@Anonymous wrote:Anyone can help, please?
In addition, I saw someone can got the auto loan check first, bring to the dealer and then sign the contract the same time, then upload to DCU?
Is the purchase & sale order is a contract or just a order? Can I cancel it if DCU finally determine this car is overprice?
You can do it either way. If you agree on a deal at the dealership, have them send you a copy of the purchase order to your e-mail so that you can upload it. Or you can request a check from DCU(I've done this twice, most recently this week). They can either send that check to you via regular mail which is no charge or they can overnight it to you for a $15 charge. Then you can bring that check with you to the dealership and sign all of the paperwork.
The purchase order is an agreement to purchase. Do not sign it unless you are ready to buy the vehicle.
@Anonymous wrote:Hi Eddie,
Thanks for the reply. When I am saying the loan approval, it says that I can get maximum of 32K.
If I agree on the deal, the DCU can only finalize my loan when I sign the purchase agreement, right? Does the DCU usually still need you provide income prove or W2 after pre-approval? I just do not know what I should prepare for when I go to dealer and what I need. Usually, if I sign the contract, I am binded with the car, and then if DCU think the car is over-priced, the loan won't be appoved, then I got in trouble. That is most of my concern. what kind of agreement I should upload? The final contract? OR just a quote price with details car info or anything?
I will share my store once I come back from dealer and make this work.
Look up the value of the car at nadaguides.com. This will give you an idea if the vehicle will be approved for financing by DCU, and really unless you didn't negotiate at all and the dealership has the car priced way higher than it should be, it won't be an issue, since DCU loans up to 120% of value. When you go to the dealership don't mention anything about financing, test drive the car you like, if you want to negotiate the price, then negotiate it, if you think you got a good deal, let them know that you agree to the price. They will often ask you during the negotiating how you will be paying, you can say that you have your own financing.
The document that you'll upload to DCU is the signed purchase agreement. Do not go this far if you are not completely ready to own that vehicle.
@Anonymous wrote:Thanks Eddie! This is really helpful. So that makes me think if I can get the check and then go to dealer, will be easier so that no need to twice.
One more question. Do you know any one has experience that even get pre-approval, after you upload agreement, the bank may still want your financial document to prove that you can afford that. For example, your bank statement make sure you can afford down pay and your pay stub etc? The reason I ask is that because during the whole application process, they did not ask me for anything to prove financial situation. It sounds like they only require my purchase agreement, which seems really strange. Just want to get prepared, if they do need afterwards.
You're welcome. If DCU wanted pay stubs they would have required that to be uploaded along with your purchase agreement. Most likely, they will not ask for it if they haven't already.
Okay! Got it and thanks. I will prepare there in case they want afterwards.
Looks like it is time to get a car
@Anonymous wrote:Okay! Got it and thanks. I will prepare there in case they want afterwards.
Looks like it is time to get a car
Good luck...finding the car is the fun part! Let us know how it goes.