT-R purchase

Re: Tale of two CUs: DCU vs. Logix for GT-R purchase

Re: Tale of two CUs: DCU vs. Logix for GT-R purchase

Re: Tale of two CUs: DCU vs. Logix for GT-R purchase

Re: Tale of two CUs: DCU vs. Logix for GT-R purchase

**Update with Logix** Tale of two CUs: DCU vs. Logix for GT-R purchase

Re: Tale of two CUs: DCU vs. Logix for GT-R purchase

Re: Tale of two CUs: DCU vs. Logix for GT-R purchase

Re: Tale of two CUs: DCU vs. Logix for GT-R purchase

Update with Logix Tale of two CUs: DCU vs. Logix for GT-R purchase