The original rate and loan was from over a year ago and the rate was 11.99%. At the time, my car blew up (my car was only 6 years old), I had to have a working vehicle for work (or get fired), so I took what I could get. At the time, I had a bogus collection on my credit (which has been removed) so my score was around 620.
The rate I was quoted with my FAKO score was 4.99%. The agent I spoke with today told me that my rate would have been 7.99%, but that extra "points" would have been added for the car being over 10 years old, had over 100,000 miles on it, refinance points, etc and would have put the percentage over 11.99%.
The agent also informed me that since there was less than $5000 owed on the car that they wouldn't have refinanced anyways.
Essentially, (in my opinion), the refi shouldn't have even hit the credit part of the loan since it did not qualify per their rules. So now i'm getting hit with the same rate, and my credit has been dinged with a "hard Inquiry".
What sucks is this is a CU I have had an account at since I was born and have financed 3 or 4 cars through them, and I have never had any problems.
I think i'll probably visit them tomorrow and talk to the loan manager...or a lawyer.
