DCU Help

[Anonymous]

First and foremost, hope everyone had a great time bringing in the new year and will have a prosperous new year.

I need a little guidance with an auto loan that was approved last weekend. Here is the story..

After reading a few posts here I decided I would go ahead and app for an auto loan with DCU. I first applied to be a member. At the same time I also applied for an auto loan.   (This was last saturday) On monday, I called to get an update on first my membership status. They needed a bit of verifying documents and I sent them over. During the call, the gentleman also noted the auto loan and said he would go ahead and get that approved. It was approved for the $25k I asked for. Awesome! I started to look for a car..

On a subsequent call, because I had a few questions, one of the reps said that at the time of closing the loan they can go ahead and approve an additional 10% to make it a total amount financed at $27,500. Sounds good. I found a car on 12/31. Went to the dlr and worked the numbers in my favor to get the total to a little over $29k. I would put down the balance after the $27,500 I would finance through DCU.

Call DCU to close the loan and a new rep tells me that the 10% isnt something shes ever heard of and the rep that told me about it had not made any notes. I was literally about to drive off with the car until she told me this. My heart sunk! She put me on hold to speak with a loan officer and they again said $25k. Also, because I did not remember the reps name at the time that mentioned the additional 10%, i was SOL. 

Long story short, I got a back up loan through space coast credit union with worse terms. I can handle the payment, but I would prefer the DCU loan. 

I need to call back tomorrow to secure my original loan so that the Space Coast loan is voided.

Anyone encounter this issue before?

How can I overcome this issue if there continues to be an issue?

Picked up a 2012 Infiniti FX35 AWD with 38k miles.

[Appleman]

Sorry to hear about the trouble you encountered with the DCU loan. I bank through USAA and I know on new cars they will often allow 110% of MSRP to include taxes and extended service contract etc. Sounds like it could be something similar that the DCU rep was mentioning. Was the car loan for new/used or not indicated?

And, I completely understand getting excited about the car loan and not asking for email confirmation or getting the reps name.

It would probably be worth another call to DCU and explain your story in a calm friendly manner. I hope they go ahead and extend you the loan, let us know waht happens.

[aubie1kenobie2]

When I got my car loan through them, I remember them telling me that I can have dealer's fees, etc covered by extending the loan by 10% more than I asked for. Granted, I did ask for just $15k since I was buying used. Not sure if the amount had something to do with it. I had the cash to cover the fees so ended up not taking up their offer for the 10%. From my experience, their loan managers are really pleasant and helpful. Hope you get this sorted out.

[elim]

Although USAA Approved me for 0 down and more than I needed, I still ran 10% through CSP and paid it within the grace period (eh... was 2k points).  Maybe you can do that?

[Anonymous]

Ultimately couldnt get it sorted. After a few back and forth calls, the consumer loans folks seem to create obstacle after obstacle preventing me from speaking with the loan officers to get the extra $2,500. So I gave up... I will just keep my loan with Space Coast CU and refinance at some point. The payment is only $20 more, but for a longer term. 

I love the vehicle and that extra $20 is going to break the bank. 

Thanks for your help!