UPDATED: Approved - NFCU Auto Loan Chances - Requesting 62k with ~700 FICOs

[AmericanSkin]

Team,

Considering a new vehicle purchase despite the insane market now and was wondering if anyone who had a very recent approval through Navy Federal could chime in.  I've looked at each post in the "Auto Loan Approvals" thread and they've been very helpful, but wanted to try a new thread specific to NFCU just to get a closer approximation.

Data Points:

FICO TU8: 688

TU9: 691

AUTO TU8: 674

AUTO TU9: 686

Income: 115k

DTI: 20%

Credit Utilization: 2%

Relationship with NFCU: Joined SEP 21, Flagship Rewards Visa Signature, Flagship Checking with significant assets, full Direct Deposit into account.

Derogs: 2x chargeoffs (1x paid in full from OCT 2018, 1x settled to $0 balance from JAN 2018 - both reporting as paid in SEP/OCT 2021) - no signficant increase in scores due to not counting towards revolving UTI (personal loan and utility account); handful of 30/60 lates from JUN 2018 at most recent.

Capital One's Navigator pre-approved me for 63k at 4.45% APR, 72 months.  Hoping that NFCU can beat that by a significant margin, but not holding my breath.  I would be astonished to get approved at ~2-3%, which I've seen as possible from some threads, but obviously there's more to a profile than simple scores.  Purchase would be a 2022 BMW X3 m40i at approximately 62k, could do down payment as well but if I can get a good 72 month APR I won't bother.

Thanks in advance, as always.

[ridgebackpilot]

Based on my experience with NFCU, you shouldn't have a problem. However, you might consider checking out DCU. Last time I looked, they were offering lower rates than NFCU or PenFed on new cars.

[AmericanSkin]

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@ridgebackpilot wrote:

Based on my experience with NFCU, you shouldn't have a problem. However, you might consider checking out DCU. Last time I looked, they were offering lower rates than NFCU or PenFed on new cars.

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ridgebackpilot, 

Thanks for the input, much appreciated. I was leaning towards NFCU because I have a somewhat established relationship with them, but DCU looks terrific as well. I believe the 2.29% lowest rate at NFCU is very close to what's being offered at DCU and actually a bit lower than PenFed at 72 months, but I'll definitely do some more research. To my understanding, NFCU is more lenient with not-so-clean scorecards, but I could easily be mistaken on that.  I'm really hoping one of the CUs will beat the 4.45 from CapOne. 

[bourgogne]

no answer to your specific query but maybe back down to 65 months and consider grabbing the loan from dcu at 1.49...I am on hold w them as I type finishing up an auto loan and it was a snap, literally as fast as I unfroze, doh, it was done.  I have another loan w penfed and they are also very easy to deal w.  also check out logix cu.  not the fan of nfcu that everyone else is, I will spare you the details but years ago I found them quite inflexible

EDIT: my god, dcu wins this round.  get this, they have an extended warranty for $1K that is 36 months / 36K miles that can be started at any time with no deductible.  right.  so if you do a loan w them and when your bmw warranty runs dry at 48/48 and you have something major come up you just call them to activate it.  this has to be the most incredible loan feature I have ever come across.

[AmericanSkin]

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@bourgogne wrote:

no answer to your specific query but maybe back down to 65 months and consider grabbing the loan from dcu at 1.49...I am on hold w them as I type finishing up an auto loan and it was a snap, literally as fast as I unfroze, doh, it was done.  I have another loan w penfed and they are also very easy to deal w.  also check out logix cu.  not the fan of nfcu that everyone else is, I will spare you the details but years ago I found them quite inflexible

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I very much appreciate your input, thanks again. Would you mind sharing some of your own data points for DCU? I don't think my scores/profile will qualify for the 1.49, though I have zero issues with going to a 65 month loan (or shorter). Given that I'm still under 700 on each bureau, I thought I'd have the best chance at the lowest rate with NFCU only because of their service member commitment and the established banking and credit relationship (although I concede that may be overblown). 

[AmericanSkin]

@bourgogne  That extended warranty would have been the absolute deal maker for me. Thanks for sharing that - easy decision. Unfortunately, I just read that DCU pulls the EQ 5 mortgage score for loans and that is for some reason my lowest (633 FICO) and certainly not a qualifier for anywhere close to the lowest rate.

