There are other, CapEd for example, your local may do this as well.
If you’re in DFW, TXCU
Another way is to ask the AFG and give them your zipcode, they may get you some qualified CU.
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Anyone close with Parsons CU yet? Any issues with paperwork/communication? Highly considering their EV offer.
I applied for a loan with Parsons last week, was immediately approved by the web app and have been waiting since then for a followup phone call. Today I called them and was told they only have a single loan officer and he was unable to speak with me. I left him a message, still no followup.
So far, not so good.
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Thanks for the update. Tried CUNJ (per your recc) and they would only offer me the strongest (84 month) rate with 20% down. So basically a non starter.
Does anyone know how AmeriCU or Fed choice is with paperwork/communication/closing? They seem to have the best 84 month rates.
My AmeriCu experiences have been hit and miss. It’s all about getting assigned a good loan officer. I would NOT apply via the website, I would get a loan officer recommendation, contact them directly, and have them submit the application on your behalf. DM me for a loan officer contact if interested. Even still, I would plan on 2 weeks to close a loan with them. Good news is they have low rates for both conventional and balloon programs.
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Can we discuss strategies for using a Credit Union for financing, where your dealer is insisting (or requiring) that you use in-house financing? This is discussed in a recent Volvo thread: 2020 Volvo XC60 lease end options and finance question:
As for financing, I mentioned to the dealer that my credit union will be financing the car. He said I need to finance with Volvo first then my credit union can take over without any additional cost/penalties paid to Volvo. Is it true that I need to finance with Volvo first? Anything else I need to look out for?
This seems to be an under-discussed but critical topic to even use the great rates in Hershey’s sheet. What can you really do if the dealer forces you to use their in-house financing at higher rates. Is it part of the consumer’s rights to reject that and do CU financing. What if they say no and just won’t sell it to you in that circumstance.
I also understand it’s helpful to shop for CU rates before going into the finance office. But again, but recourse do you have if you ask them to match and they won’t.
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Take the in-house financing and immediately refinance.
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Aren’t refi rates higher than normal rates, even 0.5% higher? Hershey’s sheet doesn’t have any re-fi rates, which supports my point. We’re talking about a significant percentage of purchases that are pushing you into doing more work and taking a higher rate. Also, are there additional loan processing fees you have to pay, for either or both the in-house financing and outside re-fi?
To make sure I am getting this right, when buying a new car from the dealer and finance it through them and refinancing it immediately is that considered a used car refinance four the refinancing institute which could end up with higher rate?
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Depending on CU some may give you a new car auto loan
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I think so, but @z0lt3c can clarify this. I think some CUs may still treat it as new. I also saw them considering up to 10k miles to be a new car (a loaner, for example). But not sure about titled cars.
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any in specific?
The policy of rates versus age varies from CU to CU.
AmeriCu charges .25% higher for a used vs new loan.
CapEd Cu charges the same rate for 2014 to 2023 model years.
Allegacy charges the same rate but offers shorter terms.
In any case, if you are buying from a dealer who is restricting your financing, the reason you are not walking away is because they are offering a big discount or some other “good deal.” Usually this deal is good enough that you can withstand a .25% higher rate versus new, which is probably still much lower then the captive financing.
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NWFCU for one.
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Got a loan at a 2.74% (locked last month) for 66 months with CEFCU (IL and NorCal), very responsive and easy to work with. I think the rate now is 3.14% for 66 months for a MY 2020 and newer.
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For FedChoice did anybody else’s application get approved like in 2-3 minutes? And then they ask for documents to just proceed?
@miswip did they reply back to you fast after you turned in the paystubs
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I have learned they run two separate ‘streams’ one for the loan and one to open an account with them, which is required for loan funding. So far, for one process, I have uploaded my proof of Soc Sec # and proof of address and also called yesterday to answer security questions, typical ones like ‘What address did you live at previously out of these?’. This is to open the account. I haven’t yet uploaded paystubs for the loan because they have to be recent and I haven’t found a vehicle to purchase yet. However, while I am typing this I think I will upload paystubs now because none of this is fast… approval was quick the rest is taking it’s sweet time. I haven’t been quick to respond though, either.
Here is what they require to fund in addition to having the account open
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Employer’s address and phone number
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Copy of purchase order signed by both yourself and a representative from the dealership.
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An application for certificate of title listing FedChoice FCU as the lienholder:
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Wire instructions from the dealer.
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Proof of income (two most recent paystubs)
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weird they asked me these questions online with no call.