I have memberships at three CU's. Two are local and the other is Navy Federal. My credit score is over 800, and I'm debt free other than living expenses. Both of my local CU's are offering new car rates for 7.74% APR for 60 months; whereas, Navy Federal's rate is 5.04% APR for the same term.
I got my last car loan through my local credit union where I have had an account for over 20 years. The process was quick and painless. I got GAP insurance through the credit union. It was $300, but due to a bonus at work, I paid the car off within 2 months. The credit union REFUNDED the entire GAP insurance premium. I didn't ask for or expect it. I just got a refund of $300 into my checking account about 2 weeks after paying off the loan.
My wife and I have been with a Credit Union for 42 years and hearing horror stories about banks and goin through dealerships we have been blessed to know our Credit Union.
I’ve financed 4 cars and 2 houses through my credit union. The dealer said they would beat the rate I got from my credit union until I showed him the rate I got. Just get my car ready and shut up.
I never tell the dealer the rate I got from the credit union. I make them tell me their rate first. If the credit union gave you $3.99 and and the dealer was going to give you 2.99, they'll offer you 3.49.
I bought an extended warranty once and will never do it again. The warranty expired and never used it. Been a member of Navy Federal CU for 43 years. Pre-approval takes only 15 minutes. Pre-payment of your loan don’t incur a penalty.
Thank you for all this information. I’m in need of a new car and didn’t know where to start. Credit Union is a start. So grateful, thank you so much🙏🏽🙏🏽
In the past week I've visited two different dealerships for a specific brand/model smaller SUV. I have no trade and I'm in the financial position to pay cash for the vehicle but I don't say anything upfront about that. As we got down to the nitty gritty of the sale one had a dealer fee of $650.00 the other $750.00. When I asked them about the specifics of these fee's it was a bunch of BS and I told them that. I actually told one of the GM's to rename that fee to the BS fee. The dealership that had the $750.00 told me that was negotiable, and I told them it needs to be "negotiable" to $750.00 off. Needless to say, I walked. Based upon what I'm hearing from other YT channels, I'm going to sit tight until June/July for my purchase.
@@miguelfrias6984 Still sitting tight for a bit to see what the 2024 version of the car I'm looking at is like and to see if the 2023 might have discounts.
Kevin, I’ve dealt with my local Credit Union for better than 25 years. They offer better rates for financing. And get approved in 25 minutes max. But , I haven’t asked for an extended warranty on my vehicles. Only because I didn’t know that they offered it
Another part of the previous comment, they offered a quarter of a percent off the going interest rate, if I went an automatic payment from my account. Best thing, not having to go into the credit union to make my payment.
My credit union is a nationwide credit union, and is actually part of my employer (sister company). Always had good luck with them. Their current rates are 3.35%APR new and used.
I always use my credit unions APR to get the dealer to beat that % and it’s never failed me. I do get the extended warranty from the dealer(Acura) for my last 5 cars. I drive about 30K miles a year and the 120K warranty is about $1800 and it has saved me loads of $ once the cars get over 100K miles. Great show guys!!!
do you recommend this approach?…i walk on to the lot and tell them im looking for a car with standard options no add ons, so i tell them to take the factory options off the msrp before i decide to step foot in the office. then i get the best term and rate they have before telling them im already pre approved for a better rate elsewhere. then get to the finance office and have them remove all addons and crap fees. bulletproof plan?
I have a credit union account, can I take out a extended auto warranty even after my other warranty has expired and save money? How about home warranty protection on new or use house purchase too?
Kevin and Elizabeth, I actually did my homework on CapitalOne auto financing. The reviews are not good. I am not currently part of a CU but may consider this in the future. Thanks for your content. It is truly insightful.
Good move! Yes, my response on Capital One wouldn't have been positive. Their "pre-approval" letters are pretty much a gimmick to get customers into a dealership.
Y’all do allot of talking how about showing the viewers your method and go into a dealership and do the things you said to do…. I think you guys are full of it
I have financed my last 7 vehicles with the same credit union. I keep a savings account there. I have had pre-approved credit on every purchase. I verify that it is a ton nicer to have pre-approved credit when you are negotiating a deal.
Credit Union is great -- even for the younger people who are working to build their credit. I don't keep my sinking funds or emergency funds with the CU (because CU rates are so low) but I absolutely prefer them over the big banks for small loans, business loans, or car loans when needed.
I’m a Loan officer at a small credit union and I can confirm all of this. We charge $399 for GAP which includes a $1000 principal payment on your NEXT loan if you total your car and have to use your GAP coverage. And most of our warranties are between $1500-$1800.
