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DCU Auto Refinance

Regular Contributor

DCU Auto Refinance

Applied today. EQ F8 is just above 600, 611 to be exact. Not sure about auto score.

Not sure if it will be an approval, but I’m hopeful.

I owe $27k on a 2013 BMW 335ix Sedan.
Not sure what the car is worth.

Any input on my odds?
Frequent Contributor

Re: DCU Auto Refinance

DCU will give you up to 120% of the book value.  Not sure exactly what book they use but start with KBB and see where you land.


When my daughter tried in past and LTV was too high it wasn't a no it was OK but you have to pay down $X first.

Message 2 of 5
Regular Contributor

Re: DCU Auto Refinance

So I received an email this morning saying that I was approved.

Just have to send in recent pay stub and fill out the refinance form.

They did pull my EQ, just not sure which version.

Hopefully I can get approved with as little as possible down.
Message 3 of 5
Frequent Contributor

Re: DCU Auto Refinance

So they use Equifax Mortgage 5 score.

Congrats on approval.


Only downside of DCU is you wait and wait and wait for them to call.

Once you send in paystub and fill out the form be proactive call them.  Be prepared to wait 30 minutes.


Forgot if I mentioned it in this post but I highly recommend their GAP insurance even if not upside down.  1 time $299 fee rolled into loan covers loan in case of total loss.  Additionally you get up to $1,000 from your insurance deductible reimbursed and $1,000 towards financing with DCU again.


For anyone considering an auto loan with DCU the 24 hour auto loan hotline for DCU is better than submitting online.  Easy to find number just don't have it handy.


I called them on a Thursday night got approved for what I asked for (which was more than I'd need).  Was given rate and all.

Next day went shopping, found a car used instead of new which I origionally told DCU.  Friday 2:00 PM called DCU and uploaded sales receipt and within an hour had the FEDEX tracking number for my check which arrived Saturday before 11:00 AM.  



Message 4 of 5
Frequent Contributor

Re: DCU Auto Refinance

Unfortunately you may be severely upside down on the car.



When I looked at KBB for you (since I had 5 minutes at work while something was reloading) the numbers came out too low.


You have the approval continue on with it and see what underwriting says.  


Good luck,  keep us posted.


Listen if you are upside down on the loan it sucks but you can figure it out.


2 years ago my daughter took a high interest loan on a Mazda with little down thinkin the loan would boost her score which it did.

We tried to refinance 6 months in but she was so upside down we would need to cough up thousands to refinance.  It would have been worth it but couldn't at the time.


Recently she traded it in for a new car 2018 left over great discount on the car vs sticker which helped the LTV.  She financed the new loan with DCU but still fell a little short so she put $3,000 down on the new car and financed the rest including tax, title, license, fees....


If you can't do it today come up with a plan, start overpaying the loan and come up with a plan.  


Use the forum for suggestions.

Message 5 of 5
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