My current car loan is through Cap One, and I purchased in March 2012. At time, loan was for 17,000 at 12.6% for 60 mo(08 Toyota Camry).
I have continued to rebuild my credit since then, and at the 1 year mark, I was thinking of trying to refi. I attempted to in October, but local CU denied me due to the
unpaid federal tax lien(though I have an installment plan in place with IRS). Ironically that wasnt an issue with Cap One when this loan originated.
Any thoughts on possible options? I plan on keeping this car, but would like to lower interest and payment if possible
I'd definitely keep trying to a refi. Was the tax lien an issue because it was hurting your scores or because it was negatively affecting your DTI, or just because it was unpaid ?
From what I understand, the CU made it an issue because it was unpaid. I showed them proof of the installment agreement the IRS has in place for me and asked for a recon with that payment amt but was still shut down. I was kinda bummed because I hate wasting inq on my credit, and though I love the current car I have, I dont wanna pay the rate I have forever.
Tax liens can be considered worse than bankruptcy to lenders. I'm sorry you didn't get approved. You can keep trying or wait until the tax lien is paid off.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! Last App: 4/5/13 Gardening until July 2014
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! 
Last App: 4/5/13 Gardening until July 2014