TRUE STATEMENT!! I contacted my credit union (Navy Fed) and was approved within minutes! Went down to branch and picked up the approval check. Then I went to the dealer which they tried to persuade me to used there financing however he was stumped that they couldn't match the interested rate. Then they tried to get me to signed up for an extended warranty and told then NO. I told then my brother in law is certified ASE mechanic . It is great to have these kind of learning resources from you guys. Remember you have the power to negotiate. If you don't like what you see just get up and WALK OUT!!! There are plenty of dealers out there that want your business. Thank you guys. YOU ROCK!!!!
You are absolutely correct. I work in Indirect Lending (vehicle loans) for a Credit Union. We limit how much products they can sell a consumer. On credit union websites you can find financial education resources too. Credit Unions want to help people.
I have always used my local credit union, I let them know that I am in the market for a car and they let me know what to expect payment wise and usually come in a percentage point or more lower than what the dealer finance is offering. Great leverage knowing what you can afford going in.
This is the way I do it as well, I just call my loan department and give them the price and they tell me the payment and I say yes or no, done. AND remember if it's under 10K, the CU will usually wright it up as a consumer loan instead of a car loan.
I did this by accident. I just questioned them about it because I wanted a small limit credit card for daily expenses to put points on instead of a debit and to build credit. I bank with Delta Community Credit Union after a nightmare whirlwind with bank of america. I didn't take the offer but I was given an enormous loan with a 3% interest rate and at the time I had TERRIBLE credit. I couldn't even get 7% at a normal bank or dealer. I was really shocked. The amount I could have gotten pre approved for was 3-4 times larger than anything the bank would have given me. Of course the downside with a credit union is that if you mess up one of your accounts they will pull from your other accounts or shut down EVERYTHING depending on how they are feeling. I do recommend to get a loan from another credit union that is not your brand. For example if you bank with Delta Community get a loan from Navy Federal or vice versa and local like you said.
I one time got pre qualified from westlake in CarGurus for a 2019 Mustang GT $30000 I put $15k down payment $15k finance with 760 credit score capital one they suck westlake rate 17% ARP 💀 My bank 6% bruhh
I bought new 2023 RAV4 XLE Premium on Dec 10, 2022 at MSRP. I told the dealer I won't buy it unless zero markup. They agreed to my offer. Financed with toyota with the lowest rate (lower than my credit union) and zero down. Negotiated zero markup over the phone before coming to the dealership.
Love this you tube channel. Some 13 years ago I left a bank after being their customer for ten plus years when they dined a car loan, at the time credit score was in the low 700 range. Moved all my assets to local credit union and have been happy ever since. Since I stumble across you channel 6 months ago and got very inform it paid off this past October. The video on don't pay 11 fake fee's is the best. Wife wanted another car, she knew what she wanted and I took it from there. Pre approve from credit union. Checked with my insurance agent on cost, also local. Found out what sales tax would be from my deparment of revenue. We went to Carmax I just like their model of selling cars but did look at other car dealers but they could compete with carmax. This is where the video comes into play, get to carmax met the sales person, 1st question out of their mouth, " what brings you in today?" My responce, this is a auto dealership correct? Their answer was yes, I said well you just answered your own question. The sales person tried to ask about a trade in, this is where I shut it down, I stated that I do not about a trade of how I going to pay untill we have sign buyer order. All said and done I told the sales person I was not paying the $299.00 admin fee. I pointed out that right their on their paper work it is not requried by law and was profit for dealership. The sales person excused himself, I said to my wife if they don't remove the fee you get up and walk out and I be 10 seconds behind you. Well she did not walk out because the sales person walked back in and said great news, I talked them into not making my pay the $299.00 admin fee. After turning down all the other junk, we had an understanding and OTD sign order. Now, time to talk about financing, looked the sales person in the face and told him I had my own, he asked ' mind if I ask with who?' I stated yes I do mind. The look on their face was priceless. Left them with a 20% down payment and no trade-in! On the buyer order the $299.00 was listed as ' consumerism' . I had to look that word up and it's meaning. Did not take the car home that day (Saturday) I asked them to remove the Carmax logo from the car, told them I wont do advertsing for them. I sent this channel to a family member and they was able to use info from it to land a great deal. All of your info is great but for me the best one is 11 fake fee's not to pay at the dealership.
I asked these questions on another post about credit union.. I figured you didn't respond back because you probably thought he subscribe to the channel and eventually come around this video and I did thank you for this knowledge... going in 2 days to credit union.. then going to the dealership... this knowledge is TIMELESS
Never tell the dealer the rate you got from the credit union first. Make them tell you their rate and then tell them how much you got at the credit union. If you got 3.99 from the credit union and the dealer was going to offer you 2.99 they will offer you 3.49 instead.
