How long for DCU to review Auto Loan app?

[wreith]

---

@alexvale wrote:

Ah gotcha! thanks!  I'm aware that I would have to do the checking with them, but might be able to do the direct deposit.  Already have that set up my local bank that also has my mortgage... although I could tranfer the money over to my current bank account, hm....

Now that you mention drivers license, I dont have it with me... seems that I misplaced it.  Would they accept my passport as ID? :/  Drivers is still active until July/2014... getting a copy is a hassle and takes a whole day.

I still have to leave it for tomorrow, since I have to take care of my pup and take him to the vet. 

---

Thank you for applying to DCU through our Online Membership Application. We look forward to having you as a member of our credit union.

In order to continue processing your application, please send us a copy of your driver's license or passport.  If sending a passport, or if your license does not show your current address, please also send a utility bill in your name (electric, gas, home telephone). If you do not have a utility bill that is in your name, you may choose from one of these options: cell phone bill, bank statement, or property tax bill (these items must not be more than 3 months old). If your social security number was issued after June 2011 we will also require a copy of your social security card.

If you use your passport you will have to also send in proof of address.

[alexvale]

Well... called DCU today and they approved my initial $25k on the spot! WOOT

But then I asked for a review to have ~$30k in case the amount would be more but.... They only issue loans to US States and not US Protectorates.

Was worth a shot 

[Remember0]

Sorry to hear about that with DCU. I had a feeling they may not do PR...but at least you know you qualify for really low rates and you didn't find the bad news after you bought the car when loan funding failed haha. Hopefully your local bank comes back with something soon and see if they won't go closer to DCU. Definitely have the dealer beat DCU, they should be able to...

And hope your pup is doing better!

[alexvale]

Yeah, I know it was a long shot but worth the check... The thing is that I know of a few people here that have PenFed Auto loan and thought there was a break.

Almost all lenders here use TU and that one isnt as pretty as EX or EQ. One lender already pulled TU and has similar offering as DCU with up to 84mo @4.99%. I have to give them a call and see where I stand... My car is in bad shape and that new one pronto!

Still have to get my drivers permit settled :/

Btw pup is doing ok, hyper as usual. Came home to a complete mess since he was inside so his mom won't lick the wound and make it worse. Huskies aren't easy haha

[Remember0]

PenFed is different just because they are used to dealing with the needs of military. In fact, they do auto loans internationally for US military if I remember right (might be getting them mixed up with USAA).

You know, you could call and ask if PenFed will give you a loan in PR. I know anybody can join them...

[alexvale]

I need to join and then apply or can one apply without joining them and then join upon approval?

Need to find out with credit they pull, seems to be EQ which would be awesome.

[Remember0]

IME they pull EQ. That's what they pulled for me.

Honestly before you apply, call them and make sure they'll lend to non-military in PR. Though I will say a 717 is a really good FICO. I don't think you need to be a member first to apply. Again, ask when you call.

But that experience of mine (can apply before signing up) isn't from the auto loan side, it's from the mortgage side when a friend went through it (great rates, but underwriting took forever and as he tells me they nit picked over the SMALLEST possible thing for a mortgage). However, I think they nit-picked because they never sold off his mortgage to fannie mae. They held it in their own portfolio to this day and are taking the risk, so I'm guessing that's why. I imagine they are far less picky for just a 25k-30k auto.

EDIT: Oh and I wouldn't ask them what they pull. THey seem like the type who'd think you have something to hide and pull non-EQ. Leave them to their devices imo. 99.9% of the time they only pull EQ for non-mortgage (all 3 for mortgage obviously as all other lenders)

[alexvale]

Yeah, wasn't going to ask which they pull that's what the forum is for haha

This is a bit of a downer, they require 15% down for loans >61mo :/ so, $30k loan has 4.5k,which I have $0. And payments on 60mo term are too high for me to handle at the moment. I'm going to check with my local lender and see... They have an offer with 0 down.

[Remember0]

Definitely check with the local bank you've applied to. Generally, it'll probably be smoother than trying to deal with a bank out in VA or MA.

But that said, what's your source for the 15% down?

As recently as March 2013, Penfed's disclosures do mention the 15% down:

"New Auto Loans: Loan rate applicable to new vehicles only. New vehicles are where you are the original owner and the vehicle is a current or previous model year. Up to 100% financing is available. Weight restrictions apply. 15% down payment required for 72 month loan term. Minimum loan amount $20,000 for 72 month term. Rate not available for refinance of an existing PenFed loan."


BUT their current disclosures on the website make no such mention and haven't since at least August 2013 ( https://www.penfed.org/New-Auto-Loan/ ):

"New Auto Loans: Loan rate applicable to new vehicles only.  New vehicles are where you are the original owner and the vehicle is a current or previous model year. Up to 100% financing is available.  Weight restrictions apply. Minimum loan amount $20,000 for 61-72 month term. Rate not available for refinance of an existing PenFed loan."

IME, they are pretty accurate on the disclosures and since it's the only thing not there, maybe they recently got rid of that restriction? It makes sense as 72 months is becoming the standard car loan these days and there's MUCH less stigma attached to 72 month loans than say a year ago. I vote it's still worth a call with these questions. 15% down req'd and will you lend to non-military member in PR?

[alexvale]

I was starting the app processes and the they first ask for the loan amount, downpayment and terms. When I put in 72mo it had a prompt "15% down mandatory for terms >61mo" or something like that.

I know of a few people here that have applied and were approved for the loan but that was a few years back and their agreements have changed over time.

I'm going to leave PenFed as a last resort since signing up could go for $15, $10 for becoming affliated with a non-profit org and $5 for the account plus the 15% down.

Going to call my local banking that already did the credit pull to see what they have to offer...

*Edit* Btw I didnt apply, the dealership sent my application without my authorization >_<  They just want to sell and are very agressive...