Question About Credit Union At Work

[Superus]

OK at work i have a credit union

1.
I want to do a person to person Buy.

Can the credit union give me the cashiers check to purchase this car?


2
Or i have to buy from there dealer which is enterprise?

Can i have enterprise buy the car for me then have the credit union buy for me? Don't know if it's possible,

This Car is not salvaged it's in 1 Piece lol low miles 91 although i would love a T model.

 

[NSXGMS]

If you're approved at a credit union, they generally have NO problems with private sales. They'll usually lend 100% of the RETAIL value, so "private party" or "wholesale" is not a problem to 100%

Credit unions, in my experience, have the LOWEST rates for used auto loans. But their credit criteria is strict. They usually won't lend to anyone with a credit score <700.

You MAY also have a problem based on the year. Most financial institutions won't lend on a car more than 7-9 years old, let alone 13

If you want a loan, you may need to go to a sub-prime type lender with higher rates, such as HFC/Beneficial, or Fireside Thrift. Or dealer financing.

Good luck!

 

[Arata]

You can do whatever the Credit Union is willing to do.
Generally, Credit Unions ask that a car being purchased from a private party, be inspected by them or a dealership.

 

[ERICKGS3]

i have a fico score of over 700 and my credit union still wouldnt give me a loan for a 13 year old car regardless of mileage and condition..

i got my loan thru Capitol One Auto Finance used to be People First finance..they gave me a person to person loan but they demand alot of documents so its a pretty long process..it could be done in one day, i suppose..i didnt live in the same city as the seller so it took some time..

things they want faxed to them before the seller can cash the blank check

1) completed pink slip

2) drivers license of both buyer and seller

3) bill of sale which also needs to be notorized

4) copy of completed Capitol One check

 

[Doug]

peoplefirst.com
don't care about age of car and have good rates with quick approval and no hidden costs.

 

[pt91]

Ditto on the above two posts.
Cap. One/people first is great. Fast, easy and the best deal I could find.
My credit union wouldn't give a loan for an auto over 7 yrs old.

 

[Superus]

I have Good Credit 1 Year Worth Don't know if that would matter

I probably will have a Co-signer Which has a pretty high paying job But the credit is not great period


So with this you think people's choice will approve?

And the credit union at work i was hoping they would work with it but i guess thats out of the question.

I just need 10K and i'm good to go.

 

[Zishan]

My credit union financed 100% of my NSX, but I still put over 10k down. They just wire transfered the funds to the seller since the car was out of town. Over course I went to pick up the car and didn't send the money until I drove the car to the dealership for a check up and the title was signed over to me.
Regards,
- Z

 

[Superus]

Was your credit union from work?


It's just that my mom doesn't have much of credit it was damaged so i don't know if she would get accepted even though i have good credit


She told me her credit union goes through enterprise cars sales


but i want the nsx and thats only person to person

Would they give me the check to do that?

 

[allkingz]

Your best bet is to contact your credit union directly. Credit unions each have their own guidelines and requirements for auto loans. Some are stricter than others.

My credit union has given me loan terms and rates that other banks would not.

Good luck.

 

[satan_srv]

yeah man we aren't credit unions, asking questions about what a credit union does for loans would be best asked to your credit union directly.

 

[NSXGMS]

Like I mentioned, and everyone else has reiterated, your credit union won't lend on a '91.

If it's a newer car, like, say, a 97, then you've got a shot with them.

If it's the '91 you're after, apply with People First or Cap One online. However, with only 1 yr's worth of credit, you may hit a road block with those two lenders. Their programs are flexible as far as age/term/private parties, etc., but they do require good credit (FICOs 660+, generally). To get that good credit, one usually needs at least 2 years of established tradelines.

Not to mention that PF/Cap One may require some sort of down payment.

I'd jusy apply online. That's the only way you'll find out. If you want the '91, forget the CU.

 

[cxr344]

That's not true. Not all credit unions are the same, the only way to know is to contact them.

A few months ago I was looking at '91 NSX with over 90,000 miles, and my credit union was willing to lend me 90% of the Blue Book value for the car at 6.0% interest.

Like I mentioned, and everyone else has reiterated, your credit union won't lend on a '91.

If it's a newer car, like, say, a 97, then you've got a shot with them.

If it's the '91 you're after, apply with People First or Cap One online. However, with only 1 yr's worth of credit, you may hit a road block with those two lenders. Their programs are flexible as far as age/term/private parties, etc., but they do require good credit (FICOs 660+, generally). To get that good credit, one usually needs at least 2 years of established tradelines.

Not to mention that PF/Cap One may require some sort of down payment.

I'd jusy apply online. That's the only way you'll find out. If you want the '91, forget the CU.

 

[NSXGMS]

That's not true. Not all credit unions are the same, the only way to know is to contact them.

Yes, I understand that. You're very lucky to have such a liberal CU.

But the vast majority of CU's aren't that generous.

Of course, one should just inquire. Any loan officer or even a rep will tell you immediately if your criteria fit their guidelines. I was trying to illustrate the most likely scenario for him. I've applied for LOTS of car loans, and been turned down LOTS of times, so I have a little experience, and I was trying to share that and avoid having him waste any more time, but that may be too late!

BTW, I'm not sure why anyone would post this question on Prime.

In the time it took, a phone call to the CU and an Online application would answer every question he has.

 

[nkb]

BTW, I'm not sure why anyone would post this question on Prime.

Because all signs indicate that Superus is a young kid who is nowhere close to buying an NSX, but is trying to create legitimacy by posting questions and comments that imply that an NSX purchase is imminent.

Do a search on his posts, and decide for yourself.

Why else would he post a question about HIS credit union (in the New & Prospective Owners forum nonetheless, instead of in Off-Topic), when a quick call to his CU would have given him all the info he needed?

 

[romeo62186]

I have to have an nsx within my driveway in the next 12 days tops. Today is Saturday 4/24. Would this be possible if I go through capitalone auto financing. This question is not about approval but more about how long the process usually takes. The seller is out of state. Thanks for any help.