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How soon after purchase can I refinance with NFCU?

Rty7186
Regular Contributor

How soon after purchase can I refinance with NFCU?

If I purchase a vehicle thru Audi FS (VW Credit) in order to obtain certain rebates or incentives how soon can I refinance with NFCU?  I am already preapproved with NFCU and its good for 60 days.  Thanks.

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5 REPLIES 5
Rty7186
Regular Contributor

NFCU Financing or Captive Lender for rebates?

I have been preapproved with NFCU but have questions. The vehicle costs $50k and after rebates/loyalty/etc it comes down to $40k if I use the captive lender.   Not sure how the $10 is broken down.  Will I not be able to get the same price if I use my preapproval from NFCU?  Is it worth saying I will pay that price BUT will use my preapproval instead?  Are some rebates ONLY available if I use the captive lender?  I understand I should receive some things like the loyalty bonus whether I use the captive lender or not but if for example I would be losing $2K by not using the captive lender is it worth it to just go with captive lender?  What are some good reasons to use the captive lender?  My preapproval with NFCU was for the lowest APR for the terms I requested.  This would be with Audi Financial.  Thanks.

Message 1 of 6
pipeguy
Senior Contributor

Re: How soon after purchase can I refinance with NFCU?


@Rty7186 wrote:

If I purchase a vehicle thru Audi FS (VW Credit) in order to obtain certain rebates or incentives how soon can I refinance with NFCU?  I am already preapproved with NFCU and its good for 60 days.  Thanks.


As soon as the paperwork is "titled" meaning you are listed as the owner with DMV and I assume you have accepted loan papers (account number, loan amount, payoff, etc). In any case, before the first payment is due through VW Credit.  Don't forget to leave enough lead time to get the pay off payment to VW Credit in time - since you don't want a late payment posted during the transition.  

Message 3 of 6
Rty7186
Regular Contributor

Re: How soon after purchase can I refinance with NFCU?

How long does it take to get "titled"?  I havent purchased the vehicle yet, just trying to have it all planned out for when I do.  May purchase this week.  The preapproval thru NFCU is about 5 days old.

Message 4 of 6
Loquat
Moderator

Re: How soon after purchase can I refinance with NFCU?

Depending on your state, it can happen the moment you take the MSO and paperwork to the DMV.  Some dealers in certain states handle TTL themselves.  But as previously mentioned, the moment it has been registered to you, you're free to refinance. 

Message 5 of 6
Loquat
Moderator

Re: NFCU Financing or Captive Lender for rebates?


@Rty7186 wrote:

I have been preapproved with NFCU but have questions. The vehicle costs $50k and after rebates/loyalty/etc it comes down to $40k if I use the captive lender.   Not sure how the $10 is broken down.  Will I not be able to get the same price if I use my preapproval from NFCU?  Is it worth saying I will pay that price BUT will use my preapproval instead?  Are some rebates ONLY available if I use the captive lender?  I understand I should receive some things like the loyalty bonus whether I use the captive lender or not but if for example I would be losing $2K by not using the captive lender is it worth it to just go with captive lender?  What are some good reasons to use the captive lender?  My preapproval with NFCU was for the lowest APR for the terms I requested.  This would be with Audi Financial.  Thanks.


Hi OP...I'm going to request that this thread be merged with your other since they pertain to the same subject.  But to answer your question, yes, there are many times where the capitve lender will offer a rebate when financing with them that disappears when you decide otherwise.  In your previous post you mentioned that you're probably going to refinance.  This can be done and may be worth it depending on how much in captive lender rebates are being offered.  

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