NFCU Joint auto loan when one is a member and the second isn't?

[CCrew]

Since calling them and asking a question seems to result in a HP from them (grin) I thought I'd ask the collective first!

Wife has a NFCU account, and it's hers and not joint. That said, she's a homemaker and hasn't pulled a W2 for our 28 years together so $0 income.  NFCU gave us a CC w/25k limit at 7.5% based on her credit and using household income (all mine). I'm on the account as an AU.  Both of us have decent scores, hers slightly better than mine at 805 last count (FICO8 not FAKO). 

It's my understanding that with an auto loan with them they require proof of income, which if that account is in her name only she can't supply. Anyone run into this with them? Is the alternative to add me to her account as joint, then apply and use mu POI? Just wondering if anyone's had this situation, thanks. Looking to make a purchase and playing the captive lenders 0% vs rebate #'s rolled back in and taking a low interest NFCU loan. We know we can qualify at NFCU's best tier.

[Harvey26]

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@CCrew wrote:

Since calling them and asking a question seems to result in a HP from them (grin) I thought I'd ask the collective first!

Wife has a NFCU account, and it's hers and not joint. That said, she's a homemaker and hasn't pulled a W2 for our 28 years together so $0 income.  NFCU gave us a CC w/25k limit at 7.5% based on her credit and using household income (all mine). I'm on the account as an AU.  Both of us have decent scores, hers slightly better than mine at 805 last count (FICO8 not FAKO). 

It's my understanding that with an auto loan with them they require proof of income, which if that account is in her name only she can't supply. Anyone run into this with them? Is the alternative to add me to her account as joint, then apply and use mu POI? Just wondering if anyone's had this situation, thanks. Looking to make a purchase and playing the captive lenders 0% vs rebate #'s rolled back in and taking a low interest NFCU loan. We know we can qualify at NFCU's best tier.

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I was preapproved through NFCU with no POI. Just as a data point and my scores were in the 690 range. I think you guys should give it a shot.

[CCrew]

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@Harvey26

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I was preapproved through NFCU with no POI. Just as a data point and my scores were in the 690 range. I think you guys should give it a shot. 

Thanks. I talked to their customer service. They recommended that since wife is a member that she sponsor me for my own account and then we apply. And yes, BOTH parties have to be members with NFCU in order to get a joint loan if anyone needs that data point. 

[CCrew]

I'll close this out with a couple of NFCU data points. 

Wifes FIC0 8 right around 790 on all 3 bureaus. $0 income (housewife)

My FICO 8 between 710-720 on all 3, Three 2 year old paid medical collections on my record. $124k annual income.

Credit Utilization 2% on over $80k available in CC limits 

NFCU HP'ed both TU and EQ for both of us. We're in VA. Their HQ is actually our home town. 

22% DTI combined on all lines before application. 

$44k loan on a $52k OTD RAM truck. (New)

Both parties had to be members. Since she was she could sponsor me, so my membership was created and joint loan initiated in branch visit. Per the branch there's no difference between doing it in a branch and doing it online. Branch officer actually close personal friend of my daughter so I know she shoots straight.

Conditionally approved in 1 hour, had to supply last two paystubs for POI for final approval. 

Full approval two hours later upon final review. Total of loan $44,102.54 term for 72 months w/$299 GAP insurance

Interest rate 3.59%. 

All in all a solid experience. If someone needs an additional data point feel free to ask. 

[Loquat]

Very nice!  Congrats on the approval.  I'm with NFCU and while I don't use many of their products, they are a decent place to do business and has 24/7 customer care which is rare...but certainly great if one needs to get in touch with them.