DCU Auto Refinance

[Anonymous]

Hi all,

I just called DCU to get an auto refinanced with them, the rep told in order to qualify for the 1.49% APR that i must have direct deposit.  which I knew thanks to these forums, BUT he told me that I must direct deposit my entire paycheck in order to qualify.  Did anyone else have this experience?

And does anyone know if I only have a portion of my paycheck direct deposited  with them, would they know that i am not depositing the entire paycheck?

What I am trying to do is to divide my paycheck between them and my bank, so i wont be charged a fee by the bank and at the same time get the 1.49% APR.

As always, thank you all in advance.

[Bluedog23]

I'm curious about this too. I've gotten conflicting information about this from DCU. 

[IWOL]

They told me that as well but I only set up $350 per pay check($700 per month) to go to my DCU checking. I will have to see if it causes any issue with the  .5% rate discount.

Even  if you can't get the .5% discount 1.99% is as good as it gets anywhere.

ill report back once my first auto payment posts.

[Ragelog]

I have setup about 75% to go to my DCU checking I assume it'll be enough to keep the discount. I'll report back if anything changes. My loan is still new so nothing would have changed yet.

[CreditDunce]

The website says your entire paycheck must be DD.  However, I have read here the DD must be for at least $500.  It wasn't clear from the previous post if that was per month or per DD.  In that post, they had an automated ACH (not DD) each month that counted.

[Anonymous]

Thank you guys for all of your input.

I called them today and I was able to get the membership Saving/Checking and the auto loan with 1.49% APR.  This is what I learned:

1. The score that that got is the same as the score from myfico 708.

2. They check chexsystem, but you should be okay as long as you don't have any current negatives.

3. They Did NOT ask for a social security copy, will they did originally but I didn't send it. I had it before 2011. ( I lost the card)

4. They Did NOT approve me for credit card based on my high credit cards balance.

5. Offered me the full value of the car.

6. when verifying my identity i was asked about my sister in law age, i found this very strange???

7. I got the membership done in matter of hours, called them instead of waiting for their phone call.

8. Have to wait for 48 business hours to finalize the loan.

I hope that this info is helpful to some people, I know I learned a great deal from these forum.

[Anonymous]

I know this is about a couple weeks old but I'll be going through this process shortly. So they also would approve you for a credit card at the same time? How much was your vehicle? How much did you take the loan out for?

I also have some balances on my CC which I think ill pay off this month, let it report and then pull the trigger with them 1 month from now?

Any other info you could provide is much appreciated. Just to verify, they do accept anyone right?

[Anonymous]

Yes they do accept anyone, you will need to donate $10. They will do two inquiries, one for the membership and one for the loan (which can be used for the cc application too). check NADA website to find your car value.  mine was about $24K, and I only owed about $8K. My advice is to pay your credit card balance and wait till it reports before you apply if you want their visa card.  I was not approved for their cc because of my other card balances. also its a good idea to call them shortly after you fax the required documents. Good Luck

[dabolts_619]

Is there any fees to pay when refinancing ???

[Anonymous]

Thank you so much!.. This information is very useful as some were saying to pull the trigger now. I paid a few of my balances off today and will be paying the rest off this week.

How long should I have to wait before it reports? 30 days? I purchased this truck 7 months ago so I still owe a lot on it. Bought it for 47k and still owe around 42k... they only with give you the NADA book value?

Since you only owed 8k did they just finance the 8k for you? (still new to this and learning)

Thanks again man, much appreciated.