I joined NFCU a couple weeks ago to get auto financing for DW's next set of wheels. We hadn't found a vehicle yet but I had gotten her to specify what it had to have: AWD/4WD, cargo area a little bigger than her 07 Trailblazer, roof rack, heated seats. She would like it to have a moon roof, tow hitch and leather. Basically, she wants her Trailblazer. lol.
DPs for the data junkies:
Auto EX2 777, TU4 773, EQ5 752, TU8 714, EQ8 737, EX9 751, TU9 739, EQ9 743
FICO EX8 700, TU8 692, EQ8 719, EX9 736, TU9 725, EQ9 732
BK7: 5/16 Derogatory Accounts: 1 credit card DOFD 5/16 No other negatives.
Stated Income $85,000
I unfroze my reports and ran the Capital One Auto Navigator and they pre-approved me for up to $66,500. That's waaaay above anything I want or need. I wanted to see some rates so I punched in a couple of vehicles that were in the price (< $20k) and feature window we were looking at and they offered 5.8% and 5.82% on 48 month loans. When I hit up NFCU I asked for $19,000 for 60 months. They offered me 3.99% on up to $19,000 and I accepted. The voucher was mailed to me and, with it actually in hand, DW started actually getting interested in car shopping.
We spent Black Friday and the following Sunday at dealerships checking out cars. She narrowed it down to the Chevy Traverse. We searched CarGurus, Auto Trader and cars.com and we found a 2016 Traverse LTZ for sale about an hour away. Z apparently stands for "all the things". It's about as full as the options list allows. One day that week I got out of work early and we drove out to see the car. The price was right and they agreed to fix some minor issues before delivery. I wrote them a check for $4500 for the down payment.
They played games about the voucher and I agreed to let them run some credit checks to see if they could beat the 3.99% rate. We headed home to await the results. They couldn't match the rate. Their best was 4.99% and the finance lady seemed perplexed that I wouldn't take it as it was "only $8 more..." When I told them I was going with NFCU, they said they wouldn't take the voucher. They said a check or wire from NFCU, but no voucher.
So I called NFCU and they cancelled the pre-approval and I reapplied for a $15,000 loan against the Traverse. Same terms and they are sending the check by FedEx. FedEx was supposed to have it here yesterday but it is showing as delayed. We are supposed to pick the Traverse up next week, so the delay is OK. ish. (I'm still impatient.)
The loan already shows on my accounts page at NFCU and I have set up an ACH from my main bank to NFCU to fund the payments which I have already set up to transfer each month from my NFCU checking to the loan. I already have the payments programed and I haven't even taken delivery on the vehicle. 
As dealer tales go, this hasn't been too bad. Of course, delivery may be interesting. I'll update when that's over.
An additional note: I need to register the vehicle in DWs name to keep her registration plates (She's had the same plate number for decades). The lady I spoke with at NFCU when I applied told me the registration had to be in my name. My state is a title state and the registration is nothing but a proof of fees paid, so this didn't make sense to me.
I sent a secure message to NFCU asking for an exception to policy, explaining my issue. I just got a reply that they don't have a policy about registration in NY because the title is the proof of ownership and the lien is recorded on it. They get a notice of security interest filing which is their authority to repossess if necessary and I get the actual title.
Which means: I can switch the plates to the new vehicle once the title arrives in the mail. That means I had to give up the trade-in on the old car, but I will see if I can sell the old vehicle privately after I get the plates onto the new one. The dealer tells me they are unable to register the new vehicle in any name but the buyer's (it's probably DMV rules and I don't trust them to not screw something up anyway) so I get to go the long way around. It's going to cost me some extra money, but happy wife, and all that.
@pizzadude wrote:Congrats on the approval, hopefully the check will make it to the dealer early next week and you won't encounter any surprises at delivery.
Funny that their finance manager was trying to convince you that the 1% difference in rates is only $8. That's per month, over a 60 month loan it would add up to almost $500.
The check arrived today at my house. I'm carrying it to the dealer next week. Hopefully, there won't be any issues. But... dealership.
I figured she was just talking the monthly payment when she said it.
What she doesn't get, and many people have trouble understanding, is that I am buying the vehicle. I will probably still own it years after the loan is paid. I've gone a couple decades without a car payment before: It's not the norm for me to have a car loan.
