topic Re: PenFed Refi Odds in Auto Loans

PenFed Refi Odds

Anonymous — Fri, 25 Jan 2013 01:51:23 GMT

Hi All,

I know this question is probably asked 100 times a day and 200 on Tuesdays, but I'd like to see if any of you credit guru's could give me some insight into my odds at getting my vehicle refinanced with PenFed's excellent 1.49% refinance rate for 36 months. I'm shooting to try toward the end of February or early March.

First, here's my credit / financial standing background:

*Note - haven't pulled any FICO scores, yet, these are from CreditKarma and Quizzle, so I understand the FICOs are probably less than the below*

TU (Credit Karma): 736

EX (Quizzle): 736

My CU is currently 21% with a limit of $13,000 (between 4 cards).

After I recieve my tax reimbursement from the feds (hopefully in mid-feb) and a reimbursement from work at the end of the month, I'll be down to 7% CU.

Right now, I'm 29 payments into a 72 month auto loan with Capital1 Auto at 5.72%

Original balance was $17,215 and I'm at $10,990 currently.

I've got 3 student loans in repayment (stafford loans if that matters any) totalling just over $10,000. All current.

100% on-time payments with all lines of credit/loans.

Things that scare me:

1. Car I want to refinance is a 2008 Saab 9-3, 2.0T with 86k on the clock. Depending where you look, most places, I'm underwater on this loan. I don't care about that much, because it's my intention to drive this car until it falls apart. I just worry that I won't be approved for a refinance because of that fact. Also, high mileage - though, I think I read the cut off is 100,000 mi on the odo.

2. My scores/history won't be enough to get me that 1.49% rate.

Any data I'm missing?

Thanks for the insight!

Re: PenFed Refi Odds

sccredit — Fri, 25 Jan 2013 17:31:54 GMT

I think you are going to have a hard time refinancing this car anywhere, given that Saab is no longer in business. I know it sucks (I had a 2005) but it will become reality if it hasn't already. Parts are already getting scarce.

Re: PenFed Refi Odds

Anonymous — Fri, 25 Jan 2013 19:06:27 GMT

Do you think so? Wouldn't it just go by what the NADA value is? It's not like the car is completely worthless. Wouldn't a company like NADA/KBB take into account the status of the manufacturer and value it based on that?

And parts aren't too hard to come by anymore.

Re: PenFed Refi Odds

Anonymous — Sat, 26 Jan 2013 23:30:38 GMT

Just pulled my EQ FICO from Score Watch and it's 773.

Anyone know if that's the one which PenFed will pull??

Re: PenFed Refi Odds

Revelate — Sun, 27 Jan 2013 02:31:15 GMT

Penfed is EQ all the time.

Re: PenFed Refi Odds

Anonymous — Wed, 20 Feb 2013 04:39:43 GMT

My CU is sitting at 15%...is that low enough for PenFed refi??

Re: PenFed Refi Odds

Revelate — Wed, 20 Feb 2013 04:54:56 GMT

@Anonymous wrote:
My CU is sitting at 15%...is that low enough for PenFed refi??

At your scores I think anyone can refinance that loan.

Re: PenFed Refi Odds

Anonymous — Wed, 20 Feb 2013 14:52:37 GMT

I hope so. I may try applying today!

Re: PenFed Refi Odds

Anonymous — Wed, 20 Feb 2013 21:22:02 GMT

Let us know how it goes, and good luck! I'd love to get a "new" used car and the PenFed rates are incredible. Hope to hear good news.

Re: PenFed Refi Odds

Jkusa — Thu, 21 Feb 2013 01:43:18 GMT

I just successfully refinanced with PedFed @1.49 % I'll be paying off a CapOne loan @9.9%.

I have 33 months left on the original 72 month loan with an outstanding balance of around 14,100. However the car has a KBB value of 17,900 so there's some equity in it.

The loan I applied and was approved for is a more aggressive 20 month loan.

A few items of note.. I got this all with a BK7 on my credit reports that was discharged just under 5 years ago. Since then my credit has been flawless, I'm also under 1% util for my 5 CC's but DO have a student loan balance of around 120k

Re: PenFed Refi Odds

Anonymous — Thu, 21 Feb 2013 02:16:02 GMT

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.

Re: PenFed Refi Odds

Jkusa — Thu, 21 Feb 2013 02:24:16 GMT

Hope you get it!!!!

Re: PenFed Refi Odds

Anonymous — Tue, 26 Feb 2013 23:59:21 GMT

Approved today!

Re: PenFed Refi Odds

Jkusa — Wed, 27 Feb 2013 03:00:06 GMT

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

Re: PenFed Refi Odds

Anonymous — Wed, 27 Feb 2013 03:03:28 GMT

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?

Re: PenFed Refi Odds

Jkusa — Wed, 27 Feb 2013 03:27:42 GMT

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

Re: PenFed Refi Odds

Anonymous — Wed, 27 Feb 2013 03:32:03 GMT

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...