topic Re: NFCU Auto Approval in Auto Loans

NFCU Auto Approval

Anonymous — Thu, 22 Jun 2017 03:50:23 GMT

Woke up a one morning a couple of weeks ago and decided it is time to replace our 11 year old Honda. I got pre-qualified for Cap1 Auto Navigator at 3.27%, and got approved for Chrysler Capital for a mystery APR, both soft pulls.

I started the NFCU loan app online, and it came up with an error message toward the end, so I didn't call or anything. The more I thought about it, the more I realized I would always wonder what terms they would have offered if I didn't find out. Did the app again tonight, the first time it was processing so long that I got timed out. Tried again, and got approved for 2.69% for 72 months!!!! Was trying to decide whether to pay for expedited mailing since I don't live near a branch, and something happened again and the session failed, good grief!

I finally called, and a super nice rep went over the terms. I didn't dream it, it was real! So glad I called because they are sending the papers out tomorrow via Fed Ex and they will be here Friday!!!

Hello Grand Cherokee.

Re: NFCU Auto Approval

Anonymous — Thu, 22 Jun 2017 03:53:45 GMT

Congrats! Might be time to get CLI love from NFCU?

Re: NFCU Auto Approval

Anonymous — Thu, 22 Jun 2017 04:21:54 GMT

@Anonymous wrote:
Congrats! Might be time to get CLI love from NFCU?

Thanks, tydawg! My third Cash Rewards statement cuts next month.

Re: NFCU Auto Approval

Loquat — Thu, 22 Jun 2017 10:56:39 GMT

Congrats on the approval...and nice choice on the Grand Cherokee. My friend has the Overland edition and that's one sweet ride. Enjoy it! Hope to see pictures!

Re: NFCU Auto Approval

Anonymous — Fri, 23 Jun 2017 15:11:39 GMT

@Loquat wrote:
Congrats on the approval...and nice choice on the Grand Cherokee. My friend has the Overland edition and that's one sweet ride. Enjoy it! Hope to see pictures!

Thanks, Loquat! The Overland is a little out of my range, but they are definitely nice! I am looking to get the Laredo E with the All Weather Trail Rated package. I want the Quadra-Trac II 4wd system.

Re: NFCU Auto Approval

Anonymous — Fri, 23 Jun 2017 15:55:33 GMT

Congrats Bella!

Re: NFCU Auto Approval

Anonymous — Fri, 23 Jun 2017 15:58:45 GMT

@Justagirl73 wrote:
Congrats Bella!

Thanks, Justa! I know I'm not getting a Wrangler, but at least it's a Jeep!

Re: NFCU Auto Approval

Anonymous — Fri, 23 Jun 2017 16:02:08 GMT

Congrats on the approval but be cautious borrowing more than 80% LTV even at a low interest rate. A lot of folks will max out their approved amount and get 100-120% LTV on a car and years later, when it's time to trade-in or upgrade, they're stuck being upside down.

Re: NFCU Auto Approval

Anonymous — Fri, 23 Jun 2017 16:02:32 GMT

Lol...... the good old days!

I will always regret giving up my wrangler! We had a good 10 years together! And a Jeep is a Jeep!

Re: NFCU Auto Approval

Anonymous — Fri, 23 Jun 2017 16:49:19 GMT

@Anonymous wrote:
Congrats on the approval but be cautious borrowing more than 80% LTV even at a low interest rate. A lot of folks will max out their approved amount and get 100-120% LTV on a car and years later, when it's time to trade-in or upgrade, they're stuck being upside down.

Thanks for the advice, ABCD!

Just some general info about my vehicle habits: I've kept my last two cars 12 and 11 years, and I plan on keeping this one for that long. I am putting $8000 down. And the selling price of the one I'm looking at is way below invoice. Do you think I will have a problem? Even if my loan is upside down, I will get GAP through my auto insurance, as it is way lower than buying it from the dealer. I paid just a couple hundred below invoice for my last car, put only $500 down, and I carried GAP through my insurance company until I knew the loan balance was below the car's value. I don't think I will need GAP this time, but will have my insurance guy figure that out.

But let me ask you this. Where do they place the new car's "value" before you buy it? Is it invoice? Is it KBB fair purchase price? Or something different? I've been wondering this the last couple of days. While I know my insurance guy can figure this for me, I always like to crunch numbers myself. I am a nerd.

Re: NFCU Auto Approval

Anonymous — Fri, 23 Jun 2017 17:00:14 GMT

@Justagirl73 wrote:
Lol...... the good old days!

I will always regret giving up my wrangler! We had a good 10 years together! And a Jeep is a Jeep!

Have you ever thought about getting an older one to give your BMW a break once in a while? A Jeep is a Jeep is good to know! I know there are a lot of die hard Jeep people out there, and I hope to become one of them!

Re: NFCU Auto Approval

Anonymous — Fri, 23 Jun 2017 17:14:16 GMT

Many banks use NADA Retail price, which you can look up. Your dealer's finance person will also know what the LTV is on the offer you agree to!

$8000 should cover a car with a retail price of $40,000 (including taxes and fees) and that's a lot of car. If you buy something over $40,000, you can probably safely get teh LTV below 80% with a few payments, depending on what depreciation is.

I generally tell people to track their NADA price on their car every 3-6 months and see if their loan is upside down or not. If it is upside down, adjust your payment amount enough to catch up so you can always trade in if you need to.

If you regularly keep cars longer than 6 years, you likely don't have to worry about that at all. But as with all things in life, if an emergency happens where you have more car than you need, being ahead of what it's worth means you CAN trade it in and get a more financially efficient car.

Re: NFCU Auto Approval

Anonymous — Fri, 23 Jun 2017 18:25:51 GMT

@Anonymous wrote:
Many banks use NADA Retail price, which you can look up. Your dealer's finance person will also know what the LTV is on the offer you agree to!

$8000 should cover a car with a retail price of $40,000 (including taxes and fees) and that's a lot of car. If you buy something over $40,000, you can probably safely get teh LTV below 80% with a few payments, depending on what depreciation is.

I generally tell people to track their NADA price on their car every 3-6 months and see if their loan is upside down or not. If it is upside down, adjust your payment amount enough to catch up so you can always trade in if you need to.

If you regularly keep cars longer than 6 years, you likely don't have to worry about that at all. But as with all things in life, if an emergency happens where you have more car than you need, being ahead of what it's worth means you CAN trade it in and get a more financially efficient car.

Wow, thank you! I just learned a ton!

The dealer's asking price, after dealer discount of $3600 and $3000 in incentives is $33175 (MSRP is $39775 and dealer invoice is $38382 according to NADA). I'm honestly not sure I can talk them down on the asking price at all since NADA shows the lowest most recent price paid as $33553, with the highest being $36705, and they are including the incentives in that range. Wow, am I about to get a good deal? It seems like it.

(Sidenote: I tried to talk a dealer down last weekend, who was offering the same dealer discount of $3600, and it was no go, lol! So, DH and I walked. I'm glad because we've since decided on the Trail Rated version which the last one wasn't. DH wants me to do all the dealing, but we're really tag-teaming.)

Sooo, assuming I pay the asking price of $33175, plus tax and license which most estimators have coming in at about $3600. Minus my down payment, should end up financing $28775.