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? on Auto Refi via Cap 1

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Established Contributor

? on Auto Refi via Cap 1

I have an extreme sub-prime auto loan (never been late) that is due to be paid in 18 months.  I am ill of having paid such high interest DAILY (didn't read it at the time) but I was thankful to get the loan.
 
If my scores are 558, 558 & TU is 629; yes FAKO; and I have a CAP 1 good history account, do you think it's worth it to try to get a refi?  I'd save myself $1800 in interest roughly but I've already paid $5000 in interest - yep - this car cost TWICE what it was worth if I go the whole time.
 
AND, who do they pull for this?  I see them pulling my credit every month, varies from one report to the next.  OR, would it be a "soft" pull so it wouldn't matter??
 
Thanks!
Message 1 of 11
10 REPLIES
Established Contributor

Re: ? on Auto Refi via Cap 1

Hi-
I used to work for Cap1 auto, and I'm not sure that you could get a good rate. I saw them as high as 24%. It'll be a hard pull - and don't let anyone tell you that Cap1 refi's their own loans. THEY DON'T!
Good luck!
" I like to live as a poor man, with a lot of money." - Pablo Picasso (who was a jerk.)
Message 2 of 11
Moderator Emeritus

Re: ? on Auto Refi via Cap 1

What is your current rate?
Message 3 of 11
Established Contributor

Re: ? on Auto Refi via Cap 1

I sincerely appreciate the info on the CAP 1 - don't scream - but my interest is 23.25% per day - ONLY I did NOT see that the day I signed, I didn't read every line item and it was originally with Bank One; whom Chase bought - and they blow to deal with...anyway, you got it - it was my first ever loan in MY NAME only since my divorce and I was ecstatic, apparently stupid too; but so glad to be on the way to repairing my life that I let get destroyed credit-wise when I was married.  If I could, I would re-fi in a heart beat but the nice thing is that if I wait until January to buy a home, it doesn't count anymore as long-term debt, so that will help tremendously!
 
I will be so happy to share the GOOD stories soonSmiley Happy 
 
Just frustrated that my scores aren't moving but they will beSmiley Happy
Message 4 of 11
Moderator Emeritus

Re: ? on Auto Refi via Cap 1

Eeeeek. I bet roadloans.com could be that rate.
Message 5 of 11
Established Contributor

Re: ? on Auto Refi via Cap 1

Would they re-fi???  I still want to pay it off by Dec. next year...What do you think?  It's a '99 - thanks TUSCANI!
Message 6 of 11
Moderator Emeritus

Re: ? on Auto Refi via Cap 1



beach123 wrote:
Would they re-fi???  I still want to pay it off by Dec. next year...What do you think?  It's a '99 - thanks TUSCANI!



Yea they do refi. But their site says:
 
Is the vehicle a 2001 model year or newer with
less than 70,000 miles?
 
Message 7 of 11
Established Contributor

Re: ? on Auto Refi via Cap 1

Thanks much Tuscani!  I now have 91,000 milesSmiley Sad  and of course it's a 1999.
 
I will be SURE to use them for my next auto loan, I guarantee! 
 
 
Message 8 of 11
Moderator Emeritus

Re: ? on Auto Refi via Cap 1

Yea, sorry to get your hopes up there! Smiley Sad
Message 9 of 11
Established Contributor

Re: ? on Auto Refi via Cap 1

Smiley Happy  It's ok - I have more knowledge now and know exactly where I'll be going next time thanks to the all of you!  Lesson well learned - READ EVERY LINE of a contract and check out the forum before signing on the dotted line - too bad I didn't have all of you back then!
Message 10 of 11