I’m with a credit union which they have local branches but nationwide because they are for military personnel and their families. Do you consider that a local credit union
I have walked in to a dealership several times with a preapproval from a credit union. Once they told me they couldn't match it (for my wife's car) while the other two times they were able to find me a slightly better deal, which I took.
Be careful. Even if the dealers APR is lower, the way the interest is calculated makes a difference. My Credit Union calculates a simple interest, the dealer calculates a compounded interest. Even with a lower APR I would have paid more in the long term going with the dealer. Ask the dealer for the total interest paid at the end of the loan. They should be able to present this to you. If not take it as a red flag.
Good content I have a question when it comes to getting a good rate if I want to finance a car with a co-signer can they apply for a credit Union on their own and when we get to the dealer we can both be on the paperwork to do the deal together how does it work?
I have used Credit Unions for years. You get a better deal with Credit Unions. I was a member of Call Federal and I am a current member of Family Trust FCU. You are spot on with Credit Unions. Some companies have their own Credit Unions and Call used to be Philip Morris Federal Credit Union.
Does it ever happen that a dealership will beat an interest rate from credit union to get the deal? This is assuming that you come into the dealership with your credit union pre-approval.
well i had to buy used last time . bought a 2012 ram 1500 laramie n 2017 it has 60k mileage . i have a hot rod shop and kno0w a thing or two about paint work! the truck had been partially repainted . it had no emblems on the doors. looked good actually no sand damage or pitting . i figured it was an auction vehicle . it barely qualified for the max care or new car warranty . i did by it directly from dodge an not at the dealer . and good thing in the 5 years i owned it they put a new transmission (4k) cost . 2 rack and pinions. rear lower link arms . i sold the truck at 100k mileage and got as check from a place like carvava for $8700 and they paid off the rest of my loan i paid 28k . so in this case the warranty was a good buy .
I got a 3% rate from my local credit union.. I went car shopping but I couldn’t justify the prices even though I NEED a car. Hopefully when I go back to reapply my rate will be still low.
The Home Work Guy, I’ve been a member of a Credit Union for 33 years now since my Savings and Loan went into insolvency during the S&L crisis. I joined the Johnson Space Center Federal Credit Union and now First Community Credit Union. My wife, who was an Investment Broker, says with all the fees our credit union charges for overdrafts they’re no different from banks. My only response is, show me credit unions that got bailed out after the subprime home mortgage loan crash. What do I tell her?
After the 2008 collapse, we pulled all our money, investments, and loans from the big banks who caused the crisis, transferred to our local credit union, and never looked back. We've had three car loans through them. All easy to apply, quick response, and low interest rate. Our branch is literally just outside our neighborhood with many of the same faces serving us since the beginning. I would never finance with anyone else.
My local credit union cost for gap insurance 500 dollar the dealers ask for 1200 It just cost you some couple bucks 20 dollar a month I say how the total prive he said 1200 dollar I said mark it off cuz my credit union ask for 500 dollar but if you have other offers for me like 450 dollar i take it 😅 And the end i walk out the door I told hem thanks and i don’t want to receive any call
@@KevinHunter I've belonged to a Credit Union for years. If I purchase my next vehicle from a dealership, I'll definitely finance through my Credit Union. Thanks again.
What do you say about a manufacture deal with far lower interest rates than the credit union? Credit unions give me 5.99 at the lowest. Dealers have 2.9% deals. Explain
Credit union want you to have direct deposit with them. I been with my bank for 25 years. I have no problems with them. But they do not deal with auto loans.
I told my mom to apply with your credit union, she said she got turned down by her local credit union. I told her not to buy a car because its likely she can’t afford a car right now, but she is so desperate that makes simps look like chads! She bought a car with engine trouble from a buy here pay here with a $1,000 warranty they she also financed! 2015 Kia optima LX 130,000 miles for $7500 plus 1000 warranty, and 300 dealer fee
On two separate occasions I have financed through my insurance agent and it has been very convenient. My best experience came through my credit unions.
That's extremely unlikely unless you have very low credit. If that is the case, you shouldn't be looking to buy a car that you can't buy outright with cash.
