how to use approved auto loan from RBFCU

[bubbe2005]

I have been approved by my credit union with a great monthly payment and lowest APR they offer. 

I have been searching for the car I want to buy, 2013 ford focus ST MSRP is $24,000 but with the X plan pricing I get with my employer it brings it down to $19,000, ford says they will honor it. 

CU approved me $21,000, so how will I use this? 

when i called my bank they said the 21K is used towards the MSRP price so that leaves me with $3000 cash that I don't have...

[bubbe2005]

help anyone??

[pizzadude]

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@bubbe2005 wrote:

I have been approved by my credit union with a great monthly payment and lowest APR they offer. 

I have been searching for the car I want to buy, 2013 ford focus ST MSRP is $24,000 but with the X plan pricing I get with my employer it brings it down to $19,000, ford says they will honor it. 

CU approved me $21,000, so how will I use this? 

when i called my bank they said the 21K is used towards the MSRP price so that leaves me with $3000 cash that I don't have...

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I'm not certain that I understand your question -- It sounds like your bank has approved you to borrow $21K for this car, and you are purchasing it for $19K, so there's no problem that I can see.....

[bubbe2005]

they approved 90% off the MSRP of the car, so I won't be able to walk away from the dealership if they honor my $19K X plan pricing that I get with my employer

borrowing 19K is better than borrowing 21K

[pizzadude]

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@bubbe2005 wrote:

they approved 90% off the MSRP of the car, so I won't be able to walk away from the dealership if they honor my $19K X plan pricing that I get with my employer

borrowing 19K is better than borrowing 21K

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Sorry, I'm still not understanding.   They approved you to borrow up to $21K, which is 90% of the $24K MSRP, right ?     The MSRP doesn't change, regardless of the price that you negotiate with the dealer.

[bubbe2005]

I am able to get a discount off the MSRP

so i would like to finance 19 and not 21.

[pizzadude]

Assuming that you negotiate a price of $19K for the car, you don't have to borrow more than you need.    Your lender is telling you they'll finance UP TO $21K for the car.

[bubbe2005]

i get that BUT the stipulation on my approval is that they will finance 90% OFF the MSRP, so I don't walk away with the car for 19K even if the dealer agrees; instead I walk away with owing 21K instead....sorry I'm not making sense, but my discount becomes USELESS to using the 21K approved loan.

[pizzadude]

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@bubbe2005 wrote:

i get that BUT the stipulation on my approval is that they will finance 90% OFF the MSRP, so I don't walk away with the car for 19K even if the dealer agrees; instead I walk away with owing 21K instead....sorry I'm not making sense, but my discount becomes USELESS to using the 21K approved loan.

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I've never seen a car loan where the lender won't loan you any LESS than 90% of MSRP.     That is the maximum loan value that they offer for the car, it should not be a minimum loan amount.    I'd suggest you take another look at the loan paperwork.

[bubbe2005]

I always assumed it was 100% financing