topic Re: DCU - Will they do this? in Auto Loans

DCU - Will they do this?

StarraeAday1 — Sat, 16 Apr 2016 20:23:54 GMT

Probably a weird situation. I currently have an auto loan with DCU. My husband and I need to move to two vehicles but can’t afford two separate car payments. I could finance up to $17k at the same monthly payment that I’m paying now, and I could add $5k cash of our own for a total budget of $22k for two cars. The general plan was to trade in my current car, buy something around maybe $12-16k for hubby, and use the remaining money to buy a car for me. Will DCU do anything like this? I’ve applied for a preapproval, but it was late yesterday afternoon and I won’t be able to call in until Monday. Or is there maybe a better way to approach this situation that I haven’t thought of yet?

Re: DCU - Will they do this?

Appleman — Sun, 17 Apr 2016 00:42:12 GMT

I think I understand your question.

However, a few questions about the current situation:

How much is the balance on your current DCU car loan?

How much is that current car worth?

You basically sound like you want to get two different cars to replace the one you currently are making payments on with DCU?

Re: DCU - Will they do this?

StarraeAday1 — Sun, 17 Apr 2016 00:50:36 GMT

Current balance is approximately $11,600. NADA Guide gives me trade-in estimates of $11,425-13,500. I would be happy to break even due to a couple of small issues with the car. And yes, that's basically what I want to do. I don't want two different car loans, and the total amount is small enough that I don't see why they couldn't do what I'm looking to do. I've heard of other CU's doing something similar, just wondered if DCU has been known to in the past.