Tower Federal has been great. Car came in on 13th of October. Bought car through VW credit. Joined & locked in 2.99 72 Months. Refinanced & Closed 11/4. No issues.
They are an absolute horror show.
Cali here as well. How easy was it to join?
Update: B at FedChoice was great, we called my dealer three-way and after back and forth that they couldn’t provide a purchase agreement with no financing terms, they finally agreed and cancelled the agreement and wrote up a new agreement without the financing info.
It was another back and forth to have the dealer provide a title application listing FedChoice as the lienholder, they said it couldn’t be done and eventually agreed to provide it. This was a requirement for the wire transfer, otherwise I would have to wait about 5 days for a check from to be FedEx to the dealer. I uploaded all the documents and will be following up tomorrow with my loan officer. I am in Cali, applied mid October, locked in 2.74% @ 72 months.
Don’t know what to think of the sales agent and finance manager, leaves a sour taste after they were adamantly saying that it couldn’t be done, but somehow they figured out how to get it done…
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I don’t bother collecting 96 month rates as
- If you’re stretching to 96 months to afford payments, you probably can’t afford the car
- They’re not as easy to find/not as many places offer them, and since I’m doing this on my own, it’s too much effort.
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Congrats. That was basically my same exact issue. Except the dealer wouldn’t provide new docs for me. It Only took a day for my information to populate into TFS so I just need the DMV paperwork to refinance it with Fed Choice and I am good to go. At least FC and I are supposedely on the same page for that…I hope.
Super easy, just fill out the application for a checking account and when asking about membership there’s an option to join the New Mexico Wildlife Federation or something to that effect.
Awesome. Thank you.
Thanks! Good to hear that FedChoice is working with you, I was also working with a Toyota dealer as well, I kind of think it would have been easier to just go with TFS and then refinance, but then again there is some benefit with going through FedChoice and calling it a day.
I was also able to lock-in at 2.74 at FedChoice in October. I am going to pickup my car tomorrow from dealer. I can wait to pickup car for few days. I had shared FedChoice requirements with dealer and he was ok to provide that documentation. But dealer also requesting backup loan option. What should I absolutely avoid to get into same issue at FedChoice ? There might also be some mismatch in PO amount and loan request I made at end of October. Will that impact locked rate ? BoA re-calculated APR based on new rate as loan amount is changed.
I believe that the backup loan option is where there is issues with FedChoice, this is a typical installment contract with their captive lender including an OPTION to pay off the balance in X number of days and pay no interest.
This was not accepted by FedChoice and my dealer had to write up a new contact that showed no APR or rate, simply a single payment for the balance. Have the dealer list Fedchoice as the leinholder in the DMV title application and get wire instructions as well.
If your requested loan amount is lower than the actual amount financed, they stated that it’s generally not an issue and can be adjusted.
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Interior Credit Union looks to have 96 months at 3.50% with no payments for 90 days. They haven’t changed their rates for a few months. Not sure why because they update the date.
Finally finalized buying out, I think, my S60 through Tower FCU. Their responsiveness and customer service is brutal, basically took 20 days. Their advertised rate is 2.99 for 48 or 60 months. I was quoted 3.74 because my credit wasn’t good enough at 843… 2.99 is for those with credit > 850! The only thing left I think is to pay tax at the dmv and something with a title lien. Really looking forward to that…
Lol what? Makes no sense
Among other score models, Auto-Enhanced FICO Scores top out at 900.
Sometimes for buyouts you pay sales tax when registering the car at the DMV, and the title lien is putting the CU as a lienholder to secure their asset - it may sound scary and complicated but you will be fine.
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Did you happen to validate this rates with them? Anyone else have experience dealing with them? Join the NM wildlife federation for free to become an eligible member is nice and easy.
No I haven’t yet, sorry. But they are brought up quite a few times on this thread