DCU Auto Loan Rate

[Matti]

Just a PSA -

 

Dropped to 1.24%. Not sure if there's a thread around here that I missed?

[mindcrime]

With checking, DD, and auto pay, yes, its dropped to 1.24% don't think it's been talked about yet though.

[Redfoot]

Mine just dropped another 0.25%

 

The auto loans are the only thing I love about DCU

[shifter]

bummer, just got mine at 1.99

[seetheworld1]

Whaaaaat?! I'm at 2.99. They wouldn't drop it to 1.99 unless I gave them my full direct deposit and I wasn't willing to take that chance... Double bummer. You guys lucked out!

[choppa02]

With a 627 fico I can only dream about 1.24%

[ugghh]

I must of just missed out

[rjb75]

I wonder if they will refi their own auto loans? Mine is almost a year old @ 1.99.

[Imma make it rain trick]

Mine just dropped another 0.25%

 

The auto loans are the only thing I love about DCU

 

I love them for their $5 credit each month if I have to use a non-network ATM (casino or out at a bar). They even seem to have the system down where if I go to a mini mart and they dont take credit... I can use my debit and get that 35-65 cent fee refunded.

 

I did have an auto loan with them at 1.99 but transferred it to PenFed for .99 instead. Both DCU and PenFed have been really good to me.

[Redfoot]

I wonder if they will refi their own auto loans? Mine is almost a year old @ 1.99.

With on time payments the APR goes down 0.25% every quarter for a year until the maximum 1% discount is met.

 

Your monthly payment stays the same with the savings coming off the loan balance instead. With a year of timely payments you should be getting the lower APR.

[rjb75]

My loan originated in May 2013 and they deduct the payment from my acct automatically. I see the same 1.99 rate on the loan statements-does the .25 come off each quarter or after a year does the 1% take effect?

Edited March 18, 2014 by rjb75

[Redfoot]

My loan originated in May 2013 and they deduct the payment from my acct automatically. I see the same 1.99 rate on the loan statements-does the .25 come off each quarter or after a year does the 1% take effect?

If you pull up your account in the mobile App it will show your current APR.

 

Mine just went up, the rep from DCU gave me the routing and account number for my savings and I lost the extra discount for direct deposit to checking. Still waiting on my employers payroll to get that changed around.

[Matti]

Just got off the phone -

 

Can refi an existing DCU loan. $50 refi fee, OR have to take $1,000 cash out on the cars equity.

 

For those that need to go 72 months - Rate only jumps to 1.74%.

[itrev82]

I just called on it.. they said the fee table changed. If you owe over 25k, the fee to refi is $150.

[Redfoot]

Just got off the phone -

 

Can refi an existing DCU loan. $50 refi fee, OR have to take $1,000 cash out on the cars equity.

 

For those that need to go 72 months - Rate only jumps to 1.74%.

Do you know if it will do the on time payment APR rebate?

 

Getting that down to 0.24% after a year would be awesome.

[shifter]

how does the on time payments APR rebate work if you were late on your first payment?

 

I setup a payment from my other bank, but I didn't allow enough time and I was 2 days late on the first payment. doh!

 

do you have to make every payment on time or is it just that my year won't start until next month's payment is on time?

[Redfoot]

how does the on time payments APR rebate work if you were late on your first payment?

 

I setup a payment from my other bank, but I didn't allow enough time and I was 2 days late on the first payment. doh!

 

do you have to make every payment on time or is it just that my year won't start until next month's payment is on time?

 

From what I understand it would start after three consecutive on time payments are made, so next month for you.

 

I was running into difficulty on my first payment too with the transfer coming in from my other bank and was cutting it close so I called to find out where I could deposit locally. The rep said it was no biggie, no late fee and a 14 day grace period but it would count against the APR rebate as a late payment. The payment ended getting in early but it was still a pain.

 

 

From what I understand Matti is saying it would be worth the loan fee to defiance to save another 1% on the APR. I'll have to look into that.

[shifter]

yeah if you can get it down to 0.24% after the first year, that would be incredible.

 

let us know.

[jobiggs]

Where are you guys seeing the discount for on time payment? I do not see it anywhere on their website. I have had an auto loan with DCU since December 2012 and all my payments have been on time. My rate is still 1.99% Should I be receiving a discount?

[itrev82]

So I just spoke to them again. I am going to do an "amend a rate" vs. a refi because if you do a refi and have purchased GAP insurnace, you would have to repurchase it since its a "new" loan.

 

The "amend a rate" charges you the fee, but keeps the payment and everything with the loan the same - just changes the rate on the loan to the new rate. This way, you get the savings on interest but not a new loan. Takes 24-48 hrs after the request is submitted to see it show up online.

[shifter]

is there a hard pull for "amend a rate"?

 

they just adjust the rate for anyone?

[itrev82]

is there a hard pull for "amend a rate"?

 

they just adjust the rate for anyone?

In my case I had a preapproval for another auto loan on my account, so no hard pull would be needed. I didnt ask if a pull would be needed otherwise, sorry!

[jdmc1973]

I believe those that are already getting the best APR rate they offer, i.e. 1.99% are not eligible for the automatic .25% quarterly reduction. Only those going through the "2nd chance Car loans" are eligible. I got a 5.49% rate with them since my score was below 680 at the time and consequently got a higher than best available rate. My rate is due to drop another .25% next month I believe, when it will become 4.99%. I'd love to be proved wrong, but I don't think they're going to give discounts on top of their best rate.

[jobiggs]

I just finished chatting with them to see if I can ammend my rate for a loan with a balance of 10,500. They told me the fee was $100. Are others being told $50?

[Redfoot]

I believe those that are already getting the best APR rate they offer, i.e. 1.99% are not eligible for the automatic .25% quarterly reduction. Only those going through the "2nd chance Car loans" are eligible. I got a 5.49% rate with them since my score was below 680 at the time and consequently got a higher than best available rate. My rate is due to drop another .25% next month I believe, when it will become 4.99%. I'd love to be proved wrong, but I don't think they're going to give discounts on top of their best rate.

Well I'm here to prove you wrong.

 

My wife's car was a refi, so a "second chance" loan and was at 1.99% and has dropped down to 1.74%.

 

I qualified for 1.99% but received 2.49% because of the loan term (72 months) and that has dropped 0.25% now. It was a new car loan so the two loans are different products.

 

 

 

That's good to know on the rate adjustment versus refinance. I purchased gap insurance on my Jeep and want to keep it. Thanks for the info.