Credit Union Loan??? - Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums

tmac1granger33 · 12-30-2009, 08:28 PM

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

Mr_Draco · 12-30-2009, 09:10 PM

Quote:

Originally Posted by tmac1granger33

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

Depends on the credit union and they are all different in the way they do things, some will right you a check the day you are approved, some will write a check when you tell them the car is there, some will contact the dealership to make sure it is there, some will send the check to the dealership so you won't get the car until the dealer gets the check, etc. The only way to know is to call them and ask, no one on this board can answer this question for you.

tmac1granger33 · 12-30-2009, 09:12 PM

true i didnt know that! they were closed today but ill try tomarow .. thank you

PAUL SS · 12-30-2009, 09:20 PM

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.

IROCanSS · 12-30-2009, 09:27 PM

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.

SilverIce1 · 12-30-2009, 09:43 PM

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.

tmac1granger33 · 12-30-2009, 09:45 PM

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

SilverIce1 · 12-30-2009, 10:04 PM

Quote:

Originally Posted by tmac1granger33

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

That is correct. You will be required to carry full coverage, comp and collision, as long as you have a loan on the vehicle.

Though, even without a lien holder, it is not wise to have a valuable asset left uninsured.

tmac1granger33 · 12-30-2009, 10:07 PM

Quote:

Originally Posted by SilverIce1

That is correct. You will be required to carry full coverage, comp and collision, as long as you have a loan on the vehicle.

Though, even without a lien holder, it is not wise to have a valuable asset left uninsured.

your right. I guess ill just have to put around 19k down and save the other thousand i have for my insurance.

Mr_Draco · 12-30-2009, 10:17 PM

Quote:

Originally Posted by tmac1granger33

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

Depends on the loan. If you take out a New Car Loan then yes you will have to carry full coverage. However if you go and ask for a Personal Loan and don't tell them it's for a new car, then you won't have to carry full coverage BUT in your situation, qualifying for a $6k Personal Loan will be a lot harder if not impossible then a $6k New Car Loan would be.

tmac1granger33 · 12-30-2009, 10:25 PM

Quote:

Originally Posted by Mr_Draco

Depends on the loan. If you take out a New Car Loan then yes you will have to carry full coverage. However if you go and ask for a Personal Loan and don't tell them it's for a new car, then you won't have to carry full coverage BUT in your situation, qualifying for a $6k Personal Loan will be a lot harder if not impossible then a $6k New Car Loan would be.

Ya with no credit i bet its impossible! 1800 bucks premium every six months from geico sucks lol I hope i can pay monthly

12-30-2009, 08:28 PM	#1
tmac1granger33 NM HT5 Drives: COTW 3/5/12 Join Date: Jul 2009 Location: los lunas, New Mexico Posts: 1,986 View My Garage	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 Last edited by tmac1granger33; 12-30-2009 at 08:46 PM.

12-30-2009, 09:20 PM	#4
PAUL SS The Mark of Excellence Drives: 2010 ABM 1SS RS LS3 Join Date: Jan 2009 Location: Smallest State in the Union Posts: 8,690 View My Garage	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. __________________ BMR, CAI, DynoMax, Elite Eng., Hurst, Jannetty, Clear Image Headers & Hi Flow cats, Jet Hot, LSR, TSW, VMax, Vredestein

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12-30-2009, 09:12 PM	#3
tmac1granger33 NM HT5 Drives: COTW 3/5/12 Join Date: Jul 2009 Location: los lunas, New Mexico Posts: 1,986 View My Garage	true i didnt know that! they were closed today but ill try tomarow .. thank you

12-30-2009, 09:27 PM	#5
IROCanSS Account Suspended Drives: 89 IROC 350 Join Date: Mar 2009 Location: Back roads, southern Ohio Posts: 12,504 View My Garage	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.

12-30-2009, 09:43 PM	#6
SilverIce1 Silver Ice Drives: 2010 SIM 2LT Automatic Join Date: Jul 2009 Location: South Central Kansas Posts: 191	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.

12-30-2009, 09:45 PM	#7
tmac1granger33 NM HT5 Drives: COTW 3/5/12 Join Date: Jul 2009 Location: los lunas, New Mexico Posts: 1,986 View My Garage	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