Consumer Collateral Loan Closing

Congratulations on your recent loan approval!

While your loan is in processing we will need a few pieces of information in order to move your application to the closing stage. Here’s what we will need next. Please send the following information to MyLoan@rcu.org

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Next Steps:

 

For a dealership purchase:

• We require a purchase agreement from the dealership to proceed.
• Once we receive and process the purchase agreement, we will contact you to finalize your loan within 2 business days.
• Please ask your dealership if they are part of Royal’s Indirect Lending Network. If they are, let them know you are pre-approved at Royal Credit Union. Depending on the dealership, you may be asked to provide another application.

For a private party purchase or refinance:

• We will need the following information to proceed:
  • Seller information (if applicable):
    • First & last name of seller
    • Address
    • Phone number
    • Agreed upon purchase price
    • Date of birth – For sellers that are WI residents (this is a WI DMV requirement to perform vehicle inquiries in the WI DMV Database)
  • Collateral/vehicle info:
    • VIN
    • Year
    • Make
    • Model
    • Body style
    • Vehicle color
    • Mileage
• If there is a lien on the collateral, we need the following payoff information:
  • 10 or 15 day payoff amount
  • Per diem (daily interest amount)
  • Account number for the loan at the lending financial institution
  • Name of lending financial institution & payoff address
• If there is no lien, the title will be required before closing the loan.
  • Please email a copy of the title to myloan@rcu.org.
• Once we receive and process the needed information, we will contact you to finalize your loan within 2 business days.

Please send the above information to MyLoan@rcu.org