While I like you all way more than the YAA group there are MANY flaws in this videos. Yes I am in the car business and not everyone is the same BUT a CU warranty does not have the same labor pay rate compared to reinsurance companies that underwrite for a franchise dealer. Also, they will always use aftermarket parts and not allow for OEM parts which will in turn carry a lower warranty for any repair. Also, a CU's GAP also does not pay for the customers deductible unlike the dealers up to $1000 on average. In essence if you use it, it pays for itself. Another big one is the GAP provided by a CU also will fight and try to never total a vehicle so they do not have to write off any "gap" unlike a dealers provided website which never knows when they have to pay until the insurance company notifies them of the total loss. Last one which is big, Cross Collateralization....... big thing that people need to look into in the event of a difficult financial situation that can pop up. Mind you, I have a great CU and I use them but I do not put all my eggs in that basket because I know better. Big banks are a business but so is a CU. Have financial issues and you will see that you will have the same outcome in a default from a CU as you will from a Bank. There are many great advantages to a CU but don't be blind to the other side of the coin. People should always do what is best for their particular financial situations but it is also the responsibility as an adult and own a decision that is made. Do not misread these comments as back talk, its just a POV from someone that deals with it on both ends. Keep up the good videos!
I was debt free, credit score in the upper 700s, and my local credit union would not give me a loan for the car I wanted to buy. The car was $6500 out the door, NADA value about $7500, and they would only loan me $4000. I could however get loan for the full purchase price if I bought it from a local used car dealer. I checked out their prices and they were ripping people off. I went to Navy Federal Credit Union and they gave me the loan. I have never tried to get another loan from my local credit union since.
Nothing better than a local small credit union. You are spot on Kevin!
I have memberships at three CU's. Two are local and the other is Navy Federal. My credit score is over 800, and I'm debt free other than living expenses. Both of my local CU's are offering new car rates for 7.74% APR for 60 months; whereas, Navy Federal's rate is 5.04% APR for the same term.
@@locknload4691so go with Navy Federal?
I got my last car loan through my local credit union where I have had an account for over 20 years. The process was quick and painless. I got GAP insurance through the credit union. It was $300, but due to a bonus at work, I paid the car off within 2 months. The credit union REFUNDED the entire GAP insurance premium. I didn't ask for or expect it. I just got a refund of $300 into my checking account about 2 weeks after paying off the loan.
That doesn't surprise me too much, because most Credit Unions are pretty classy. They are known for looking out for their customers.
My wife and I have been with a Credit Union for 42 years and hearing horror stories about banks and goin through dealerships we have been blessed to know our Credit Union.
Keep that relationship going!
I’ve financed 4 cars and 2 houses through my credit union. The dealer said they would beat the rate I got from my credit union until I showed him the rate I got. Just get my car ready and shut up.
Facts 😂
"Just get my car ready and shut up." man this part had me laughing so hard
LMAO how can they beat the rate when they need to get them from the banks in the first place
I never tell the dealer the rate I got from the credit union. I make them tell me their rate first. If the credit union gave you $3.99 and and the dealer was going to give you 2.99, they'll offer you 3.49.
I bought an extended warranty once and will never do it again. The warranty expired and never used it. Been a member of Navy Federal CU for 43 years. Pre-approval takes only 15 minutes. Pre-payment of your loan don’t incur a penalty.
Do you need to be a member to get preapproved?
Thank you for all this information. I’m in need of a new car and didn’t know where to start. Credit Union is a start. So grateful, thank you so much🙏🏽🙏🏽
In the past week I've visited two different dealerships for a specific brand/model smaller SUV. I have no trade and I'm in the financial position to pay cash for the vehicle but I don't say anything upfront about that. As we got down to the nitty gritty of the sale one had a dealer fee of $650.00 the other $750.00. When I asked them about the specifics of these fee's it was a bunch of BS and I told them that. I actually told one of the GM's to rename that fee to the BS fee. The dealership that had the $750.00 told me that was negotiable, and I told them it needs to be "negotiable" to $750.00 off. Needless to say, I walked. Based upon what I'm hearing from other YT channels, I'm going to sit tight until June/July for my purchase.
Yo man did you decide on a vehicle? It’s July! Btw waiting a few hours for my approval and I’ll be Getting a BMW
@@miguelfrias6984 Still sitting tight for a bit to see what the 2024 version of the car I'm looking at is like and to see if the 2023 might have discounts.
Thanks for the information, Kevin! we are keeping our credit union for sure. Our 2007 Kia is running great so we'll wait for our next car purchase.
Kevin, I’ve dealt with my local Credit Union for better than 25 years. They offer better rates for financing. And get approved in 25 minutes max.
But , I haven’t asked for an extended warranty on my vehicles. Only because I didn’t know that they offered it
They're not local, but I'm a member with Navy Federal Credit Union.
