Auto Loans

[favre_2_free]

I'm just wondering how a New Vehicle Refi works.  Obviously the value of the vehicle technically drops when you drive off the lot, so how does a lending institution look at that?  I just purchased a 2011 Ford Explorer XLT.  Tax, Title, License and Extended Warranty took the total to just over $37k.  I ended up in a slight pickel because I was preapproved at my Credit Union, but to get a rebate, I had to get the deal done by Saturday (this was a couple weeks ago).  The CU wanted paperwork in their hands by 4PM on Friday, and I was approved for advertised rates of 4.45% for 6 years. This just wasn't going to happen, so they told me to Reapply at the dealer through them, which I found out at my closing, I was denied!  So to get the deal done, I ended up at 5.75% through Chase, and I'm trying to get a Refi started through my CU, and they said they were going to have to Blue Book the new car...which is so new it's not available yet, hence my question.

[favre_2_free]

I guess I just got the answer to my own question from my credit union.  Because of however they value vehicles vs the loan value, I'm going to end up at a 4.95% or .5% higher than if they would've just approved me to begin with. 

[usmc58555]

.8% does not seem to me to be worth it.

[favre_2_free]

The only reason I am doing it, is it will only cost me $20, and then the loan is at my CU, so payments will be 20 times easier....