I’m really frustrated with USAA right now and looking for some advice. I’m looking to buy a new car soon because I got a deal that’s hard to turn down. My current car is already paid off.
I was pre-approved for up to $62,500 in early October, which was perfect since I only needed about $41,000. Since then, my credit hasn’t changed except for the hard inquiry from the pre-approval. In fact, my credit utilization went down as I prepared for the purchase. I’ve never missed a payment, my income is the same as when I applied, and nothing else has changed.
But today, my pre-approval expired since my vehicle is caught up in a recall and is supposed to be ready this month. When I asked USAA to renew it, they only approved me for $20,000! This completely messes up my plans and it seems crazy that one hard inquiry would drop my pre-approval by two-thirds. Anyone have advice? Can I request a manual review or anything?
Auto loans are pretty straightforward. Any local bank or credit union could likely beat USAA’s terms, and you won’t have to deal with all the calls, mail, and online stuff.
Payton said:
Auto loans are pretty straightforward. Any local bank or credit union could likely beat USAA’s terms, and you won’t have to deal with all the calls, mail, and online stuff.
Yeah, I know Chrysler credit can be aggressive too, but I wanted to have the pre-approval as a backup to get them to offer a better rate.
@Jordy
Got it. Don’t forget, refinancing is free and easy. Last time, I got $1000 cashback for using the dealer’s financing. Then a week later, I refinanced with my credit union to my preferred rate and ended up $1000 ahead. It took about 30 minutes of my time and it didn’t cost me anything. Good luck!