I have been with my credit union for at least 25 years..
Join more than one union!!!
I'm a member of 4. I also have 2 banks.
Another part of the previous comment, they offered a quarter of a percent off the going interest rate, if I went an automatic payment from my account. Best thing, not having to go into the credit union to make my payment.
Thank you
You're welcome Jerry. Local credit unions are the bomb!
Listen to K&L they know what there talking about.
Thanks, Andrew!
My credit union is a nationwide credit union, and is actually part of my employer (sister company). Always had good luck with them. Their current rates are 3.35%APR new and used.
For a used car 3.35?
@@AmericanTrucker89 Yes!
Whats the name of the CU?
@@manueltrejo American Airlines CU
Thank you for letting me join your family.
Thanks for coming on board with us!
Was that scrappy 😮
I always use my credit unions APR to get the dealer to beat that % and it’s never failed me.
I do get the extended warranty from the dealer(Acura) for my last 5 cars. I drive about 30K miles a year and the 120K warranty is about $1800 and it has saved me loads of $ once the cars get over 100K miles.
Great show guys!!!
How do you get the APR from the credit union without applying with a hard pull on my credit?
@@julissabriseno5513usually they have it posted on their website under loan rates
Best advice ever
Actually more than $3,200. $3,200 + interest over the life of the loan. With a 60 or 72 month loan -- that would be more like $4-5K in savings.
I see whenever someone talks about pre-approved loans they always says credit union, do banks dont offer such service?
Where is the video where they tall about secured loans?
do you recommend this approach?…i walk on to the lot and tell them im looking for a car with standard options no add ons, so i tell them to take the factory options off the msrp before i decide to step foot in the office. then i get the best term and rate they have before telling them im already pre approved for a better rate elsewhere. then get to the finance office and have them remove all addons and crap fees. bulletproof plan?
Can you give some advice on leasing a vehicle? Thank you and have a blessed day.
What do the dealers think of using credit unions or outside financing? Can they say no?
My local credit union BECU became a big national credit union so what should I do?
What are these mark ups? How can I spot them?
Please do a review of Steve Richards.
We have one on the board!
Is affinity plus shops credit union
Navy fed good for this?
We've heard good things about them
Does my credit need to be good?
I have a credit union account, can I take out a extended auto warranty even after my other warranty has expired and save money? How about home warranty protection on new or use house purchase too?
Get on a monthly budget which includes building a rainy day fund and never do extended warranties.
I've been pre-approved by Capital One. What's your take on Capital One vs. a credit union? P.S. I have history with Capital One.
Kevin and Elizabeth, I actually did my homework on CapitalOne auto financing. The reviews are not good. I am not currently part of a CU but may consider this in the future. Thanks for your content. It is truly insightful.
Good move! Yes, my response on Capital One wouldn't have been positive. Their "pre-approval" letters are pretty much a gimmick to get customers into a dealership.
Y’all do allot of talking how about showing the viewers your method and go into a dealership and do the things you said to do…. I think you guys are full of it
If you are planning on financing your next car you should always get a preapproval for a Loan. A credit Union is the best place to start.
I have financed my last 7 vehicles with the same credit union. I keep a savings account there. I have had pre-approved credit on every purchase. I verify that it is a ton nicer to have pre-approved credit when you are negotiating a deal.
What gap insurance companies do you recommend..?
Credit unions have high interest rates in my area. There’s finance deals at dealers with far lower interest. How do you navigate that?
What ig I’m going into the deal like I want to buy the car and then decide to lease the vehicle?
@@Savvynomad225 : As far as manufactures go, Ford Motor Co. had or has 3%
Credit Union is great -- even for the younger people who are working to build their credit. I don't keep my sinking funds or emergency funds with the CU (because CU rates are so low) but I absolutely prefer them over the big banks for small loans, business loans, or car loans when needed.
I’m a Loan officer at a small credit union and I can confirm all of this. We charge $399 for GAP which includes a $1000 principal payment on your NEXT loan if you total your car and have to use your GAP coverage. And most of our warranties are between $1500-$1800.
What does your credit score need to be?
You’ve given me alot of EYE OPENING INFORMATION ON THE DO’S AND DON’TS OF CAR BUYING
Thanks David!
TRUE STATEMENT!! I contacted my credit union (Navy Fed) and was approved within minutes! Went down to branch and picked up the approval check. Then I went to the dealer which they tried to persuade me to used there financing however he was stumped that they couldn't match the interested rate. Then they tried to get me to signed up for an extended warranty and told then NO. I told then my brother in law is certified ASE mechanic . It is great to have these kind of learning resources from you guys. Remember you have the power to negotiate. If you don't like what you see just get up and WALK OUT!!! There are plenty of dealers out there that want your business. Thank you guys. YOU ROCK!!!!
