Credit approvals and loan rates are valid for 6 months from an applicant’s original pre-approval date. • All loan proceeds need to be approved by Clean Energy CU for disbursement to the dealer within this 6- month validity period.
- After the 6-month validity period expires, credit approvals may be extended another 4 months:
- Clean Energy CU can do a hard credit pull – after obtaining explicit permission from the customer.
- Depending on current rates, the customer’s loan rate may need to be adjusted, and if the rate is a broughtdown rate, then the seller’s points (aka “dealer fees”) pricing may need to be adjusted as well.
- The updated rate and seller’s points pricing are then valid for another 4 months.
- If the hard credit pull results in a credit score that has dropped by more than a nominal delta, then Clean Energy CU may need to ask for updated proof of income and/or re-underwrite the loan app more comprehensively. Extensions or re-approvals are not guaranteed.
- Clean Energy CU includes language about the 6-month validity period in the footnotes of each pre-approval and full approval email: “The credit report(s) and loan rate(s) associated with this pre-approval will be valid for up to six months. If your loan(s) are not funded/closed within this six-month time frame, then your credit will need to be re-pulled and reapproved, your loan rate(s) may change, and your income may need to be reverified.”