I was previously approved for a loan through PNB Bank for 39,000 for 72 months @ 5.94% APR.
The car I'm in the process of buying is a 2015 BMW M4 for $38,000 coming from TX to NY.
I then received the contract and found out.... They dont offer GAP insurance! So those looking to do financing with PNC please be aware!!
I was happy to be approved in the 1st inquiry on my credit but was eventually forced into going loan shopping which I wanted to avoid with all those inquiries.
After applying to 2 more credit unions and them being duds... I applied to my local credit union here in NY, NEFCU.
NEFCU immediately approved me for 39,000 for 72 months @ 3.99%(the lowest for used car 72 month financing) WITHH GAP INSURANCE!!!
NEFCU was great, however I ran into an issue with someone at the branch who misinformed me saying they wouldn't be able to dispurse funds if I don't physically have the car here in NY... which made absolutely NO sense. The dealer and I have written legal contracts & I have the bill of sale in front of me. I asked if I can get a check and physically bring it to the dealer in TX and was told no they have to ship the car to me and then NEFCU personally have to send them the check. LOLLLL in what planet do they do this?
I called a different branch and showed up to another branch and both associates reassured me that I was misinformed and they don't know why that was said to me. Signed the paperwork, They cut me the check, sent it out and was on my merry way.
I don't know why the fact that these credit unions didn't offer GAP insurance was a deal breaker for you. You can buy GAP insurance through most auto insurance policies (for an add-on price) and there are reputable insurers that only sell GAP insurance. I have my auto insurance through USAA and pay a little more for their version of GAP insurance.
I never take GAP insurance or extended warranty plans offered by car dealerships. They are always way more expensive than you can buy on your own and the car salespeople/dealership make a huge commission/markup.
Buy your car based on the best deal you can get. Finance your car at the best rate you can get qualified for. And buy your GAP and extended warranty coverage from third parties with good reputations and lower prices.
I have Geico and they don't offer GAP coverage. I can't go with any other insurer because they're beating me in the head with insane $800-1,000 a month for a 6 month policy. So I had to have a bank with gap coverage. On my previous car loan with BMW financial I bought it for $150 upfront. This one was $160 up front so I don't mind.