You mean when I got approved for a $450K mortgage with 5% down on a $54K/yr salary? You mean that time?
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Credit Union Says Bronco Value Under MSRP
- Thread starter Neptune032701
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Obviously someone at the credit union is asleep at the switch. If you dig into it you'll find they probably looked at a Bronco Sport or Base Bronco and didn't do their due diligence no surprise there.
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Find another credit union. I'm not sure why they would ever value a brand new vehicle at less than what the manufacturer says it should be.
I've only ever run into this with insurance adjusters when vehicles get written off (I work in the auto industry). They're notorious for claiming a vehicle is worth less than it is, but of course that's used. It might be helpful to have your dealership send them an invoice proving the value of the vehicle?
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I just ran my vin through KBB and it's valued under MSRP by 3000. I suspect since they don't have enough data on the used market it's a generic value. Either way, if your Credit Union doesn't want to give you the loan, give them two deuce in the wind. We all know what this bad boys are really worth.
After several posts suggesting they looked up a Sport, I wonder how many more posts will mention the same thing. Anyway, I think they were probably looking up the Sport. 
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It's all about risk and paying the loan back. Your loan time plays a part in their review. Negotiate a down payment and shorter terms. If they refuse go to another bank. They just don't want the risk. No matter what the resale (Popularity) value is a bank policy is not dictated by the outrageous over inflated market trends.
They probably have to account for the MIC top eventually disintegrating into oblivion and water damage ruining the cabin.
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Before switching lenders, I would have them explain specifically what their valuation is based on.
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Wouldn't surprise me.
When I went to AAA 3 weeks ago to update my insurance my VIN came back as not valid. It wouldn't even let them select anything.
Hmm, have you considered that they may have looked up values for the Sport. 
After I had been approved, my bank actually gave me a tenth of a point rate reduction when they ran the VIN and realized it was a Bronco.
After I had been approved, my bank actually gave me a tenth of a point rate reduction when they ran the VIN and realized it was a Bronco.
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I went with PenFed, and thought it was odd, as well. I entered the VIN on their site and it came up $1-2k short of MSRP. It didn't really matter, though, as I was still approved for what I wanted at the best available rate they had.
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I'd agree, that they probably are pulling info on the Bronco Sport.
I financed my BB in July when I took delivery, and it was a challenge to get the Credit Union
to understand that is was not a Bronco Sport. Had the same issue with the Insurance company.
That was in July though, you'd think by now the confusion would be less, but probably not.
I financed my BB in July when I took delivery, and it was a challenge to get the Credit Union
to understand that is was not a Bronco Sport. Had the same issue with the Insurance company.
That was in July though, you'd think by now the confusion would be less, but probably not.
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While I'm fairly certain they are getting the value from the Sport, I'll also say the bizzare way Ford has packaged the Bronco has caused an enormous amount of confusion with financial institutions and insurance companies. For example you can build up a Big Bend that is virtually identical to a base Wildtrack, but the residuals and insurance rates are far worse for the Wildtrack than a loaded Big Bend. Makes zero sense of course, but these institutions are set up to track statistics based on trim level. For the most part trims on the Bronco are superfluous. Standard, Mid, High, Lux are the real trims, and Sasquatch throws a huge wrench in the works as well. The Trims themselves are largely just a pay to play for the packages.
I would have the Credit Union provide you their valuation method or let you know where they think you can find one for that price. Something isn't right.
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