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Hello,

I was going to use my credit union for my OSD but, they have not heard of the program, and I dont want any hassle. Has anyone gotten the loan themselves or have you just used your dealer?

I am probably going to use Bob Kennedy, should I just let him deal with the loan?

Thanks

Steve
 

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I used PenFed credit union. Joining is easy and they currently offer 1.49% on loans up to 60 months. The only thing you have to concern yourself with is that they must have the title 150 days after you secure the loan and they send the check. I am still waiting for my car, but expect it any day. I still have six weeks until my 150 days are up, so there shouldnt be a worry.
 

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Might be worth checking the options at dealer. I wasn't planning to finance but dealer had a 1.6% deal from US Bank that seemed pretty cheap so had them do half and since it was through dealer, they deal with all of the title & documentation issues w/ lender. Seemed pretty easy.
 

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I used PenFed credit union. Joining is easy and they currently offer 1.49% on loans up to 60 months. The only thing you have to concern yourself with is that they must have the title 150 days after you secure the loan and they send the check. I am still waiting for my car, but expect it any day. I still have six weeks until my 150 days are up, so there shouldnt be a worry.
Hello. What do you mean "they must have the title 150 days after you secure the loan"?
I am a little bit confused. Thanks. :)
 

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I should not have used the word secured, but should have said finalized the loan. PenFed wants to have the collateral for the money that they loaned you in the event that you default on the loan. They want the state title of the car (in their name) within 150 days from the day that the loan is finalized. My loan was finalized on May 8th, received the check a few days later, and they have to receive the title by October 5th. If they don't get the title by that day, they will covert the loan to an unsecured loan at a much higher rate. My car should be here any day. The dealer will get all the paperwork done and send it off to the state the next day.
 

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Our experience was similar to ufosprey. We weren't planning to finance, but the dealer had an available loan from US Bank that was mindblowingly cheap, and well below the "listed" finance offer available at the time. Working through our dealer, they took care of our taxes, title, documentation provision to the lender, and state registration. I suppose it's possible to have an easier experience, but since this required absolutely no work or thought on our part, we now have a car loan.
 

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Most banks/credit unions have problems with OSD because you need the money a month before you physically get the car and then can't title it in the US until months later (1 month before OSD + 2 months shipping + your time in Europe). Dealer financing (US Bank) seemed the easiest way to go since they're familiar with the details; I did call them before leaving for OSD so I could make the first payment (due during our trip) on time.

If you can get a better rate elsewhere (and you may not be able to), you could always refinance the loan.
 

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Might be worth checking the options at dealer. I wasn't planning to finance but dealer had a 1.6% deal from US Bank that seemed pretty cheap so had them do half and since it was through dealer, they deal with all of the title & documentation issues w/ lender. Seemed pretty easy.
I went through the dealer and US Bank. Another issue is when they require proof of insurance so check that out......when they issue you the money, they want proof of insurance irregardless if it is already covered to the states by Volvo (even though the work with Volvo)......not a huge expense, but one to remember you will encounter.
 

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Greg..

The lenders just want the ins info. They are not requesting that you add the vehicle, they simply want to know who will be providing the coverage on
their collateral when it gets into your possession.
Additionally, ins info is also needed to register the vehicle in every state.
 

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Greg..

The lenders just want the ins info. They are not requesting that you add the vehicle, they simply want to know who will be providing the coverage on
their collateral when it gets into your possession.
Additionally, ins info is also needed to register the vehicle in every state.
Hi Bob:

You may be correct.............but that is not what my dealer in charge of finance informed me. He may have given me incorrect info....guess I ended up with double coverage for a couple of months!
 

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Hi Bob:

You may be correct.............but that is not what my dealer in charge of finance informed me. He may have given me incorrect info....guess I ended up with double coverage for a couple of months!
Greg,

Bob is correct. Unfortunately you were given incorrect information.
 

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Greg,

Bob is correct. Unfortunately you were given incorrect information.
That's annoying!!!

Guess I will know better next time!!!
 

