Auto Loans

[YungAl]

I was wondering if anyone has used an Auto loan from a credit union to buy their new Camaro if so please let me know the process because I am not familiar with auto loans. I am planning on using a Tax Advantaged Auto Loan from Tyco Credit Union to purchase my 2013 Camaro. Thanks in Advance!

[YungAl]

Originally Posted by 2013 RaceRed 5.0

I used a CU for a previous new car loan, they gave me the best rates. Going to do the same on my current vehicle as soon as I'm mailed the title (required).

So are you saying you can use them for private sellers also?

[mlee]

Originally Posted by YungAl

So are you saying you can use them for private sellers also?

Yes. The CU should be able to walk you through the process very easily. Get pre-approved for the amount you want to spend and then just go shopping.

[skirush]

My wife and I just refinanced our family car (SUV) with a credit union. They beat our current rate by 3 points. We're down to about 3.5% for a used car! They give better rates.

[DwRed1LTV6]

My 1st loan was thru a Credit Union way back in 1985 !

Was hoping the loan for my Camaro would be thru one again.

[YungAl]

So after I have purchased the Camaro from the dealer using an Auto Loan will I have any further ties to the Dealership or Is the car mine? I ask this because I wanted to customize my car as soon as I get it

[witheringsanity]

although i can't speak to laws in other states, in Delaware the car won't be "yours" until the loan is paid off. the bank doing the lending (or credit union) holds on to the title until the final payment is made. the car is registered in your name, and you are the "owner", but with a lien the car lawfully belongs to the lender (the reason why it can be repossessed if you don't pay your bill).

that said, you shouldn't have any issues with modding it. i've never heard of someone getting into trouble for modding a car with a lien on it. if they have to repossess the car for some reason it may be as issue, but if you don't miss payments i dunno how the CU or bank would ever know you modded it.

cheers and enjoy your new car!

[ntrimm]

We financed through US Bank at 2.3%

[Coloradorado]

Originally Posted by witheringsanity

although i can't speak to laws in other states, in Delaware the car won't be "yours" until the loan is paid off. the bank doing the lending (or credit union) holds on to the title until the final payment is made. the car is registered in your name, and you are the "owner", but with a lien the car lawfully belongs to the lender (the reason why it can be repossessed if you don't pay your bill).

that said, you shouldn't have any issues with modding it. i've never heard of someone getting into trouble for modding a car with a lien on it. if they have to repossess the car for some reason it may be as issue, but if you don't miss payments i dunno how the CU or bank would ever know you modded it.

cheers and enjoy your new car!

When I was repossessing cars, we took cars in any condition. Your only issue might be if the mods lower the auction price of the car, and it sells for less than what you owe, you are responsible for the difference.

[toehead93]

Pentagon Federal Credit Union. 1.99% right now for new and used, last month they were at 1.74% for both. I just payed of my 2010 Camaro SS with them and my wife has her loan with them, I will be applying with them first thing in the AM for my new 1LE which is supposed to arrive tomorrow or Thursday! Even 4 years ago when I bought my 2010 SS PenFed was the lowest rates around, I have yet to see anything close.

[Mpsmith1]

1.69 to 1.99% at First Community Credit Union. Couldn't have been easier...

http://www.firstcommunity.com/rates.html

[mlee]

[YungAl]

I have recently applied for the auto loan of 20k with my credit union..do you guys think it will help me get approved if I have around the same amount in my account with the credit union.

[mlee]

Originally Posted by YungAl

I have recently applied for the auto loan of 20k with my credit union..do you guys think it will help me get approved if I have around the same amount in my account with the credit union.

I doubt that would make much difference, but if you put a larger down payment on the car it would.