Auto Refinance - Bye Bye Rapists!

Discussion in 'Credit Talk' started by Cadillac408, Sep 27, 2001.

  1. Cadillac408

    Cadillac408 Well-Known Member

    This is the best....

    Last week I decided to call my credit union to see if I could refinance my auto loan through them. Keep in mind that exactly 1 year ago when I got my car, I applied through them (knew it was a longshot) and was denied! I ended up financing my auto loan through Fireside Thrift Co. AKA "THE AUTO RAPISTS" at a rate of <don't laugh> 19.81%....YES nineteen point eight one percent!!!! I had no choice in the matter and refused to let the car of my dreams slip away. I promised myself that I would make timely payments (way more than the minimum), clean up my Experian report (who my CU checks) and try to refinance after 13 payments. I managed to clean Experian up and the only *potentially negative* items on there are a satisfied judgment, 2 paid student loan collections, 1 student loan now current that was a collection (bogus but whatever), and that dreaded Ford Credit paid chargeoff.

    So I called to follow up on my application and was told that they were backed up and short staffed and my application hadn't been looked at yet. The lady gave me a list of documents that they would need and I faxed them over just to speed up the process. She wanted everything in place so it would be ready to go when she presented it to a loan manager. I got the phone call today and they are able to finance my vehicle no problem! I was so happy! Since my car is a 95, they can't finance the whole payoff amount...something about since it's a 95, they can only give me retail value for the car. So I have to come out the pocket roughly $1800. HEY....I DON'T CARE!!!!!! At least I'll have a REAL bank loan on my credit and not some finance company. The rate that I got was originally 12.4% (still high but whatever) BUT since I'm doing automatic deduction out of my checking, they knocked off a point!

    So needless to say......I am EXTREMELY happy! Finally I can establish a relationship with my bank. This is a first for me.

    Thank you all for the valuable information that you have posted here! I appreciate it!

  2. matty61184

    matty61184 Well-Known Member

    Congrats! The credit union really is the best place to go to get an auto loan. I have been very happy with both my credit unions. I started at Cedar Falls Comm with a 9.5% rate last November and paid on that up until this July. I then refinanced with Iowa Community at 7.5%, so I was really happy! Good luck, and I'm sure you will build a good relationship with them!
  3. Quixote

    Quixote Well-Known Member

    Outstanding! Congrats and all that stuff! I'll have an extra Rolling BlackOut in your honor this weekend.

    I can beat that interest rate, though (the Ugly one): 23.77%. Ughh. Same Boat. No choice. It was either that or keep pouring money into a minivan with 278,000 miles on it and a blown trannsmission. Even at 23.77%, it was less expensive to suck it up and buy a late model used Nissan Altima. We'll pay it off early, sometime next spring. And then, with all of this credit nonsense behind us, we can stand up and be treated like regular people again.
  4. marci

    marci Well-Known Member

    Congratulations, MP$40. Boy, I wish I were you. My CU won't give me anything. Anyway - I'm glad you were able to escape from the "rapists".


  5. MikeG

    MikeG Well-Known Member


    Mike G
  6. roni

    roni Well-Known Member

    Nice job... Sounds like the rapist got you upside downs in the payments... ie you owned more than the car is worth. Glad to hear knocked that rate down!
  7. Cadillac408

    Cadillac408 Well-Known Member

    Yeah....well here's the deal with that. When the CU valued my car, they said $12505 and the payoff was $12548. So only up side down by $43. Then when the loan started going through, they realized that they couldn't do $12505 because it was a 95 and on cars that are 6 years and older they can only do low retail or something which put it at $10600. Whatever....I'm still happy regardless. I don't mind paying the extra money. It hurts but whatever....just happy to have a BANK loan!
  8. Katco

    Katco Well-Known Member

    Congrats. Congrats!!!!
  9. bailey

    bailey Well-Known Member

    MP I am so very happy for you:) You have come a long way baby and there is more to come for you congrats!!!
  10. roni

    roni Well-Known Member

    You go girl! So proud of you.
  11. SD

    SD Well-Known Member

    I currently have Fireside Thrift Co. and they are raping me like crazy! I put a Ford Bronco in my name for my baby's Daddy and I think the interest rate is like 20 or 21%. Geez, I'm not even sure what the actual rate is but I know it's some outrageous amount.
    I am a first time buyer so i thought that I had to accept this rate until I established more credit. (should've done my homework on car buying...) He's making the payments and I had considered refinancing with my CU, but I'm afraid I would be denied. Also, he has about 3 1/2 more years till it's paid off and I was thinking of going thru my CU when I'm ready to buy a car for myself.

    Any suggestions on what i should do?
  12. Momof3

    Momof3 Well-Known Member

    A HUGE congrats to you girlfriend that is excellent news:) Gosh Citi finally gives you what you deserve and now this:)
  13. Struggler

    Struggler Well-Known Member

    19.81%? Lucky you. I've been paying 33% for two years now.
  14. GEORGE

    GEORGE Well-Known Member

    You should have gone to a LOAN SHARK...they don't charge 33%!!!!
  15. sam

    sam Well-Known Member

    wow 33% Crazy!! you could balance transfer that loan to your aspire card and save money!! :(
  16. leo728

    leo728 Well-Known Member

    I have been paying close to 25% for nearly 3 years already.
  17. Saar

    Saar Banned

    Re: Auto Refinance - Bye Bye Rapist

    What's the matter w/ you people? A car loan is a SECURED loan that represents a LOWER risk for the lender and should be matched by LOWER interest.

    You call yourself a struggler? Your outstanding balance DOUBLES every 2.5 years!

    You may want to call your local mob agent. I hear they charge less.

  18. Cadillac408

    Cadillac408 Well-Known Member

    WTF???? :-O

    Sorry to hear that! :((
  19. Cadillac408

    Cadillac408 Well-Known Member

    Thank You All!

    Thanks guys for your warm thoughts!
  20. Cadillac408

    Cadillac408 Well-Known Member

    Well I would go with plan A and that's call your CU and find out details. Find out who they pull, find out what they value your car at as opposed to what your payoff is, etc. It doesn't hurt to try...but only try if you have a good shot. I don't even know why I tried the first time a year ago. My Experian report was RAPED OVER!!!! At least it didn't hurt me cause the inquiry was soft. This time it waw hard!

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