To consider before applying to DCU+Collecting info

[jbradey]

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@Remember0 wrote:

@jbradey: Awesome! Now  go have the dealer try to beat DCU's 2% rate. He should come close or beat it esp. if it's a new car. Worst case, you know you can do no worse than 5% at BofA. Don't tell him about the 5% rate or the 15k issue with DCU haha.

Also, if you don't mind, when BofA tells you the FICO they pulled and the bureau (might take a week or two depending on mail speed), would you mind posting the BofA approval (and in addition any dealer rate beating) here?: http://ficoforums.myfico.com/t5/Auto-Loans/Auto-Loan-Approvals/td-p/252350

I think it'll really help new members as we're working on trying to adjust to the post-DCU world.

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They pulled EX 646. On tghe instant approval page it showed it but ill post it on that link

[Leighqee]

Does it hold true though that anything >700 still have what they have been offering?  And from the two post one can deduce that they are starting to penalize first time auto buyers, no so comforting!

[Remember0]

NO! At this point, I would NOT apply to DCU even if you have >700 or even if this is your fifth auto loan! I think they are becoming very fickle with auto apps. I know someone who is DEFINITELY not on their first auto loan, who had to deal with this same 15k stuff.

At this point, I think a local bank/CU or BofA is a better bet honestly. I would recommend BofA, but results are trickling in so I can't tell exactly how they operate. So I recommend BofA currently, but with reservations.

[Kenny]

Are you looking for pre-approvals too? Supposedly I am preapproved for a new auto loan with DCU up "up to 40k" with the 748 score per their inbox message.

[Anonymous]

It makes you wonder if their coffers are finally running thin with handing out so many auto loans with such a low profit base interest rate.

[Remember0]

Thanks! Any data point helps, even pre-approvals.

[JKingg]

FICO score: EX :554 EQ : 563 TRAN : 598
Approval Amount:  20k refinance loan was denied
Instant online approval or did you need to call/wait a few days?: Called, told immediately.
Monthly Income: $2500
Rent/mortgage: $0
Aggregate minimum payments of all other debts (do not include rent/mortgage or car to be traded in): 1,084

[ObieGrad]

Website said preapproval up to $35,000 when I joined.  When I called to set up the loan was approved for $25,000 only (at 1.24%) because first auto loan (hard limit, no budging).  783 Fico per Discover.

[StartingOver10]

Banks/CU's monitor their loan portfolios all the time. If they have "too many" loans in a given sector such as auto loans with a particular loan profile, they will change the u/w criteria until the portfolio adjusts to their new criteria. This is SOP. Most of the time consumers have no idea that these adjustments happen regularly since the lender doesn't announce it at all - it is internal. It really has nothing to do with the consumer individually. Sometimes the lender adjusts by selling off the loans or the loan servicing. We don't know until the change has already taken affect.

[09Lexie]

Based on this snippet of replies, I think it's too quick to sound the DCU death knell.  As StartingOver mentioned, lenders  monitor theit loan portfolios and UW criteria.  Like and lender, you can easily pick out profiles that seem to be a shoein for an approval and they are denied against all rational wisdom.

Has DCU placed a hard line in the sand for $15k loans? I don't know but without more data 3 does not make it so IMO.