Found out today the terms they are refinancing my car at: 54 months, 14.95 APR This sucks. But better than the 21.5 I am currently at. But I am already a 13 months into my loan. I feel like I am starting over... One good thing: They pulled my reports with the judgment still on there. I am going to negotiate for a 10% APR once I get the contract in the mail. How ya like 'dem apples? Betta 'dan nuthin...
Good for you. I would love to be able to re-fi right now. But have too many derogs. How are you going to spend all the extra cash you have now? Bobbi
Love, congratulations. That's a great refi rate! Keep paying Cap One Auto Finance what you were paying your other company and you'll: 1. Knock off some months on the loan term and pay the car off early. 2. Eliminate or reduce negative equity, so that it will be easier for you to refi again with a real bank if you choose. You're not starting over. You're making significant progress and some wise decisions! Is it possible (financially) for you to opt for a 48 month term instead of the 54 month term? If you can swing it, you won't feel as if you're "starting over" so much.
Congrats Love! I'm doing the refi thing as well, although I had to jump through some hoops due to being "upside-down" in my car loan. You'll save a whole pile of money now that you're not paying that loan-sharking rate! )
I am upside-down too by 2K. But they are financing it ALL. My CU wanted me to pay the difference between the KBB.com price and what the payoff is. Whatever...
congrats! I've been considering a refi but one thing I'd really really like is a place that is set up for electronic payments and NOT just via Western Union! Only 3 of my bills paid from my bank's online banking service can't accept electronic payments: local water company (no biggie), a retail credit card (which I hardly use) and my auto loan. In fact, I've noticed that the auto loan people are taking longer and longer to post my bank's check. First it took 5 days, then 7 for a few months, now 9...it almost seems like they are intentionally putting the online payments on the bottom of the stack (not that a creditor would *ever* do such a thing)!
