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Contributor
svtthis
Posts: 124
Registered: ‎07-09-2012
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NFCU Refi Auto Loan

Hey guys I recently got denied for an auto refi through navy federal credit union. They cite my BK as the only reason for denial. I am 1 year post BK7 and have never missed a payment on my car loan that I have had for a year and my 3 C.C's. Is there anything I can do? Maybe a Recon?

 

My score was a 609 on equifax which is what they pulled.

 

My car is financed through santander at 21% which is the only one who would give me a loan at the time.

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Revelate
Posts: 9,758
Registered: ‎12-30-2011
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Re: NFCU Refi Auto Loan

[ Edited ]

I don't think it'll hurt to ask in this instance; however, I don't know that it'll do any good.  NFCU can be more particular on auto loans than some of their other products from what I've read, and one year out of a BK is still nearly a black hole massive derogatory unfortunately.  

 

 

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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Valued Contributor
madmann26
Posts: 1,459
Registered: ‎08-30-2012
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Re: NFCU Refi Auto Loan

To say they are finicky is an understatement,

 

I applied for refinance of my Santander loan (28'ish percent, I know I know) and they pushed back with wanting some detailed information about a mortgage foreclosure from 6 years ago (scheduled to fall off in 8/2014). It came across to me as a bit weird, but ok.

 

I gave them an honest answer and yesterday they approved the refinance for 14.79% (cutting my current rate in HALF) and I am shaving 2 months off my current loan. I'm happy and I don't think I'll get a better rate anywhere else plus I am continuing to build on my relationship with NFCU. Over the course of the loan I will save almost $11k. That's about $2k/yr in savings.

 

When I initially applied, I sent them a message, explaining my current loan terms and what I was looking for, in hopes of more or less. I'd call this a recon before a recon...lol.

 

It may be worth your while to call them up and ask for a recon and explain to them your current situation. There are people behind the scenes with NFCU that have a heart and will bend over backward for you, as long as you don't burn them.

 

Good Luck.


Starting Score: EQ 511 TU 552 EX 545 8/29/2012
Current Score: TU 712|EQ 695|EXP 723 (FICO)
What's in my wallet? Cap1 PLAT AU $4.25k; Cap1 QS AU $2k; NFCU Siggy $45k; $5k WalMart MC; CFNA Firestone $1.8k; Amazon $3k; NFCU Cash Rewards $22K; AMEX BCE $21k; NavCheck $15k; Lowe's $10k; Citi DP $7.7k; AMEX ED $8.5k; Chase Freedom $4.5k
Goal Score: 700 across the board.
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Contributor
svtthis
Posts: 124
Registered: ‎07-09-2012
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Re: NFCU Refi Auto Loan

Thanks guys for the info! I'll give them a call and post back with the results

Established Member
yodi2007
Posts: 18
Registered: ‎01-06-2013
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Re: NFCU Refi Auto Loan

NFCU denied me today even after i gave them an explaination. I had a Repo 6 years ago fallign off in dec/2013. So ill just accept the offer Capitol one gave me 15.8% and refi in 6-12 months :smileysad:


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