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Georgia confuses me, and the Credit Union, too

BarkingGhostar

BarkingGhostar

Diamond Member
I ventured out to the neighborhood credit union and was told a couple of things I did not know beforehand. First, dealerships advertising a price for a vehicle, new or used and via any medium, must be inclusive of dealer fees. Dealerships can charge whatever they want for fees, but it must be included in the openly advertised price. Apparently this was new since I last bought a vehicle. The second thing I learned was that the particular credit union I went to would not loan for more than NADA says it is worth. The CU rep said they require the dealership to come inline with NADA declared value, or less, or they wouldn't approve the loan. So, I venture out to NADA and run a few vehicles through their system, all options I wanted, etc., and the only thing that report are the Invoice and the MSRP, not anything that could be attributed to what NADA thinks the vehicle+configuration is 'worth'.

I'm guessing the NADA reported valuation is information that is paid-for, but I am not even seeing that as an option to go pay for it. Any of this sound reasonable? I'm also thinking that NADA is 100% inline with the manufacturers in MSRP=NADA valuation for new vehicles.
 
that's strange. usually they just require that that loan is 90% or less of nada or similar and you can make a down payment to get the loan to fit in those guidelines. why would they care if you pay more as long as the car is worth more than the loan value?

i do appriciate the regulation that the advertised price includes the fees. hate that crap dealers try to tack on.
 
For new vehicles (<3 years old), most lenders will go up 125% of NADA depending on the borrower's credit and income. You may want to shop around.
 
Yeah I’ve personally never put money down on a car, and usually the financing place has had no issues with going over 100% of NADA to allow me to roll taxes / fees into the loan. CU’s tend to be better than banks but I would definitely shop around. Honestly if your credit score is Excellent I’ve found it difficult to beat the terms a dealership’s own financing hunters have.
 
Some of the things the CU did say about themselves were no penalty for early payoff, principal payments can be made (additional payments made to the principal that is). 100% LTV such that V is NADA value. no down payment required. Just need to open a $5 savings account before actually applying for said CU loan and I had 30-days to put the fiver into said savings account. LOL

BTW, I have not had anyone pull my auto-loan specific credit. I only know what my credit card Fico is (850). CU said they would need two pay stubs, stated monthly income, etc. and based on what we verblly said she'd not see any reason it wouldn't be approved ... and for a lot more. Do people really still live above there means like the 2000-2010? Rhetorical.
 
Who requires documentation for a car loan these days? I provided the info to the dealer, they ran my credit and off I drove with a 0% loan.
 
NutBucket said:
Who requires documentation for a car loan these days? I provided the info to the dealer, they ran my credit and off I drove with a 0% loan.
Click to expand...

If you get an auto loan through a CU for a used car then they'll probably ask for the info he stated. If you go buy a car from a dealer and use one of their financers then they'll just do what you stated.
 
NutBucket said:
Maybe so. I've gotten loans from credit unions through dealers (unusual? who knows) and no extra info was required.
Click to expand...
"through dealers" they already know who is going to require what and of course they would not choose to do business with a place that requires extra from a customer. 0% loan for how long? ive never got a car loan before, just pay cash on something with 10k miles is my style.
 
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