NMAC (Nissan Motor Acceptance Corporation) refused to refi.

[jimmyt2003]

had been paying for two years called and asked for a better rate to save some money, credit inproved (current 8.75), apparently they don't so i decided to use another lender (USAA) cheaper payment and better rate. I'll never use NMAC again.  

[0REDSOX7]

With all due respect, I have never seen auto manufacturer lenders offer refinance opportunities. NMAC would only be used when purchasing a car from the dealer.

You usually have to use a bank/credit union to refinance which is exactly what you've done.

[jimmyt2003]

makes sense, i've never seen that information out there. i guess that's the true benefit of using your own bank versus the dealer. now i know thanks!

[sccredit]

Captives (manufacturers finance arms) do not refinance their own loans.  Most banks won't refinance their own loans either.  

[0REDSOX7]

My local credit union will refinance their own loans but there are tons of fees involved to almost make it not worth it.

[StartingOver10]

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@0REDSOX7 wrote:
My local credit union will refinance their own loans but there are tons of fees involved to almost make it not worth it.

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^^^Very rare for any lender to refinance their own loan,  Usually have to go somewhere else - another CU or bank to refi.

[0REDSOX7]

They have some stipulation that internal refinances have to bring new money (like $1,000).

Here's the link...
http://www.allegacyfcu.org/home/personal/auto

It says...
Refinance of an Allegacy Auto Loan must get at least $1,000 in new money.

[Creditwiser]

Also keep in mind you said "my credit situation improved"  Therefore NMAC was there when you needed them. They funded your loan and you got the car. So now that your credit has improved go get that better rate. NMAC played their part.

[stagefoursurvivor]

With all due respect to the posters here and none to the weasel banks and captive lenders, it's actually a poor business decision NOT to refi a "usery" rate. Even if a lender reduces the rate to 2 or 3% they make $$ AND create better customer satisfaction and loyalty.

If they don't refi they make NOTHING.

I have read but, cannot confirm, that DCU offers an APR reduction program if you don't qualify for their initial rock bottom rate of 1.49%

[Ragelog]

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@stagefoursurvivor wrote:

With all due respect to the posters here and none to the weasel banks and captive lenders, it's actually a poor business decision NOT to refi a "usery" rate. Even if a lender reduces the rate to 2 or 3% they make $$ AND create better customer satisfaction and loyalty.

If they don't refi they make NOTHING.

I have read but, cannot confirm, that DCU offers an APR reduction program if you don't qualify for their initial rock bottom rate of 1.49%

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I understand what you are saying but think most lenders see it differently. DCU will refinance their own loan but they are the exception not the rule. I think more lenders would be willing to lower APR on loans when you credit improves if they could adjust things the other way when it doesn't. However since that isn't possible they rather not deal with it. They likely also may feel like they are bidding against their own rates so they make you hold to the terms you agreed to and call your bluff of getting a better rate elsewhere.