Great experience with DCU Auto Refi

[IWOL]

I just applied and was approved for an auto refi on my auto loan with DCU at 1.49%.

I was paying Wells Fargo 7.2% on my current loan.

I had about $14K in equity in the car so I did a "cash out" refi for $27K. I owe $19K on Wells Loan so got an extra $8K at 1.49% to pay off some CC blances that are on a 0% promo that is about to expire.

I had 50 months on my Wells Loan left. The new loan is 65 months and my payment dropped to $467 from $533 a month.

The whole app process was very fast and easy. They did ask for recent W-2.

My EQ score was 726.

[Fico2Go]

That's fantastic!  Congratulations.  

Cash out refinance on a car?  he-he.  That's as good as it gets.  

How long did the process take from apping to get the old loan paid off?

[IWOL]

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@Fico2Go wrote:

That's fantastic!  Congratulations.  

Cash out refinance on a car?  he-he.  That's as good as it gets.  

How long did the process take from apping to get the old loan paid off?

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I applied for the loan on Monday the 18th. I received the "cash out" check today which was sent by Fed Ex overnight and the check is on the way to Wells Fargo now.

The whole process with DCU was so easy and the CSR's were a pleasure to work with.

At 1.49% it just dosent make sense to leave all that equity in the car and on top of getting the cash out, I reduced my payment by $100 a month, couldnt be happier.

I would highly recoomend DCU.

[Fico2Go]

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@IWOL wrote:

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@Fico2Go wrote:

That's fantastic!  Congratulations.  

Cash out refinance on a car?  he-he.  That's as good as it gets.  

How long did the process take from apping to get the old loan paid off?

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I applied for the loan on Monday the 18th. I received the "cash out" check today which was sent by Fed Ex overnight and the check is on the way to Wells Fargo now.

The whole process with DCU was so easy and the CSR's were a pleasure to work with.

At 1.49% it just dosent make sense to leave all that equity in the car and on top of getting the cash out, I reduced my payment by $100 a month, couldnt be happier.

I would highly recoomend DCU.

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Doesn't make sense can u clarify? 

Why would DCU send you a check before getting a lien release from WF?  WF sure isn't going to release until the check clears.   

[IWOL]

That's a good point you make but I did online Docu Sign for the loan documents and they overnigheted the check to me. 

I have a signed loan agreement with them so I'm now liable for the loan amount to DCU but I suppose if Wells refused to release the lei there would be a problem.

Obviously Wells has to realease the lein as soon as they cash the check. 

Why wouldn't they send the check once I have signed the DCU Loan Docs, provided W2, registration and loan payoff docs from Wells?

[Fico2Go]

Sorry thought u hadn't signed loan docs or sent car title to DCU and they sent the check.

I'm in the process of refinancing my car too. And the bank required sending original car title and vehicle lien release from old lender before they sent the loan docs.