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NFCU Refi Auto Loan

Regular Contributor

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.

Message 1 of 5
4 REPLIES
Moderator

Re: NFCU Refi Auto Loan

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 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


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Message 2 of 5
Valued Contributor

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.

Scores: about 700 across the board
Total CL: $275k
Message 3 of 5
Regular Contributor

Re: NFCU Refi Auto Loan

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

Message 4 of 5
Established Member

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 Smiley Sad

Message 5 of 5