NFCU Pre Approval

[Dalmus]

 My truck is beginning to nickle and dime me, and I have some repairs coming up that will probably total between $1,500 and $2,000, which is about the amount I can expect from a dealer trade in according to KBB...  So I find myself contemplating getting a new (to me) vehicle.

 I've been happy so far with NFCU for my credit card and banking accounts, so of course I'm going to consider them for an auto loan.  My question is, since I haven't found a replacement car yet, how does the preapproval work?  I obviously won't get a check with {blank} in the pay to field.   Do you negotiate the deal with the dealership, make your down payment, then tell them wait 3-5 business days for NFCU to generate and mail a check?  (the closest branch is 70 miles away in another state, so its not particularly convenient to take a day off work to pick up a check during busniess hours!)

 Thanks!

[Anonymous]

I was pre-approved in February. They let me know how much I was pre-approved for and sent me a blank check that was good up to the approval amount. Told me to go to the dealership and negotiate without telling them I had secured financing already.

[Dalmus]

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@Anonymous wrote:
I was pre-approved in February. They let me know how much I was pre-approved for and sent me a blank check that was good up to the approval amount. Told me to go to the dealership and negotiate without telling them I had secured financing already.

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They actually told you that?  Nice.  I really DO like their customer service!

When you you were approved, did they approve you only for the amount you claimed you wanted to finance, or did they pick a different number and just say you were good up to that amount?  I want to finance as little as possible, of course.. but if I come across a fantastic deal that required me to finance 26,000, and I only asked for $25,000 (even though I could afford $30,000) that would be sad.

Were there any other qualifiers, such as LTV, that they had to approve of before you could fill out the amount?

Thanks!

[Anonymous]

I asked for 30,000 and they gave me a preapproval for up to 37000. They do include some stipulations in regards to model year and mileage that they include in the terms when they send the check.

[Dalmus]

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@Anonymous wrote:
I asked for 30,000 and they gave me a preapproval for up to 37000. They do include some stipulations in regards to model year and mileage that they include in the terms when they send the check.

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 Yeah, I know about the year and mileage.  I'm trying to stay late model with less than 36K miles so I can get a good factory ESP after the purchase, so I'm not worried about that.

 Thanks so much for the information!   Now I just gotta clear it with the Wife and start car shopping.  lol

[sccredit]

When I did mine I asked for $40k and they sent a blank check for up to $45,000 that I took to the dealer.  

[Dalmus]

Do either you of happen to remember which version score they used?

I know they like Equifax, but depending on the version, my Auto score for Equifax ranges from 682 to (FICO Auto 5) to 731 (FICO Auto 8 and 9).

[Anonymous]

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@Dalmus wrote:

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@Anonymous wrote:
I asked for 30,000 and they gave me a preapproval for up to 37000. They do include some stipulations in regards to model year and mileage that they include in the terms when they send the check.

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 Yeah, I know about the year and mileage.  I'm trying to stay late model with less than 36K miles so I can get a good factory ESP after the purchase, so I'm not worried about that.

 Thanks so much for the information!   Now I just gotta clear it with the Wife and start car shopping.  lol

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The biggest hurtle lol. Good luck OP!!!

[FirstAscent]

I just went through pre-approval process today, it was super easy and honestly I was worried I wouldn't get approved but I did!

Your scores are way better than mine so you'd have no problem, from all the research I did I've read they pull EQ FICO8 Not Auto which is the main reason I app'd with them.

So I think you'll have a great experience and will get a great rate! Good Luck!

[Dalmus]

 I went ahead yesterday and applied for a preapproval.  Application was rather simple compared to other  loan apps I've filled out in my life!

 A short while later, I get a text saying my loan is pending and to call for more information.   I call, of course, and I'm talking to a loan rep, and all is going well, until she says "I just need to know the 14 day payoff amount."  Huh?  After a bit of confusion, she realized that the notes on my application were for somebody else looking to do a refi, not a new loan.   She put me on hold and talked directly to UW and got the application fixed.   Told me its still approved pending me sending them too paystubs.  No problem!   Get off the phone, upload the pay stubs.... an hour later I get a secure message "Approved, pending upload of non NFCU bank statement showing payroll deposits."   That's a new one for me...  But whatever.    I made sure to highlight the payroll deposits though, since my wife and I share a household account and her payroll goes into it.  They'll probably wonder why I didn't apply jointly.  lol

I wasn't really expecting an update over night, so hopefully I'll get the approved notification shortly.

So, pending approval, I'll say it was an easy process with a *...  I'm sure if I had done it live over the phone I would have been settled in 15 minutes.  Waiting for the back and forth via secure message is maddening, but hardly their fault.