Looking into NFCU after USAA trouble

[MamaK]

Hi all,

 

We are looking to purchase a new van.

 

USAA approved the line of credit we asked for (38k). However, they said they will only allow us to use 80% of the amount of the vehicle according to what they say it is worth. MSRP is $38,055. They claim it is worth $36,275, so they said we could only use $29,020 of the loan. Which leaves us quite frustrated. I'm not sure why they would approve us for a certain amount but we aren't allowed to use it. Spoke to 2 different reps to verify this situation. We don't have the cash to pay the 20%, all the fees, and our lovely 10% tax here as a downpayment to get to where we'd only need the loan to be 29k. It would take about 4-5 months for us to have the cash which is doable, but with the issues I'm having with my current van I'd rather not wait.

 

A friend suggested we try NFCU so I thought I'd get your opinions on that. We just submitted a membership application (husband is active duty) and they said it takes 3-5 business days to confirm eligibilty and to become members. So in the meantime I'm antsy to know if we might even have a shot with them.

 

We're doing the loan in DH's name as he is the one with the income. As of Feb 22nd his credit score was 691, certainly room for improvement, but we are getting there and should be debt free (aside from a potential new car) within the year.

 

Do we have a shot with NFCU giving us the loan?

 

[Fuerza]

NFCU does have some relaxed standards in terms of generosity. With that being said, I would suggest the auto financing forum for advice. Marv is in the car business and could make some suggestions.

 

 

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[cdilisio47]

Yes, give NFCU a try. Always have a positive experience with them and best customer service also. Great credit lines and easy to deal with. Enjoy!

[Tytrav32]

I applied for a membership through NFCU & I believe when they run the application everybody needs to scan or upload their ID and proof of address and once they have that and open a savings account I was a member the following day. I applied for the platinum card and was approved for 32.7 & an even 50K approval on a car loan but i'm sure that could be recon if needed as far as the terms you're speaking of with USAA I don't think and would not imagine they would have such terms at NFCU because it's not a secured loan, I guess to a point it is I mean your car would be there security but that's almost like saying you might have your car repossessed so we want to make sure it's worth what we give you otherwise I don't know why it would matter to them but that's just my MHO.. Best of luck to you guys though but I can assure you customer service is outstanding & the trade lines I agree are definitely great!👍🏼

[PotO]

Hi all,

 

We are looking to purchase a new van.

 

USAA approved the line of credit we asked for (38k). However, they said they will only allow us to use 80% of the amount of the vehicle according to what they say it is worth. MSRP is $38,055. They claim it is worth $36,275, so they said we could only use $29,020 of the loan. Which leaves us quite frustrated. I'm not sure why they would approve us for a certain amount but we aren't allowed to use it. Spoke to 2 different reps to verify this situation. We don't have the cash to pay the 20%, all the fees, and our lovely 10% tax here as a downpayment to get to where we'd only need the loan to be 29k. It would take about 4-5 months for us to have the cash which is doable, but with the issues I'm having with my current van I'd rather not wait.

 

A friend suggested we try NFCU so I thought I'd get your opinions on that. We just submitted a membership application (husband is active duty) and they said it takes 3-5 business days to confirm eligibilty and to become members. So in the meantime I'm antsy to know if we might even have a shot with them.

 

We're doing the loan in DH's name as he is the one with the income. As of Feb 22nd his credit score was 691, certainly room for improvement, but we are getting there and should be debt free (aside from a potential new car) within the year.

 

Do we have a shot with NFCU giving us the loan?

 

 

 

If your husband's credit reports are OK, Navy might be better than USAA for you. But with a 691, I'm wondering if there aren't any derogatorias there. I suspect that's why USAA put a cap on your loan. Anyhow, I haven't heard of Navy doing anything like that and since your husband is on active duty Navy might not have any problems.

 

Once you get your member number, go ahead and app the car loan.