DCU Question

[Cjethompson2017]

I'm looking to finance a Tesla. Have already been approved through penfed, but I need to add my husband to see if we can get approved for more. I was wondering what everybody's experience has been with dcu? What credit scores do they approve on? I'm waiting for something on my husbands report to update, but I'm afraid if I wait too long then the house will report and bring both our scores down.

[Brian_Earl_Spilner]

Could have sworn someone posted about DCU or Penfed denying the loan after the fact because they don't do electric cars....

ETA: https://ficoforums.myfico.com/t5/Auto-Loans/Penfed-denial-due-to-electric-car/m-p/6154179#M93140

[Cjethompson2017]

@Brian_Earl_Spilner I'm on that thread. Hahaha. I'm reaching out to PenFed. They don't not do all electric vehicles. It depends on your credit profile. It's the same with other credit unions. I was approved through rbfcu, but the stipulation was no all electric vehicles. I didn't get the same response from penfed! But, I am double checking. I don't have a vin number yet. Which makes me uneasy about this entire process.

[Brian_Earl_Spilner]

Not sure why a credit profile would make an electric vehicle ok or not. You can either afford the car, or not.

[Cjethompson2017]

I asked the same thing. When I asked rbfcu what the deal was, their response was literally, idk that's what the underwriter said. 🤷🏼‍♀️🤷🏼‍♀️🤷🏼‍♀️🤷🏼‍♀️🤷🏼‍♀️ That's my impression of them. Just shrugging their shoulders. 😂 I don't get why these companies don't want to finance electric vehicles.

[Anonymous]

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@Brian_Earl_Spilner wrote:

Not sure why a credit profile would make an electric vehicle ok or not. You can either afford the car, or not.

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They have terrible resale value and reliability issues. So if they have to repo it, it's not going to go for much when they wholesale it. So I can understand their reservation with wanting perfect credit.

[M_Smart007]

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@Anonymous wrote:

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@Brian_Earl_Spilner wrote:

Not sure why a credit profile would make an electric vehicle ok or not. You can either afford the car, or not.

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They have terrible resale value and reliability issues. So if they have to repo it, it's not going to go for much when they wholesale it. So I can understand their reservation with wanting perfect credit.

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I was thinking along the same lines.