Capital One Auto Refinance

[b9918]

Wanted to share a good experience I had with them yesterday.  I was perusing the forums as I normally do and came across a thread where someone had refinanced their underwater car (close to 160%!?) with Capital One.  I bought my car, 2016 Subaru Forester XT, brand new in Summer of 2015.  Credit wasn't great, about 570 at that point, so I was saddled with a 5.99% interest rate. Add to that my negative equity of my trade in and I was already well underwater when I drove off the lot.  I've been overpaying each month for the car with the goal of getting the LTV back inline enough to refinance.

Fast forward to now, and after seeing someone get approved well underwater, I decided to apply.  It was super simple.  Capital One did a soft pull to pre-approve me.  They offered my same terms (51 months remaining) but cut my interest rate down to 2.99%.  So by default I was going to save around ~$45/month.  Incredibly quick and easy. 

If anyone is looking for a simple, quick refinance option, check them out!

[Anonymous]

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@b9918 wrote:

Wanted to share a good experience I had with them yesterday.  I was perusing the forums as I normally do and came across a thread where someone had refinanced their underwater car (close to 160%!?) with Capital One.  I bought my car, 2016 Subaru Forester XT, brand new in Summer of 2015.  Credit wasn't great, about 570 at that point, so I was saddled with a 5.99% interest rate. Add to that my negative equity of my trade in and I was already well underwater when I drove off the lot.  I've been overpaying each month for the car with the goal of getting the LTV back inline enough to refinance.

Fast forward to now, and after seeing someone get approved well underwater, I decided to apply.  It was super simple.  Capital One did a soft pull to pre-approve me.  They offered my same terms (51 months remaining) but cut my interest rate down to 2.99%.  So by default I was going to save around ~$45/month.  Incredibly quick and easy. 

If anyone is looking for a simple, quick refinance option, check them out!

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5.99% is pretty good with a credit score of 570.

[b9918]

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@Anonymous wrote:

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@b9918 wrote:

Wanted to share a good experience I had with them yesterday.  I was perusing the forums as I normally do and came across a thread where someone had refinanced their underwater car (close to 160%!?) with Capital One.  I bought my car, 2016 Subaru Forester XT, brand new in Summer of 2015.  Credit wasn't great, about 570 at that point, so I was saddled with a 5.99% interest rate. Add to that my negative equity of my trade in and I was already well underwater when I drove off the lot.  I've been overpaying each month for the car with the goal of getting the LTV back inline enough to refinance.

Fast forward to now, and after seeing someone get approved well underwater, I decided to apply.  It was super simple.  Capital One did a soft pull to pre-approve me.  They offered my same terms (51 months remaining) but cut my interest rate down to 2.99%.  So by default I was going to save around ~$45/month.  Incredibly quick and easy. 

If anyone is looking for a simple, quick refinance option, check them out!

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5.99% is pretty good with a credit score of 570.

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Yes, you're absolutely right.  5.99% was really good and better than what I had hoped for.  It was through Wells Fargo Dealer Services.  It may have helped that I put $5k down.  Either way, the ability to cut it in half was great!