Here are some data points for those considering CCU auto refinancing.
I was financed for 12% at the dealership last week with the dealer's captive lender. I was approved today for 5.99 with auto pay for a $64,703 auto refinance by CCU. They pulled my transunion fico 8. They did only a soft pull for my membership. I applied for membership on Monday and was approved by Wednesday. I submitted the loan application Thursday night and a rep called me Friday morning. I was approved by Friday afternoon. Easy process and rep was responsive via phone and email because we played tagged for about an hour. I refinanced prior to my first payment. I did the check my rate to see what I could possibly be approved for on CCU's website and it was accurate. It was a soft pull. My transunion fico 8 was 656 with a prior bankruptcy in 2014 but all accounts have been paid on time since the bankruptcy. Utilization is about 50%. I had about $2,800 of negative equity rolled into the loan. I emailed the rep the NADA msrp price with all of my options to increase the LTV and I sent comparable vehicles from autotrader that are currently listed for sale because the price of the vehicle has increased due to the demand. This also assisted with my LTV. It helped them approve me. Their max LTV is 125% The documents that they requested are below:
- Copy of registration
- Insurance company name and phone number
- Picture of driver license
- Proof of income current pay stub
- 3 references ( 3 names, address, and phone numbers)