So the monthly payment is a function of the cost of the vehicle, not of what I have to do to be able to afford a car in my budget. I will pay additional principal on the loan from the first payment, get it paid off early and run it until it's too tired to be of service.
Then I may buy another for cash or get a loan again if that makes sense at the time. But car payments are just not the "normal" for me.
@Anonymous wrote:
@Have1 wrote:That means I had to give up the trade-in on the old car, but I will see if I can sell the old vehicle privately after I get the plates onto the new one.
Well this might work in your favore since used cars are worth more these days, so you could possibly come out ahead versus what you'd haev gotten for trade.
The Trailblazer isn't worth much more than scrap, TBH. 14 years old, plenty of road salt rust and 280k miles does not make for a long line of buyers waving bills in my face. Then, of course, came yesterday.
DW had been complaining of hesitation, like the thing was starving for fuel she said, but it was only happening occasionally. I had driven it around the block a couple times and checked it for codes, but it wasn't showing me anything. DW calls me yesterday morning and tells me there is smoke coming from the car and she's stuck on the side of an expressway. I tell her to call AAA and I head out to her. I get there and check out the car while waiting on AAA.
The "fuel starvation" that had been randomly occurring and the smoke were the rear differential. The Trailblazer ate it's rear differential. It's dead, Jim.
Update:
I have received mailings from NFCU with my credit score from both of the applications that they processed for the car loan. There are two mailings: One referencing the pre-approval and the other the actual loan. It appears that they used the same HP for both.
They pulled a score from Trans Union which was 744 on a scale of 336 to 843. From what I have read here that would appear to be the ancient TU Classic 98. There was no reference on the papers to an internal NFCU score. I don't know if that is because it's an auto loan or that I have only been a member for five minutes and a few seconds.
I was supposed to pick up the car yesterday. I texted the salesman about 0800 to confirm pick up, but by the time he got around to telling me it wasn't ready I had already left work early to pick up DW and go get it. Sigh. There are some fixes that they need to get done (and had to wait on parts) which held things up. Now I will have to go after work tomorrow.
There are some accessories (Mats and such) that I want to get ordered for the vehicle but I am sure doing so would jinx the deal. That's just how my luck goes: I would have the accessories but no vehicle to put them in because a meteor fell on the car before I could pick it up.
I seriously am beginning to feel that buying from a rando on Craigslist would have been a less stressful experience. I will be so glad when this deal is done.
Follow up time:
So the next Saturday I caught a ride to the dealership to pick up the new car. DW and DD were both working so I had to pick it up by my lonesome. The pickup had been delayed due to repairs but it turned out they hadn't gotten them successfully done. I ended up taking the car anyway. The salesman took the NFCU check without any issue and assured me that the title would show NFCU as lienholder . Until I receive the title I won't be sure. I may have to go through the faff of getting them added myself at the DMV. Time will tell.
The repairs are now in the wind: The salesman told me to get an estimate at my local Chevy dealer for the repairs and they will pay for it. The seller is a VW store and I think the GM engineering may have broken their brains. I know VWs make my head hurt when I have to work on one. I have an appointment and I have screenshot the texts from him in case I need them.
I know I got a very good price on the Traverse and I am getting a better picture of why that was so. I have received two credit denial letters so far from the dealer's rate shopping. One was from Bank of America (they pulled Experian) and the other was Chase (They denied without pulling anyone) both stated the vehicle's mileage as the reason for denial. The car is in very good condition and the miles don't bother me. Even if I end up having to pay for the repairs the dealer was supposed to do I will still be ahead.
I set up automatic transfer for the payments (plus $100) on the loan from my NFCU checking to the loan. The first one happened the Thursday before I picked up the vehicle. The first payment due date had been a month later (January 12) so the new due date has been pushed out to February 12th. They also cut a statement for the month that had a start date before they approved the loan showing the payment and ending on the statement date to match the schedule going forward (Statement dates 16 Nov - 12 Dec, Loan approval 30 Nov, First payment 9 Dec, Check handed to dealer 11 Dec).
That raises the question: My last loan (Wells Fargo) allowed me to push out the due date two months and then just applied all excess payment to principal. Will NFCU do that or will it just keep pushing the next due date out into the horizon?
I'll update as things develop. Maybe I'll get to regale you with a tale of how NFCU reacted to not being placed as lienholder on the title.