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We went through our credit union, where we are long-time members. They had never heard of anything like OSD, so I give them credit for being gracious enough to consider it. However, having gone through the process, next time I'd go through an experienced OSD lender. Our CU demanded the title within 60 days or they were going to raise the interest rate, and there has been endless confusion over the issue of the tax and license and who will do what, when. It would be much easier to work with a lender that has experience in this type of transaction, trust me. My dealer expected us to find financing, there was never any offer on his part to deal with that so we just went with our CU. I guess I can understand that aversion to hassle because I don't think they make enough money on the deal to make it worth their while. Next time I'll go through PenFed or U.S. Bank as others have suggested.
 

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That's annoying!!!

Guess I will know better next time!!!
I was in the same boat. My dealer was great throughout the OSD process but their finance department was a wreck. I think the guy was: a) annoyed that I couldn't/wouldn't just pay cash for the car, and b) the dealership owner's relative who was given the job as an act of kindness.

Having not researched the finance side fully beforehand, I foolishly accepted his information (e.g., the only finance option was US Bank, and the car needed to be on my insurance policy straight away).

I paid for 3 months of insurance for no reason. And (this is a real kicker), I'm a federal employee with a PenFed rep in the same building I work in every day!
 

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I would check with PenFed on my next finance deal; but US Bank actually beat them when we got our '11 C70 last summer. PenFed offers some darned good rates and we were pleased with our transaction for the '10 XC60; but it sure looks like US Bank will match or beat them for repeat/'well-qualified' clients. In fact, I used equity in our trade last year to roll the 3.49% rate from the '10 XC into the .9 deal on the C70. Killed any equity we had in the C70 loan but paid off the XC60(with the higher rate). Everything went smoothly from PenFed and I would use them again. Having said that, it sure is easy when US Bank meets or beats a rate and everything can be handled 'in house'. I reckon the F&I dude(tte) gets a pat on the back also. ;)
 

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I was in the same boat. My dealer was great throughout the OSD process but their finance department was a wreck. I think the guy was: a) annoyed that I couldn't/wouldn't just pay cash for the car, and b) the dealership owner's relative who was given the job as an act of kindness.

Having not researched the finance side fully beforehand, I foolishly accepted his information (e.g., the only finance option was US Bank, and the car needed to be on my insurance policy straight away).

I paid for 3 months of insurance for no reason. And (this is a real kicker), I'm a federal employee with a PenFed rep in the same building I work in every day!
Interesting......you would think these guys/gals would have their act together with this kind of stuff.......disappointing!
 

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I was in the same boat. My dealer was great throughout the OSD process but their finance department was a wreck. I think the guy was: a) annoyed that I couldn't/wouldn't just pay cash for the car, and b) the dealership owner's relative who was given the job as an act of kindness.

Having not researched the finance side fully beforehand, I foolishly accepted his information (e.g., the only finance option was US Bank, and the car needed to be on my insurance policy straight away).

I paid for 3 months of insurance for no reason. And (this is a real kicker), I'm a federal employee with a PenFed rep in the same building I work in every day!
We live and learn(hopefully ;) ). The F&I 'room' should be a money-maker for the dealer AND the relative who occupies it! He should make money on any finance deal and should be happy to work it up for you. Good thing is, other than the insurance coverage question, US Bank likely offered a good rate. As I mentioned in my other response, US Bank actually beat PenFed when we got our C70 last summer. It was pretty seamless having all transactions handled at the dealership(and saving .4% off the rate).
 

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I managed to pull it off using my CU, which did have a better rate than US Bank, probably because we run a lot of money through them. BUT, it was awkward because I had to convince the CU to sidestep so many of their standard processes. And all I had from Volvo was an order confirmation and explanations over the phone. William was great, but I would humbly request that Volvo help out with some more official looking paperwork for the CU, such as a warranty/proof of insurance form, a commitment to hold title until registration is completed by dealer, an estimated date of delivery to the dealer. These might help close out the deal with someone OTHER than US Bank, which is clearly where OSD wants you to go.
 

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refinancing could work, but I think you will pay fees. And interest rates may go up. And there is the hassle of going through the paperwork process again.
 
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