Question NFCU Auto Approval Paperwork Sent But Going with Another Lender

[vollybal]

Hey All,

So I belong to NFCU and heard all about the lower APRs on car loans....So I went thru the process and was approved at 3.19% which I was supper thrilled with!! Well, I was not sure on what car I wanted so I just went thru the apprival process for an amount. Well, later today I went and found the SUV I wanted and went in to test drive it to make sure and told them that I was approved thru NFCU and that I am just waiting for the draft and paperwork. 

So then teh Finance manager came in and was like,"I can beat that APR if you give me a chance." I was like hmmm not sure but ok, if so I will go with your lender...Well to my surprise they approved at 2.59%...Pretty happy and decided to do that instead. 

My question is, now that I have a draft and paperwork from NFCU appearing in the morning, What do I need to do in order to cancel that approval? Is it as simple as shreadding the draft and paperwork or do i need to contact them and let them know I went another route?

Any and all help is truly appreciated!!!

Thanks!

[Brian_Earl_Spilner]

They tell you to return it, but you don't have to. I just advised them I went with the captive lender so they could shut down the loan. 

[babygirl1256]

Congrats on your SUV approval. Hoping mine is that smooth when I start looking at year-end!!!

[MrZero]

Congrats on the approval, did you go back to NFCU and see if they would beat their rate? You can get them to compete sometimes.

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@babygirl1256 wrote:

Congrats on your SUV approval. Hoping mine is that smooth when I start looking at year-end!!!

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Me too, I have three vehicles in mind right now though I'm more strongly leaning towards one of them until I see reviews on the 2023 models, my third choice is kind of a distant, if I don't get approved for the amount for the first or second one, third.