Credit Union Loan???
Im planning on getting a 5-6k car loan from my credit union. Do they go through the actual dealership or will they write me a check or whatever it is they do?
Thanks, chris |
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true i didnt know that! they were closed today but ill try tomarow .. thank you
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The credit union should write a check to you and the dealer, the credit union then becomes a lein holder on the car. They usually want a vin and some official paperwork from the dealer, say a sales agreement. Don't get the check from the credit union before the car is ready to be picked up as your payments will be due sooner. If you got the check 30 days before you take delivery your first payment may be due the day you take delivery. Get answers from your credit union in advance so there won't be any surprises.
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I got my car through my CU. I never saw a check. My dealer faxed my CU a purchase agreement with the cost to finance. Then my CU faxed back an approval letter and the car was mine. The rest was all handled behind the scenes. Since there is no actual "money" anymore and everything is done electronically, it was very quick and easy. I did all my paperwork before the car even hit the dealership. I went in the minute it showed up and checked it out. Went back after work and drove it home. No fuss, no muss.
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While it can be done any way you listed, one thing is for certain. If you go exclusively through the dealership to finance the purchase through your credit union it WILL cost your credit union money. Your credit union will have to pay the dealer between 1% and 2% of the loan amount for processing the loan. If you go directly to your credit union you will save the CU money and save yourself some hassle in the F&I office. You will also be able to purchase extended warranty, GAP, credit life/credit disability insurance for prices MUCH lower than at the dealer.
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So since my CU will be the lean holder i will still have to carry inurance like financing through one of the dealerships banks correct? I thought I was gonna get away with just liability like i have now since my car is payed off:facepalm:
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Though, even without a lien holder, it is not wise to have a valuable asset left uninsured. |
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