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NFCU Auto Loan Pre-Approval Letter - Should I?

Dr. Dolemite

By Dr. Dolemite
in Credit Forum

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The last post in this topic was posted 5488 days ago. 

 

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Dr. Dolemite

Dr. Dolemite

Posted
Posted

I've been an NFCU member all my life, and have had a few loans through them over the course of the years, including my current new-car loan which I've had going on four years now,

 

I'd been toying with the idea of a new car here lately (hey, the new Mustang GT is back to the 5.0!), but I'd been worried about whether I'd be approved. As for my credit, I haven't pulled my FICO in a while, but my only "dings" anymore should be a couple small CA accounts and a USAA MasterCard that was closed at their request (hardship payment program, as I was out of work in 2009), but that shows no lates. In any case, looking at the letter they sent, it says the approval is "based on information in [my] credit report indicating meet certain criteria." While I doubt that I would qualify for the 1.99-percent APR that's plastered all over the front of the letter, it does seem like a genuine offer. If so, it's something I'd be interested in. But if this is some mass-generated form letter they blast out all over the country to any member who doesn't have a actual bankruptcy on their reports, then I'd rather not take the "ding" of a hard pull.

 

So is this a bona fide thing or not?


Chris in OK

Chris in OK

Posted
Posted

I would. NFCU is a great organization, and from what I recall about them, if they can approve you, they will. Did the letter include a mini-miranda about "Prescreened Offers of Credit?" The least you could do is call a CSR and ask them about it before actually applying. Couldn't hurt.

Dr. Dolemite

Dr. Dolemite

Posted
  • Author
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I would. NFCU is a great organization, and from what I recall about them, if they can approve you, they will. Did the letter include a mini-miranda about "Prescreened Offers of Credit?" The least you could do is call a CSR and ask them about it before actually applying. Couldn't hurt.

 

 

Yes, it did have the mini-Miranda on the back. And yes, NFCU is definitely a great organization. Between them and USAA, I've got it good :)

Chris in OK

Chris in OK

Posted
Posted

I would. NFCU is a great organization, and from what I recall about them, if they can approve you, they will. Did the letter include a mini-miranda about "Prescreened Offers of Credit?" The least you could do is call a CSR and ask them about it before actually applying. Couldn't hurt.

 

 

Yes, it did have the mini-Miranda on the back. And yes, NFCU is definitely a great organization. Between them and USAA, I've got it good :)

 

I'd venture to assume that because of the presence of the mini-Miranda, you actually COULD be pre-approved. Call a CSR and verify, I'd bet you are.

Dr. Dolemite

Dr. Dolemite

Posted
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Posted

Just as a side note...the Boss GT is a 329 (5.4 liter) ;) Go for it!

 

 

Yeah, but it's also another ten grand, and though the extra ponies would be nice, I don't need the extra payment! ;-)

RadioRob

RadioRob

Posted
Posted

I had a pre-approval from NFCU in my offers section for auto loan. I ended up biting.... although I did not get 1.99... got 3.99%.

 

So now as of a few days ago... my Hynduai Elantra has been replaced with a 2001 Lexus ES350.

 

car2.jpg

 

It's my dream car... has the moon roof I've always wanted, bluetooth, nav system, etc. Because it was with Navy as well, the dealer appearently had an agreement for a discount on pricing already which put the price at a # I was willing to pay. So negotiated it a bit further and got it at a price I was VERY happy with.

JaseT

JaseT

Posted
Posted (edited)

I had a pre-approval from NFCU in my offers section for auto loan. I ended up biting.... although I did not get 1.99... got 3.99%.

 

So now as of a few days ago... my Hynduai Elantra has been replaced with a 2001 Lexus ES350.

 

car2.jpg

 

It's my dream car... has the moon roof I've always wanted, bluetooth, nav system, etc. Because it was with Navy as well, the dealer appearently had an agreement for a discount on pricing already which put the price at a # I was willing to pay. So negotiated it a bit further and got it at a price I was VERY happy with.

 

Very nice!! I'm looking at a Lexus ES-350 myself! That looks like the current model, not the 2001...

Edited by JaseT
BobWang

BobWang

Posted
Posted

I had a pre-approval from NFCU in my offers section for auto loan. I ended up biting.... although I did not get 1.99... got 3.99%.

 

So now as of a few days ago... my Hynduai Elantra has been replaced with a 2001 Lexus ES350.

 

car2.jpg

 

It's my dream car... has the moon roof I've always wanted, bluetooth, nav system, etc. Because it was with Navy as well, the dealer appearently had an agreement for a discount on pricing already which put the price at a # I was willing to pay. So negotiated it a bit further and got it at a price I was VERY happy with.

 

Very nice!! I'm looking at a Lexus ES-350 myself! That looks like the current model, not the 2001...

An immaculate 2001. ;)

Dr. Dolemite

Dr. Dolemite

Posted
  • Author
Posted

I had a pre-approval from NFCU in my offers section for auto loan. I ended up biting.... although I did not get 1.99... got 3.99%.

 

So now as of a few days ago... my Hynduai Elantra has been replaced with a 2001 Lexus ES350.

It's my dream car... has the moon roof I've always wanted, bluetooth, nav system, etc. Because it was with Navy as well, the dealer appearently had an agreement for a discount on pricing already which put the price at a # I was willing to pay. So negotiated it a bit further and got it at a price I was VERY happy with.

 

 

Nice car! I'm thinking you made a typo - there's no way that's an '01! Besides, I'm pretty sure Bluetooth and nav didn't exist back then ;-)

 

Also, how's your credit? Because 3.99 is a pretty nice rate . . .

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