DCU auto loan question

[davidlee]

Hello Model Y team,

I got approved for a DCU auto loan. One of the requirements is that the auto insurance deductible for comprehensive and collision be no more than 1000$.
Is there any way around this? I would like to set higher limits.
I did call DCU and they are stating that it has to be 1000$ max for the duration of the laon..
thanks

 

[davidlee]

apologies, posted the same thread twice.

 

[jjrandorin]

I dont understand this question....

it seems to be:

"I am getting a loan from a company, they state maximum insurance deductible of 1k, I called them to verify this and they said yes... but I want another way around what they told me."

You would need to go back to your potential loan partner and see if they will change their policy for you, or go with another lender who has the policy you want.

 

[hchu0304]

I don’t think there is anyway around this. That’s the requirement they set if you want their rates. Select another bank and see if they can match the rates and allow a higher deductible.

 

[Spicyfurball]

Those are the terms of your approval. There really isn’t anyway around it without illegally breaking your terms with DCU. Seeing that you called them and they verified this is a requirement you should seek another lender if your deductible is a hard point.

I would suggest you shop around insurance providers and find the best rate that meets their requirements as I’m sure you can find something that meets both yours and their requirements.

 

[davidlee]

thanks ..good points from all..

just going to forget about the loan and pay off the car since the loan amount wasn't too much. appreciate the feed back

 

[TMSfanatic]

Hello Model Y team,

I got approved for a DCU auto loan. One of the requirements is that the auto insurance deductible for comprehensive and collision be no more than 1000$.
Is there any way around this? I would like to set higher limits.
I did call DCU and they are stating that it has to be 1000$ max for the duration of the laon..
thanks

some CUs are able to accommodate higher deductible - Pasadena FCU was able to work with me, I deposit an additional $5000 in the savings account. Their primary concern was if you have issue paying deductible, then that's more risk they bear but my explanation was that I have more than 3 cars and rarely drive since I WFH. hope this helps. DCU seems very rigid in this front and am considering moving my business elsewhere even though they're cheaper (lower rates)