topic Re: Ally Bank vs Chase Auto refinance in Auto Loans

Ally Bank vs Chase Auto refinance

Anonymous — Thu, 29 Aug 2013 19:18:41 GMT

I have a car loan with Ally Bank at 6.99% APR (bought the car about a year and a half ago). I applied for Chase refinancing as my credit has improved, and was approved for 3.83%. which I think is pretty good. My idea is now to call Ally Bank and see if they can do better. Hopefully under 3%. However, I'm thinking that establishing a car loan relationship with Chase might be better in the long run. I already have a Chase Freedom card and the service has been great. Ally has been great to, so I would not mind staying with them either.

What do you guys think. Should I stay with Ally if they offer me a better deal or should I switch to Chase?

Thanks in advance.

Re: Ally Bank vs Chase Auto refinance

sccredit — Thu, 29 Aug 2013 19:47:30 GMT

Ally will tell you that they do not refinance their own auto loans.

Re: Ally Bank vs Chase Auto refinance

Anonymous — Thu, 29 Aug 2013 19:55:31 GMT

I read this article and thought it was possible: http://www.ehow.com/how_7666135_reduce-gmac-car-loan-payment.html

Are you sure they don't refinance their own loans?

Re: Ally Bank vs Chase Auto refinance

sccredit — Thu, 29 Aug 2013 20:20:36 GMT

It appears that I stand corrected. They would not when I was refinancing DW's car, I ended up at a local CU for much cheaper

Re: Ally Bank vs Chase Auto refinance

Anonymous — Thu, 29 Aug 2013 22:32:48 GMT

What would you recommend in this case?

Re: Ally Bank vs Chase Auto refinance

sccredit — Thu, 29 Aug 2013 22:38:24 GMT

Give it a shot with Ally, worst they can say is no and you have Chase to go with

Re: Ally Bank vs Chase Auto refinance

Anonymous — Fri, 30 Aug 2013 21:35:12 GMT

Well, looks like you were right and that article is wrong. I just called Ally Bank and they confirmed they do not offer refinancing (only rewritting).

So, Chase here I come...

Re: Ally Bank vs Chase Auto refinance

CAnNY — Sat, 31 Aug 2013 14:07:04 GMT

Rewriting a loan and refinancing are essentially the same thing I thought. Is that not true?

Editing:correcting grammar

Re: Ally Bank vs Chase Auto refinance

Anonymous — Mon, 05 Jan 2015 21:21:05 GMT

I just called today, January 5, 2015, and Ally Financial does NOT refinance their auto loans. I will be trying at other banks now.