Is Cap One Refi offers too good to be true?

[Tooliebell]

I am a new Capital One card holder. I get email refi offers for my auto quite a lot.  My auto right now is at 16% and the 3.66% offer seems pretty good. 

Mid score is 645.  Have a paid Cap One charge off from 2009.  What do you think?

[Anonymous]

its worth a shot.

You must remember:

1- No where in the paperwork are they promising you the refi will be approved oor are they telling you that you will get 3.9%.

2- Refis are based on the amount being refied as it relates to what you owe on the car and what your car is worth. A significant difference between the loan amount and the value of the car can kill the deal or influence the interest rate you do get.

3- You may get a refi, at a better rate then what you have but not at the best possible rate they offer.

4- Be ready to accept being declined 

[John060675]

My guess is that they will not give you the lowest rate, which is the 3.9% mentioned.  I would definitely try it though, and even if they can cut your % rate by a little then it would be worth taking the offer.

If you do take a chance, can you pleae let us know what % rate they offered?  It would be interesting to know.  Thanks and good luck.