You are absolutely correct. I work in Indirect Lending (vehicle loans) for a Credit Union. We limit how much products they can sell a consumer. On credit union websites you can find financial education resources too. Credit Unions want to help people.
Do you have to be a member to get an auto loan ?
Yes, some credit unions want you to be a member and some don't.
I have always used my local credit union, I let them know that I am in the market for a car and they let me know what to expect payment wise and usually come in a percentage point or more lower than what the dealer finance is offering. Great leverage knowing what you can afford going in.
This is the way I do it as well, I just call my loan department and give them
the price and they tell me the payment and I say yes or no, done. AND remember
if it's under 10K, the CU will usually wright it up as a consumer loan instead of a
car loan.
I did this by accident. I just questioned them about it because I wanted a small limit credit card for daily expenses to put points on instead of a debit and to build credit. I bank with Delta Community Credit Union after a nightmare whirlwind with bank of america. I didn't take the offer but I was given an enormous loan with a 3% interest rate and at the time I had TERRIBLE credit. I couldn't even get 7% at a normal bank or dealer. I was really shocked. The amount I could have gotten pre approved for was 3-4 times larger than anything the bank would have given me. Of course the downside with a credit union is that if you mess up one of your accounts they will pull from your other accounts or shut down EVERYTHING depending on how they are feeling. I do recommend to get a loan from another credit union that is not your brand. For example if you bank with Delta Community get a loan from Navy Federal or vice versa and local like you said.
To this point. Join more union!!!
I'm a member of 4. I also have 2 banks.
When I walk into my credit union, they say "hello Cecil." Yep, they give personal service.
I did this last week. Kevin and liz are spot on. Act on it.
Thank you, your comment is much appreciated!
I one time got pre qualified from westlake in CarGurus for a 2019 Mustang GT $30000
I put $15k down payment $15k finance with 760 credit score capital one they suck westlake rate 17% ARP 💀
My bank 6% bruhh
My last 3 cars were credit union financed...love them....🥰🥰🥰🥰🥰🥰
I bought new 2023 RAV4 XLE Premium on Dec 10, 2022 at MSRP. I told the dealer I won't buy it unless zero markup. They agreed to my offer. Financed with toyota with the lowest rate (lower than my credit union) and zero down. Negotiated zero markup over the phone before coming to the dealership.
Good information in this video. Thank you.
Glad it was helpful!
Love this you tube channel. Some 13 years ago I left a bank after being their customer for ten plus years when they dined a car loan, at the time credit score was in the low 700 range. Moved all my assets to local credit union and have been happy ever since. Since I stumble across you channel 6 months ago and got very inform it paid off this past October. The video on don't pay 11 fake fee's is the best. Wife wanted another car, she knew what she wanted and I took it from there. Pre approve from credit union. Checked with my insurance agent on cost, also local. Found out what sales tax would be from my deparment of revenue. We went to Carmax I just like their model of selling cars but did look at other car dealers but they could compete with carmax. This is where the video comes into play, get to carmax met the sales person, 1st question out of their mouth, " what brings you in today?" My responce, this is a auto dealership correct? Their answer was yes, I said well you just answered your own question. The sales person tried to ask about a trade in, this is where I shut it down, I stated that I do not about a trade of how I going to pay untill we have sign buyer order. All said and done I told the sales person I was not paying the $299.00 admin fee. I pointed out that right their on their paper work it is not requried by law and was profit for dealership. The sales person excused himself, I said to my wife if they don't remove the fee you get up and walk out and I be 10 seconds behind you. Well she did not walk out because the sales person walked back in and said great news, I talked them into not making my pay the $299.00 admin fee. After turning down all the other junk, we had an understanding and OTD sign order. Now, time to talk about financing, looked the sales person in the face and told him I had my own, he asked ' mind if I ask with who?' I stated yes I do mind. The look on their face was priceless. Left them with a 20% down payment and no trade-in! On the buyer order the $299.00 was listed as ' consumerism' . I had to look that word up and it's meaning. Did not take the car home that day (Saturday) I asked them to remove the Carmax logo from the car, told them I wont do advertsing for them. I sent this channel to a family member and they was able to use info from it to land a great deal. All of your info is great but for me the best one is 11 fake fee's not to pay at the dealership.
Thank you for your lengthy but well explained comment!
Great Advice, Thanks
Thank you, Mardree! Much appreciated!
