Navy Federal Weirdness

[brainysmurf]

I have a 2008 Mazda that I wanted to refinance. My payoff quote = $12,650.

I applied for a loan at NFCU, and was approved at a ghastly 10.48% for 36 months (I was tricked by using a different credit score than FICO, and thought I'd get a better rate than this.)

My current loan is through WFDS at 11.25% with 43 months remaining. I called Wells Fargo, since I know FICO considers rate shopping to be a single inquiry, and they offered me 9.4% over 54 months (9.5% over 36). I was playing around with ammortization tables and I'm pretty sure that the Wells Fargo loan is better, if I commit to paying extra to principal.

My problem is that when I logged into Navy Federal's site this morning an auto loan is now appearing under "my accounts". Is this legal? Can I have it closed without paying any of the interest? I never signed any document in the application process. I'm baffled that they would do this. It's there and gaining $3.76 in interest daily. I'm kind of stumped here. What do I do?

[Datx]

Sounds like the next thing to do is pick up the phone and call them. If you did not sign any documents then the loan is not finalized in my opinion. Just need to call them and explain, they are usually easy to work with in my experience.

[brainysmurf]

Yes!! They are easy to work with. I went into the branch here on base, and told them I want to decline this loan. They were puzzled of course, but they got a manual review to match the Wells Fargo offer, which saves me the $99 that WFDS would charge to refi.

[Anonymous]

I am glad it ended well.