Approved for a NFCU auto loan

Anonymous · ‎08-22-2012

I received the paperwork but it did not mention anything about a down payment. The instructions just state to fill out the blank check voucher and have the dealer follow the instructions. Does this mean I don't have to put a down payment down?

Cranski · ‎08-22-2012

@Anonymous wrote:
in regards to the 110%. You need to find if that is from invoice price or MSRP?

if it is invoice you may need a downpayment.

if it is MSRP you should be good to go assuming you get some discounts/rebates on the car and such.

Do not go all I am rich and use the full value. those type of checks make people crazy and they suddenly buy the highline model when they were looking at the base model.

Also, The check you will be using can be used to see if the dealership can negotiate a lower rate.

But understand it is not a true check, it cannot be TELECHECKED or guaranteed. So the dealership may want to "dual contract" you- that is write two contracts one based on the check the other based on a conventional finance rate so if the dealership does have some problems with the CAP One Check they will invoke the alternative contract.

Well...

How much did you apply for vs the cost of the vehicle invoice.

CS 701, CK 682, Credit.com 719/ TU FICO 666 (DIS 8/12) EU FICO 658 (8/12)
After spree CS 738, CK 684, TU FICO 666 (Dis 8/5)

WF Secured 600Cl (7/11), Discover More 1.5k (8/12), Walmart 150CL(8/12), Cap1 Platinum w/Credit steps($300) (8/12)

Anonymous · ‎08-23-2012

I applied for $30K and the car will most likely be under that.

Cranski · ‎08-23-2012

Well is there anything else you wanted to know.

The value of the car is what your lender is interested in. So you're looking to pay invoice price, not the MSRP (sticker price). The blank check set you in a good place to haggle so the better a deal you work out; closer to or under invoice; the less or no deposit you will have to put down.

Thats how it was explained to me... I could be wrong.

CS 701, CK 682, Credit.com 719/ TU FICO 666 (DIS 8/12) EU FICO 658 (8/12)
After spree CS 738, CK 684, TU FICO 666 (Dis 8/5)

WF Secured 600Cl (7/11), Discover More 1.5k (8/12), Walmart 150CL(8/12), Cap1 Platinum w/Credit steps($300) (8/12)

Datx · ‎09-04-2012

@Anonymous wrote:
I received the paperwork but it did not mention anything about a down payment. The instructions just state to fill out the blank check voucher and have the dealer follow the instructions. Does this mean I don't have to put a down payment down?

That is correct, no down payment required.

EDIT: Just realized this was originally posted on 8/22. So not sure if my comment was any help.

SSH0126 · ‎09-04-2012

I also bank with nfcu may I ask what were your three scores and which ones did they pull?

webhopper · ‎09-04-2012

@ss0126

You are lucky

I also have my auto with nfcu. 4.09%

FICO 9:
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.

Goal: Gardening!

CS800 · ‎09-05-2012

When I opened my account, they had a car loan promo 1.99 for new so I got it. The process was painless and fast. I got the check in the mail and went to pick up my car.

Easy peasy, lemon squeezy

NFCU really rocks

Anonymous · ‎09-06-2012

I too just finished an auto loan process with NFCU. It went pretty painless, especially considering my situation. I am a service member station in Korea and there is a local NFCU branch on my post. I applied for a loan there for an vehicle which I found on e-Bay in Tampa FL. They processed and approved my loan and gave me a bank draft. I communicated everything the NCFU with the dealership so they were tracking everything. Since I am now stationed in TX and I had to fly to Tampa to pick up the vehicle and drive it back. I flew into Tampa on a Saturday. The dealer processed my loan and only needed to call the number on the NFCU's bank draft to verify the loan. The entire process was about 30 min. I placed a down payment, but you don't have too as long as the total amount of the loan is lower than what the draft has approved.