What happens when you can not find a local credit union that you are eligible to join in your area? I'm in Bloomfield, NJ.
I asked these questions on another post about credit union.. I figured you didn't respond back because you probably thought he subscribe to the channel and eventually come around this video and I did thank you for this knowledge... going in 2 days to credit union.. then going to the dealership... this knowledge is TIMELESS
Never tell the dealer the rate you got from the credit union first. Make them tell you their rate and then tell them how much you got at the credit union. If you got 3.99 from the credit union and the dealer was going to offer you 2.99 they will offer you 3.49 instead.
I had a pre-approval with credit union and the car dealership told me no sale if i disnt go with there financing.
Langley federal
I bought my used truck with my local credit union and I got a decent rate and terms
I’m with a credit union which they have local branches but nationwide because they are for military personnel and their families. Do you consider that a local credit union
Navy Federal credit union has always been my go to bank.
I have walked in to a dealership several times with a preapproval from a credit union. Once they told me they couldn't match it (for my wife's car) while the other two times they were able to find me a slightly better deal, which I took.
Be careful. Even if the dealers APR is lower, the way the interest is calculated makes a difference. My Credit Union calculates a simple interest, the dealer calculates a compounded interest. Even with a lower APR I would have paid more in the long term going with the dealer. Ask the dealer for the total interest paid at the end of the loan. They should be able to present this to you. If not take it as a red flag.
Good content I have a question when it comes to getting a good rate if I want to finance a car with a co-signer can they apply for a credit Union on their own and when we get to the dealer we can both be on the paperwork to do the deal together how does it work?
AWESOME INFORMATION THANK YOU I HAVE CREDIT UNION WILL BE GOING WITH THEM
Whats the best way to get the purchase agreement so you can get it to the bank for the check?
oh, yes tell it
I have used Credit Unions for years. You get a better deal with Credit Unions. I was a member of Call Federal and I am a current member of Family Trust FCU. You are spot on with Credit Unions. Some companies have their own Credit Unions and Call used to be Philip Morris Federal Credit Union.
If I am not mistaken, credit unions are NON profit?
Does it ever happen that a dealership will beat an interest rate from credit union to get the deal? This is assuming that you come into the dealership with your credit union pre-approval.
I was hoping someone answers this question..
I thought that I got gap through my insurance company back in 1997 when I leased the car I ended up buying after 3 years. Does that sound right?
That could be, yes.
@@KevinHunter Is that still possible?
Not all credit unions are created equal.
Correct. Stay away from the online Credit unions, and the ones who have become like huge banks. You won't have much of a relationship with either one.
well i had to buy used last time . bought a 2012 ram 1500 laramie n 2017 it has 60k mileage . i have a hot rod shop and kno0w a thing or two about paint work! the truck had been partially repainted . it had no emblems on the doors. looked good actually no sand damage or pitting . i figured it was an auction vehicle . it barely qualified for the max care or new car warranty . i did by it directly from dodge an not at the dealer . and good thing in the 5 years i owned it they put a new transmission (4k) cost . 2 rack and pinions. rear lower link arms . i sold the truck at 100k mileage and got as check from a place like carvava for $8700 and they paid off the rest of my loan i paid 28k . so in this case the warranty was a good buy .
I got a 3% rate from my local credit union.. I went car shopping but I couldn’t justify the prices even though I NEED a car. Hopefully when I go back to reapply my rate will be still low.
no kick back if you don't use the captive lenders or finance dept banks---they get a nice kick-back--NOT from your local Credit Union
Thanks so much for this video!
The Home Work Guy, I’ve been a member of a Credit Union for 33 years now since my Savings and Loan went into insolvency during the S&L crisis. I joined the Johnson Space Center Federal Credit Union and now First Community Credit Union. My wife, who was an Investment Broker, says with all the fees our credit union charges for overdrafts they’re no different from banks. My only response is, show me credit unions that got bailed out after the subprime home mortgage loan crash. What do I tell her?
My wife works for a credit union. They have a limit on what gap can cost. Dealers make hundreds on gap coverage.
After the 2008 collapse, we pulled all our money, investments, and loans from the big banks who caused the crisis, transferred to our local credit union, and never looked back. We've had three car loans through them. All easy to apply, quick response, and low interest rate. Our branch is literally just outside our neighborhood with many of the same faces serving us since the beginning. I would never finance with anyone else.
