Ok new dilemma.

[Anonymous]

I went to the credit union again and got approved for a loan....verbally lol the financial rep typed away on his computer, told me to wait here, left the office, came back after like 15-20 mins said Im approved lol soooo according to him im approved I got the loan. BUT don’t I need some sort of paperwork to show the dealer when I go buy my car? So whats the deal? Im confused as hell. Unless this was all online or something?

[kilroy8]

You need to contact the credit union and find out what their policies are. 

There will be all kinds of terms and conditions the dealer needs to know, maximum loan amount,  required down payment, LTV, make/model/year/mileage restrictions, etc.

[Anonymous]

Yeah I got the approval tuesday and whatnot according to the rep. Called the day of to get more info, I got the 15k loan, said the year had to be 2014 or up to apply for the 72 months 4.5 interest rate, Im getting the exact car Ive always wanted for 13,995 a used 2014 mustang, mileage had to be capped at 100,000 the mustang is at 66k.

I was really hoping to buy the car this saturday but it just dawned on me I never got any paperwork or anything.

[GApeachy]

A car dealership in my town told me they work exclusively with my CU.  It could be the case with yours. If so, the dealership should be able to pull up the paperwork online.  Call your dealership and ask.

[acb5456]

Are you working with NCSECU? If so, I'm well-versed in the process. What you need to do is find the vehicle you like, check NADA and make sure the value isclose to what they're selling the car for (we only finance up to 110%), get a bill of sale, and head back to the Credit Union branch. At that point, we will finalize the loan, you add the car to your insurance and fax us the binder with us as lienholder, and you're good to go back to the dealer with your check to pick up your keys

If you prefer working with the contact center, give them a call and they can handle the entire process over the phone by sending the dealer a letter of gaurantee, then fedex'ing the check that day.