DIGITAL FEDERAL CREDIT UNION

[MarvBear]

IMPORTANT INFORMATION

 

Effective January 1, 2005, the minimum donation available for AAPD will be $15. The American Association of People with Disabilities (AAPD) has increased their one year membership from $8.00 to $15.00.

 

Please include a check for $20.00 with all dealer packages sent to Digital Federal Credit Union beginning 01/01/05. This amount includes $15.00 for AAPD AND $5.00 for DCU savings. If a check is not included with the dealer package, DCU will short proceeds.

 

PLEASE NOTE: It is important that your customers understand that their donation to AAPD is providing them with a year membership to the organization. They will be receiving information about the organization, along with a thank you letter for their donation. If you are paying the donation for your customer, please be sure they understand they are receiving a one year membership to American Association of People with Disabilities. They are not required to renew their membership annually. Their initial donation makes it possible for them to be a member of DCU and therefore obtain a loan for their new vehicle.

 

Thank you,

 

Indirect Lending Business Development

[MarvBear]

Here are the latest DCU Indirect rates.

 

[Credit Please]

So, with a 637 I wouldn't be able to get a loan from them?

[MarvBear]

On the indirect side they are somewhat inflexible.

 

Of course the beacon score they refer to is the auto enhanced version.

[Credit Please]

ahhhhhhhhhhhhhhh I see, I see

[MarvBear]

And hey CP, the first of the month your beacon score should go up anyway. Maybe enough to do what you want.

[bkinco]

Is a 20% down (80% LTV) for auto loans pretty normal post-BK?

Will the Beacon score be a blend, the middle, or from a particular CRA?

 

Thx

[MarvBear]

Beacon is a nomenclature used by Equifax

[MarvBear]

Is a 20% down (80% LTV) for auto loans pretty normal post-BK?

Will the Beacon score be a blend, the middle, or from a particular CRA?

 

Thx

<{POST_SNAPBACK}>

 

 

BTW 80% LTV does not mean 20% down.

 

Or the converse... 20% down does not mean you will arrive at a 80% LTV

[munci98]

Stupid question... what does 'indirect' rates mean?

[MarvBear]

Stupid question... what does 'indirect' rates mean?

<{POST_SNAPBACK}>

 

 

Direct rates are what YOU would get if YOU apply DIRECTLY to the lending institution.

 

Indirect rates are what YOU would get if YOU apply thru ANOTHER source to the lending institution.

[TexasLady?]

Direct rates are what YOU would get if YOU apply DIRECTLY to the lending institution.

 

Indirect rates are what YOU would get if YOU apply thru ANOTHER source to the lending institution.

<{POST_SNAPBACK}>

 

Which is the better route?

[MarvBear]

Direct rates are what YOU would get if YOU apply DIRECTLY to the lending institution.

 

Indirect rates are what YOU would get if YOU apply thru ANOTHER source to the lending institution.

<{POST_SNAPBACK}>

 

Which is the better route?

<{POST_SNAPBACK}>

 

 

With most CU's the rates are the same whether indirect or direct.

 

So, IMO it would depend on the competency level of yourself in trying to get yourself approved or the competency level of the finance manager who was seeking an approval on your behalf.

[MarvBear]

LOAN POLICIES

 

New Auto Policies:

 

Please review approval and/or dealer rate sheet for advance policy. All new members are subject to CU review. POI will be waived on tiers 1&2 w/credit history greater than 24 months. Poi must be a current paystub. All BK’s subject to DCU approval! Applicant must have valid US DL.

 

Used Auto Policies.

 

Please review approval and/or dealer rate sheet for advance policy. All new members are subject to credit union review. POI will be waived on tiers 1&2 w/credit history greater than 24 months, not including deferred student loans. Poi must be a current paystub. Mileage not to exceed 80K miles. Credit Union does not finance salvaged, lemon law, straw, commercial, or business dealer through CUDL. All BK’s subject to DCU’s approval! Applicant must have valid DL.

[davebridget]

Since they are talking about Beacon, I'm assuming they pull equifax?

In your experience, If one has a 640 score and POI they would be elegible for tier 3? I have a $1000 CA that is listed as Disputed and a CO which is related to the CA. 2 Car loans with only one 30 day late 12 months ago. Do you feel DCU is good CU to go with? Are there any other good CU's that use Equifax? Wow, didn't mean to ask that many questions. Sorry

[MarvBear]

I only have personal CC with them.

 

I find the CU's here in Florida imminently more flexible and most down here do pull Equifax.

 

DCU though has been very very good to me personally.