NFCU Auto Refinance - Denial

[Summer16]

I recieved the below message after applying for an Auto Refinance through NFCU.

"Unfortunately, your request for credit has not met Navy Federal lending criteria for approval. You will receive notification by mail at your address of record within the next 5-7 normal mail delivery days which will provide an explanation for the decision. This letter will also explain the appeals process that you may initiate. "

There were no reasons given on the website. Has anyone been successful at submitting a reconsideration letter for a refinance denial?

[bigpoppa09]

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@Summer16wrote:

I recieved the below message after applying for an Auto Refinance through NFCU.

"Unfortunately, your request for credit has not met Navy Federal lending criteria for approval. You will receive notification by mail at your address of record within the next 5-7 normal mail delivery days which will provide an explanation for the decision. This letter will also explain the appeals process that you may initiate. "

There were no reasons given on the website. Has anyone been successful at submitting a reconsideration letter for a refinance denial?

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It could have been your LTV was out of whack before pulling the trigger on a Refi always call Navy and give them your cars info and they will tell u what the max amount they will Refi. I'm not saying this was the reason for the denial but could be.

[Summer16]

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@bigpoppa09wrote:

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@Summer16wrote:

I recieved the below message after applying for an Auto Refinance through NFCU.

"Unfortunately, your request for credit has not met Navy Federal lending criteria for approval. You will receive notification by mail at your address of record within the next 5-7 normal mail delivery days which will provide an explanation for the decision. This letter will also explain the appeals process that you may initiate. "

There were no reasons given on the website. Has anyone been successful at submitting a reconsideration letter for a refinance denial?

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It could have been your LTV was out of whack before pulling the trigger on a Refi always call Navy and give them your cars info and they will tell u what the max amount they will Refi. I'm not saying this was the reason for the denial but could be.

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I didn't think about that at all. I will give them a call.

[Summer16]

I received my denial letter in the mail today. The main reason listed at the top of the letter was "Excessive Credit Obligations in Relation to Income."   I believe my total student loan debt is the culprit but before I jump to conclusions,  I sent a SM to ask them to provide additional details. I'll update with stats when I receive a response.

[bigpoppa09]

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@Summer16wrote:

I received my denial letter in the mail today. The main reason listed at the top of the letter was "Excessive Credit Obligations in Relation to Income."   I believe my total student loan debt is the culprit but before I jump to conclusions,  I sent a SM to ask them to provide additional details. I'll update with stats when I receive a response.

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Navy is more stringent on DTI than some lenders good luck.

[Summer16]

NFCU's response was generic in nature. Stated they are not a credit reporting agency, could not give me specifics and referred me to my Equifax report. They also said the denial letter was not referencing a derogatory payment history but they do consider amounts outstanding with other creditors and the types of credit, etc. 

Here's my status

Income 80k

Bankruptcy 2/2014

AAofA 6 years

No collections

2 - 30 day late pymt baddies from 6 years ago on private student loan

CC AZEO,  Uti 5% on NFCU Plat

Student Loan Debt 127k

New Auto Loan 6 months ago at a horrible 17% with CapOne .

My score was a 580 when I got it, and believe it or not that was the lowest APR.

(Original loan amount 33k/ Currently Owe 20k / BBV 19k)

Rent 1500

13 inquires on Equifax (Mostly from car purchase)

IDK, maybe it was my student loans that were excessive in relations to income. <shrug>

Dont know if I should try another bank or just keep paying extra money and pay it off. 

If I want a house in 2 years, it probably would help if that debt is gone anyway since my student loan debt isn't going anywhere any time soon.

[2IMPROVE1]

At the time were your student loans in repayment status?

[Anonymous]

I know this is an old thread but I'd like to know as well.  I'm in the same boat though my student loan amount is not in the 6 figures.

[Anonymous]

I know this is an old thread but I wanted to share my experience today.  I joined NFCU yesterday.  I wanted to refi my car from an awful 13.9% with Carmax to NFCU.  I was totally prepared for a denial.  However, the nice lady ran the numbers and approved me for 9.1% with my new car payments $150 lower than what they were!  I about fell out of the chair.  On top of that, they didn't even do a HP!  Just a SP!

As someone mentioned in the thread, I came in with all the documenation i.e. VIN, payoff amount as of today, name of lender, mileage etc.  She ran the numbers and I guess they made sense.  Again, I'm totally happy it wasn't a HP and I got approved!!!!!

[Anonymous]

Congrats on your refi approval!  NFCU won't give me the time of day on any credit products, whether it be a credit card or trying to refinance one of our vehicles.  I had everything prepared like you did and it was an instant denial, but none of the reps at NFCU can tell me why, other than "wait for the letter" which does reference my BK discharge but that's about it.