02-20-2013 06:14 PM - edited 02-20-2013 06:16 PM
Nice! Thankfully PenFed uses NADA which values my car above what I owe on it (just barely by ~$1,100).
I was asked to provide my two most recent pay stubs for income/employment verification. Just finished emailing them off to the provided address tonight. Hopefully I'll have good news tomorrow. My fingers are crossed.
02-20-2013 06:24 PM
Hope you get it!!!!
02-26-2013 03:59 PM
02-26-2013 07:00 PM
Congrats!!!! I got my check last wednesday, on thursday I sent it overnight to Cap1. Checked online today and my Cap1 auto loan balance is zero.
Really a very easy process
02-26-2013 07:03 PM
So far so good! I just need the check - they said it would be in the mail today. We'll see.
I spoke with a Cap1 CSR about the title transfer and she said it will be sent directly to them. How do they know where to send it? Are there instructions that PenFed provides when they mail the check?
02-26-2013 07:27 PM - edited 02-26-2013 07:27 PM
You'll get the following in your package:
1.)Promissory Note that you'll need to sign and return to Penfed
2.)Loan Repayment Form that will be prepopulated with your checking account info that you'll need to sign and send to Penfed with the above
3.) Check made out to the current leinholder that you'll need to endorse
4.) Authorization for payoff and demand for certificate of title that you'll need to fill out and send, with the endorsed check, to you current leinholder.
5.)Form to send to your insurance company to have the leinholder changed to PenFed and to have them send a copy of the updated policy delcaration page to Penfed. I called my insurance company after the Cap1 account showed a zero balance and did this part over the phone.
Other than that they include a couple of paymeent vouchers to use in case there's a delay in getting you payment book (do folks still use those?) or ACH set-up
02-26-2013 07:32 PM
That's great info...thanks a bunch! I wish I had thought of refinancing sooner. All of that interest that Cap1 earned off of me...
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.