[bourgogne]

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@AmericanSkin wrote:

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@bourgogne wrote:

no answer to your specific query but maybe back down to 65 months and consider grabbing the loan from dcu at 1.49...I am on hold w them as I type finishing up an auto loan and it was a snap, literally as fast as I unfroze, doh, it was done.  I have another loan w penfed and they are also very easy to deal w.  also check out logix cu.  not the fan of nfcu that everyone else is, I will spare you the details but years ago I found them quite inflexible

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I very much appreciate your input, thanks again. Would you mind sharing some of your own data points for DCU? I don't think my scores/profile will qualify for the 1.49, though I have zero issues with going to a 65 month loan (or shorter). Given that I'm still under 700 on each bureau, I thought I'd have the best chance at the lowest rate with NFCU only because of their service member commitment and the established banking and credit relationship (although I concede that may be overblown). 

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funny I just did an edit.  the warranty feature they offer trumps - sorry - every other loan offering imo.  you can also use a pull for 45 days for whatever.  I am on hold getting a card for europe because my pnc did not tap my bloc a few weeks ago like it was supposed to in france and my lovely nfcu $ 500 cloc tanked my scores. %$#@!^ - this was/is my issue with them, they were handing out $15K clocs like candy on this board and i got stuck with 500.  anyway,  the loan offer at dcu said that anything north of 680 is fine w them.  they use a crazy fico 8 v4 model, so who knows what you will be on that.  what is your eq now?  the card can be used for a 8.5% cash advance w no cash adv or EU fees or hook into checking for overdraft for the same.  longish hold times but they are very nice when you get to someone.  if I was not down the chase/pnc rabbit hold I would prob use them more

EDIT, why exactly is your EQ low?  its V4 for sure

[AmericanSkin]

@bourgogne @I have no idea why the EQ scores are so suppressed, as my standard EQ8 and EQ9 are in the high 600s. The only difference between EQ and the other bureaus is the fact that the utility chargeoff I mentioned in the first post (paid in full) is being double reported as 2 charge offs (originally through SC Gas and then with Dominion - they're the same exact company and neither have been even remotely helpful even after explaining that the missed payment occurred due to a military move with no forwarding address. Still my fault, I know). Disputes have not helped. But my EQ8 is 684 and EQ9 is 680 - it's only the 5/4/2 and the auto scores that are being negatively impacted despite no missed payments or negative statuses on any kind of loan in the past three+ years. 

I would have applied with DCU automatically if those scores weren't so stuck. 

[bourgogne]

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@AmericanSkin wrote:

@bourgogne @I have no idea why the EQ scores are so suppressed, as my standard EQ8 and EQ9 are in the high 600s. The only difference between EQ and the other bureaus is the fact that the utility chargeoff I mentioned in the first post (paid in full) is being double reported as 2 charge offs (originally through SC Gas and then with Dominion - they're the same exact company and neither have been even remotely helpful even after explaining that the missed payment occurred due to a military move with no forwarding address. Still my fault, I know). Disputes have not helped. But my EQ8 is 684 and EQ9 is 680 - it's only the 5/4/2 and the auto scores that are being negatively impacted despite no missed payments or negative statuses on any kind of loan in the past three+ years. 

I would have applied with DCU automatically if those scores weren't so stuck. 

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I just skimmed your original post before I posted.  you already know that you should clean up whatever is in your orbit, life gets a lot easier when you have scores to back it up should you need it.  if you can back up your income I would give dcu a shot, they are great to deal with.  I was wrong about the 45 days, that is just for anything in the auto wheelhouse.  I did end up getting a card, pulls dont seem to move the needle on my profile, asked for 25 and they gave me 25.  just checked and the pulls did nothing, that may change overnight but the only score I have issues with is the tu for some reason, if I am azero I can get 850 x3 but if I let it slide tu goes sideways, very odd.  if it does not pan out you can still do nfcu, so there is not much to lose.  low % and warranty, I am sold

[AmericanSkin]

@bourgogne Absolutely agreed on the credit cleanup - I've paid off the two charge offs (a nuisance charge off with the utility and a much more impactful one with USAA that has resulted in never doing business with that company again - like your tale with NFCU, mine is a long story against USAA that is probably not pertinent in this forum). Both finally started reporting as zero balance this month - rebuild has been a slow process over a year as I had zero use/knowledge of credit outside of the past 6-8 months. No collections, the handful of lates due to a number of purposeless reasons, no other derogs but a dirty scorecard nonetheless. My income (easily proven as it's active duty military) has helped quite a bit with credit card apps, credit limits, and banking relationships with Chase and NFCU, but auto loans are a different story. The USAA chargeoff will fall off in 2024, so I'll roll the dice with NFCU for the auto loan or go with the pre-approved Cap One Navigator if nothing else. The fact that I'm missing out on the DCU extended warranty is a kick in the teeth but there's nothing I can do about it now. 

There are a fair amount of posts here that indicate that NFCU will approve in the vicinity of 3 percent on a new car with similar data points, so fingers crossed.