DCU Requiring Appraisal before Funding Loan?

[Ghosty]

DCU (credit union) requiring appraisal before funding loan. Anyone have this experience before? Applied for a loan to purchase a private party Model S 2016 build. Approval was instant and initial documents were simple and uploaded same they they provided them. However, after submission of documents the application went "under review." Called them today and they acknowledged that their request was unusual but they wanted an appraisal.

I believe this may have something to do with the fact that I haven't seen the vehicle in person. They know this. Risky of me but seller is a user on this site and everything checks out just fine. With Tesla warranty and VIN record check - I felt sufficiently comfortable.

That aside, anyone have a reference for an appraiser out in the Bay Area? I googled already and the couple of people I called claimed they didn't do such appraisals.

Any leads would be appreciated.

Thanks,

 

[SoCal Jimmy]

Never heard of an appraisal before. Typically they just check the KBB vs loan amount and ensure you're not going 90% or whatever they're threshold is.

Maybe there's something on the title or insurance claim that has them spooked?

 

[Ghosty]

Never heard of an appraisal before. Typically they just check the KBB vs loan amount and ensure you're not going 90% or whatever they're threshold is.

Maybe there's something on the title or insurance claim that has them spooked?

I asked them why such a request. They didn't provide an adequate answer other than it was a request by underwriting.

I believe they may have asked b/c I acknowledged that I hadn't seen the car in person. But I called Alliant and, due to good experience with them - I decided to go with them despite slightly higher interest. I'm paying close to 30% down and plan on paying full loan in a couple years. Alliant started the process at 9:00 a.m. this morning and completed the process by 2 p.m. Simple as that. Alliant said they use NADA for the appraisal/value of car. Even they were surprised when I explained what DCU was asking.

DCU reps were polite. Very professional and relatively prompt as well. They seem like a good CU. I'd def give them a try in the future.

I'll post pics once all is done - hope no more bumps in finalizing my deal.