RBFCU To The Rescue

[Anonymous]

I recently have been having more and more issues with my Hyundai Veloster. Mostly it was transmission issues which are completely known by Hyundai because they had the same issue with the Hyundai Tuscon that ran the same 7 speed DCT transmission as well.

Ultimately they finally released a DCT logic update for the transmission but guess what? It did nothing to help the issues.

Long story but I wasn't going to go round and round with the dealer regarding this issue. I decided last Tuesday that I wasn't going to stick with the Veloster so I applied for a new car loan with RBFCU, which the Veloster is with as well.

Surprisingly they approved me and the only stipulation was to trade in the Veloster which was no issue! But they approved me for $25k at 8.8% for 60 months. I needed a little more to work with because I was about $10k over on the Veloster, so finding something to take on most of that negative equity wasn't going to be easy.

I tossed my wife's name onto the loan as a joint applicant and it netted me the extra $5k for a $30k loan at 9.8% for 72 months.

I shopped around and eventually landed on a Hyundai Santa Fe Sport. As much as I didn't want to necessarily go with the same brand again, I admit that the cars are decent quality but it's mostly just that DCT transmission that blows!

I ended up making a deal on a new 2017 mode with 111 miles for $31k that surprisingly took all of my negative equity with me only needing to put down $1500 and walked out the door a happy customer.

I'm happy because the vehicle has a value of about $24k if I was to trade it in now, so I shaved the negative by about $4k and I feel a lot safer now.

All I can is that RBFCU continues to show me some love and I did attempt this with NFCU but they had just given me that CLOC and I think felt giving me a new car loan would over extend me so they denied me but they didn't pull my credit when I applied so that's a win to me!

[Anonymous]

Congrats on the new wheels. Welcome to CUV/SUV ownership. I was a little surprised that you stuck with Hyundai after having issues with the Veloster; but you do have that 10 year/100,000 mile warranty if anything goes wrong with the Santa Fe Sport.

This reminded me of my grandparents. My grandfather purchased a new 1987 Excel in the summer of 1987. In 1995 the engine actually caught on fire...what does my grandfather do? He bought a new 1995 Elantra LOL. I am afraid I am not that loyal Hyundai has really come a long way and I rarely hear anything bad about them. Hate HATE what they did to the 2018 Sonata...looks terrible. 

RBFCU seems like a great CU for auto loans. If I were eligible to join I would! Despite your approval, maybe look into refinancing at some point to get an even lower rate. 

[Anonymous]

Thanks! I didn't necessarily want to stick with them but had I went with a couple other brands I would of had a lot less for my money and I did my research on the Santa Fe Sport.

It seems to me they run well and stay together for most of your ownership. Which is all I need and the family is happy!

I plan on seeing if RBFCU will drop the rate after a year. If not, then I'll probably see what NFCU will do for me.

[marty56]

RBFCU rules! fellow San Antonians

[Anonymous]

Yes they do!

[Appleman]

Were you able to get GAP coverage for the new car and did you have it on the last one?

[Anonymous]

Definitely had it on the previous vehicle because I carried it on the Mustang I totaled back in 2014 that surprisingly was with RBFCU as well and it totally saved me!

I was also able to add it onto the new car. The great thing about RBFCU is that they don’t try to overcharge you on GAP like some places. It just costed me $345 and rolled it into the loan and it covers up to 150%, which is plenty if I was to total the vehicle.

[Appleman]

Glad to hear you got such a great deal on the GAP coverage. I have found that when the deal for GAP is that good you do not receive a refund with the prorated amount. However, if you use the Mopar GAP insurance (which costs more) you can get a prorated refund when you sell the car.

There was a time USAA included GAP but now they charge for it as well. 

Please keep this one with the tires on the ground! Glad you found a deal that gave you satisfaction.

[Anonymous]

Thanks! They definitely don’t give you a prorated amount if you were to trade your vehicle in but it’s ok. It’s not a lot of money at the end of the day.

The only thing that goes kind of suck is if you were to refinance then you have to pay for it again. But if $350 covers me in the event of a major accident, then I’m all for it!