GMC Acadia Forum banner

1 - 20 of 25 Posts

·
Registered
Joined
·
122 Posts
Discussion Starter #1
For those of you who financed through a credit union - How does it work? Does the dealership contact the credit union to setup the financing or do you take the credit union the info and they give you a big check to "buy" the car with? This is a one unit credit union so odds are the dealership hasn't dealt with this particular place before. This credit union is for my wifes work. Does that mean that the car has to be in her name for them to finance it? This is my first time not using GMAC so any info would be appreciated. Thanks.
 

·
Registered
Joined
·
497 Posts
My experience with CU auto financing is really quite easy, and as follows.
The CU member (and yourself, I assume) complete an application and get pre-approved. More than likely this is done on-line. Or, if you've had loans with the CU before, a phone call. Sounds like you've done enough research on your Acadia to know the loan limit you need. It is a cap, so you can go under pre-approved amount, and the CU might be flexible if you need more, if necessary.

After you're preapproved, go into the dealership and act as if you are going to whip out a wad of cash to buy your vehicle. When you've negotiated a deal on your vehicle, then just say you're financing through your CU and you'll be back in a day or two with the check. Once the deal is complete, you take the paperwork to the CU and they will issue you a check for the vehicle with them set up as the lien holder.

I have not had to title the auto solely with a credit union. I suspect that you and your wife are both on the account. Even if you aren't, you both can be on the title along with the credit union.

Except if one can write a personal check, I wouldn't finance a car any other way (unless you really get a fantastic deal with 0% financing that works for you--rare). In the end, your CU deal and financing will likely be better -- CUs offer various rates for different financing length and are probably better than dealer financing. Plus, they can easily direct debit payments and if you do a set amount per 2-week paycheck, you make 13 payment versus 12 over a year and pay off even faster.

I retract all advice here if you buy a different car than an Acadia! >:D
Good luck!

If you have specific questions, PM me.
 

·
Registered
Joined
·
35 Posts
Acadia4VA-WV said:
...go into the dealership and act as if you are going to whip out a wad of cash to buy your vehicle...
While I'll agree with the part about how to work with the credit union to get pre-approval for a general amount in advance, I have to disagree with this part. My experience has always been in order to get the best price, NEVER tip your hand as to how you are going to pay until you have the bottom-line PRICE for the vehicle, regardless of finance/lease/cash payment options. Don't get into how you are going to pay or what you want your monthly payment to be. Focus on the bottom-line price for the vehicle and nothing more. You should know in advance what the ballpark monthly payment should be.

Dealerships make very little money selling vehicles these days. They make their money on financing (ultra-low rates excluded, of course), F&I extras (extended warranties, GAP insurance, LoJack, etc.) and maintenance.

If the salesman and the "my manager" guy know in advance during price negotiations that potential profits from a 6.9% financing deal are off the table, they are going to try to make their money elsewhere, like in the cost of the vehicle.

Hope that helps.
 

·
Registered
Joined
·
468 Posts
I'll add one point that is nice about my credit union. I'll apply over the phone, they'll fax me the paperwork, and then I'll return it. They then deposit the money into one of my accounts. I never have to visit the credit union itself. That way I simply write a check when I pick up the vehicle. It is very convenient.
 

·
Registered
Joined
·
1,164 Posts
ownersite said:
Acadia4VA-WV said:
...go into the dealership and act as if you are going to whip out a wad of cash to buy your vehicle...
While I'll agree with the part about how to work with the credit union to get pre-approval for a general amount in advance, I have to disagree with this part. My experience has always been in order to get the best price, NEVER tip your hand as to how you are going to pay until you have the bottom-line PRICE for the vehicle, regardless of finance/lease/cash payment options. Don't get into how you are going to pay or what you want your monthly payment to be. Focus on the bottom-line price for the vehicle and nothing more. You should know in advance what the ballpark monthly payment should be.

Dealerships make very little money selling vehicles these days. They make their money on financing (ultra-low rates excluded, of course), F&I extras (extended warranties, GAP insurance, LoJack, etc.) and maintenance.

If the salesman and the "my manager" guy know in advance during price negotiations that potential profits from a 6.9% financing deal are off the table, they are going to try to make their money elsewhere, like in the cost of the vehicle.

Hope that helps.
Well said, ownersite. I agree wholeheartedly. I didn't mention financing at all when we recently purchased our daughter's Honda Civic. I think they just assumed we would finance it. Both the salesman and the F&I guy looked like I just ran over their dog when I ended up paying cash. I wouldn't have wanted to negotiate price with them knowing they weren't going to make any money on the "back-end".
 

·
Registered
Joined
·
122 Posts
Discussion Starter #6
Thanks for the help. One more thing - If I am going to give a down payment, do I pay the dealership that money or the credit union.
 

·
Registered
Joined
·
35 Posts
BigGuy said:
Thanks for the help. One more thing - If I am going to give a down payment, do I pay the dealership that money or the credit union.
The dealership. You are basically going to hand the dealership two checks, the check from the credit union for the amount you are financing through them and a personal/cashiers check (or cash) for the remaining balance.