My local credit union cost for gap insurance 500 dollar the dealers ask for 1200
It just cost you some couple bucks
20 dollar a month
I say how the total prive he said 1200 dollar
I said mark it off cuz my credit union ask for 500 dollar but if you have other offers for me like 450 dollar i take it 😅
And the end i walk out the door
I told hem thanks and i don’t want to receive any call
?? Using the name Evolution Aluminum 1:48 ?? I know 2 people with that name ! They are very shiny !
PS : Subscribed
Thank you, Kevin and Elizabeth. You two always give us valuable information.
I sincerely do hope you follow our advice on a local credit Union. You'll never regret it.
@@KevinHunter I've belonged to a Credit Union for years. If I purchase my next vehicle from a dealership, I'll definitely finance through my Credit Union. Thanks again.
What do you say about a manufacture deal with far lower interest rates than the credit union? Credit unions give me 5.99 at the lowest. Dealers have 2.9% deals. Explain
Credit union want you to have direct deposit with them. I been with my bank for 25 years. I have no problems with them. But they do not deal with auto loans.
I financed a car through a credit union best thing I ever done
Hi Kevin can u please help me which credit union good in Denver Colorado god bless you
I actually agree with you on that i bought my last car through my credit union and i got a much better interest rate
Why is it a bad deal to trade in a vehicle to get a new one?
Thank you !
Ty ty ty
Do you count Navy Federal as "local"? There are 3 walk in branches in my town.
Sounds local to you!
I told my mom to apply with your credit union, she said she got turned down by her local credit union. I told her not to buy a car because its likely she can’t afford a car right now, but she is so desperate that makes simps look like chads!
She bought a car with engine trouble from a buy here pay here with a $1,000 warranty they she also financed! 2015 Kia optima LX 130,000 miles for $7500 plus 1000 warranty, and 300 dealer fee
Buy here Pay here lots are the very bottom of the fish tank!
@@KevinHunter I know! Tell my mom that
What about using USAA vs local CU?
USAA is great!
On two separate occasions I have financed through my insurance agent and it has been very convenient. My best experience came through my credit unions.
Thank you for sharing the real and fake fees in the car deals.
You're welcome!
How do you find a credit union? I live in town of 6k not one here. Can you just go in and get a loan?
We didn't say that a credit Union existed in every small town in America. You just have to do the best that you can.
I didn't think you did. Just wondering how to find a reputable one that anyone can join.
I have a quick question... what if you do if you cannot get approved for a loan from small credit union?
That's extremely unlikely unless you have very low credit. If that is the case, you shouldn't be looking to buy a car that you can't buy outright with cash.
Buy here pay here car dealer
Does this mean that a credit union home loan would be better than a bank home loan??? Or just for car dealers?
Many Credit Unions don't do home loans, so the answer would be no.
@@KevinHunter I see. Thank u
I got my mortgage from a credit union and it saved me 3/4% on the loan, not to mention big savings on the closing costs. Don't be afraid to try.
While I like you all way more than the YAA group there are MANY flaws in this videos. Yes I am in the car business and not everyone is the same BUT a CU warranty does not have the same labor pay rate compared to reinsurance companies that underwrite for a franchise dealer. Also, they will always use aftermarket parts and not allow for OEM parts which will in turn carry a lower warranty for any repair. Also, a CU's GAP also does not pay for the customers deductible unlike the dealers up to $1000 on average. In essence if you use it, it pays for itself. Another big one is the GAP provided by a CU also will fight and try to never total a vehicle so they do not have to write off any "gap" unlike a dealers provided website which never knows when they have to pay until the insurance company notifies them of the total loss. Last one which is big, Cross Collateralization....... big thing that people need to look into in the event of a difficult financial situation that can pop up.
Mind you, I have a great CU and I use them but I do not put all my eggs in that basket because I know better. Big banks are a business but so is a CU. Have financial issues and you will see that you will have the same outcome in a default from a CU as you will from a Bank. There are many great advantages to a CU but don't be blind to the other side of the coin. People should always do what is best for their particular financial situations but it is also the responsibility as an adult and own a decision that is made. Do not misread these comments as back talk, its just a POV from someone that deals with it on both ends. Keep up the good videos!
"this videos"? really....
Thanks for your feedback! Well written!
I was debt free, credit score in the upper 700s, and my local credit union would not give me a loan for the car I wanted to buy. The car was $6500 out the door, NADA value about $7500, and they would only loan me $4000. I could however get loan for the full purchase price if I bought it from a local used car dealer. I checked out their prices and they were ripping people off. I went to Navy Federal Credit Union and they gave me the loan. I have never tried to get another loan from my local credit union since.
A given Credit Union, just like a bank, can get too big and become cocky. Customer Service sucks when that happens.
I just started