For instance, if the price you negotiated on the Acadia is $35,000 and you are financing $30,000 through the credit union, the credit union will cut you a check for $30k to give to the dealer and you can pay the remaining $5k to the dealer however you want.
 

·
Registered
Joined
·
13 Posts
What % rate are credit unions giving out now?
 

·
Premium Member
Joined
·
1,762 Posts
I used a credit union and we got 5.49% for up to 72 months back in February. It worked exactly as described on here. But really it was no different than getting preapproved through any channel. I actually used ownersite's tactics when I bought my G35. I got preapproved through capital-one online using the "blank check" method where I was approved for anywhere from 10k up to 40k (or whatever it was). When I had a final price on the car, I simply filled in the amount on the check and gave it to the dealer, which started my loan. It was good for 60 days after approval. I never mentioned this to the dealer until the last minute when everything else was settled. He begged me for a chance to "beat our rate" (which he still didn't know), and they did it!! I was stunned because I had gotten a fantastic rate.
 

·
Registered
Joined
·
13 Posts
Thank you for your reply. I am currently waiting on an Acadia to be built at the present time. Needless to say, the financing programs through the dealerships right now are extremely high. Hopefully the April incentives will become more attractive. My credit union is also offering 5.49% with an additional .25% discount, if you do a direct deposit. This will be the first time that I ever considered using credit unions as a source of financing. Well, I guess it's just a wait-and-see game. Thanks again for all your dedication to this web site. Nice Work!!
 

·
Premium Member
Joined
·
1,762 Posts
We also financed our mortgage through Pentagon Federal Credit Union. They don't offer much in the way of service and it's sometimes a hassle to get money into and out of them quickly (lack of branches/ATM, etc), but when they have sales on their rates, it's hard to beat them. We keep our account open with them for just such occasions.

As for this site, it's my pleasure. Thanks for coming by and adding to the community!
 

·
Registered
Joined
·
497 Posts
ownersite said:
Acadia4VA-WV said:
...go into the dealership and act as if you are going to whip out a wad of cash to buy your vehicle...
While I'll agree with the part about how to work with the credit union to get pre-approval for a general amount in advance, I have to disagree with this part.
I agree. I should have added "...by taking control of the deal, get the best offer, and then, when they think they'll make $$ on financing...say 'no thanks, all taken care of'" or something like that.

By the way, as of this evening, these are the current rates at my credit union, rates have gone up.
36 mo, 5.15%
37-63 mo, 5.50%
64-72 mo, 6.50%

T-bone, sounds like your CU is offering a good deal.
 

·
Registered
Joined
·
13 Posts
I'm jealous!

You have the exact Acadia I am anxiously awaiting right now. With the exception of the all-wheel-drive and the HId (I preferred the bench also).

The funny thing is, I was forced into ordering the car because dealerships would not sell me the vehicle based on my GMS pricing. When I found the Acadia that was properly equipped, they literally had the nerve to ask me for $1500. over the GMS price.

This has given me the opportunity to the evaluate the financing. So as far as the back end of this deal is concerned...... Soooo Sorry[/color]!!!!
 

·
Registered
Joined
·
75 Posts
I financed through Navy Federal CU and the process was extremely easy. I filled out the online application and received an approval right away. The next morning a rep called and said my check was ready for pick-up. I has asked for $40k and was approved for $56, even though I don't have to necessarily use it all. I walked into my dealership and we worked out our price and all....I filled out the total amount of the sale on my check and the car was mine! About two weeks later my CU sends me the loan paperwork through the mail for me and wifey to sign with the total amount of the sale. We mailed it back and we're all set! I even set up automatic allotments from my account...it really, really...really convenient.

Then again, most all other banks offer similar financing support and it's just a matter of what you have at your disposal. BigGuy, I would compare whatever your dealer is offering and see what's best.....
 

·
Registered
Joined
·
259 Posts
I financed through Associated Credit Union and got 4.9% for 60 mos. They're really easy to deal with. All you have to do it fill out the application, give them $25 to open an account, and then apply for the loan. I've always had car loans through credit unions - I feel like it's the best deal around.
 

·
Registered
Joined
·
42 Posts
I called Tech Credit Union in San Jose Ca. today it took about 10 min. and I was approved for 40k. I got 6.70% for 84 months and 6.95% for 96 months. All I have to do is call and let them know what terms I want. I currently have my Denali financed through them, which made it easy. I think you can apply for a loan online.
 

·
Registered
Joined
·
468 Posts
96 months??? :eek: :eek: :eek:
 

·
Premium Member
Joined
·
1,762 Posts
Are you buying a house or an Acadia??? :)
 

·
Registered
Joined
·
42 Posts
I was approved for 40k but will only need 30k..I will be putting 14k down...I'll do 96 months to keep payment down. I plan on only keeping the Acadia 3 to 4 year max. I dont like to lease.I like to be able to sell whenever I want and modify the vehicle if I please. My payment will be around $420 a month..the money I save on car payments I will put into investment accounts, so it will make money for me..but some people like the $600 plus car payment..
 
1 - 20 of 25 Posts
Top