topic Re: Wells Fargo Auto Refinance in Auto Loans

Wells Fargo Auto Refinance

Run4Fun — Mon, 13 Jul 2009 03:29:29 GMT

This is more of a vent thread than anything...but here was my ordeal with Wells Fargo when trying to refinance my auto loan.

Currently have $24,100 left on a original 72-month loan financed at 10.34%. 57 months left. My scores at the time when I got the loan were around the 620 mark. Currently I have all three scores over 740 so I thought this would be a great time to refinance and shave off $50-60 a month. Wrong...apparently WF doesn't care about credit scores? They come back with an "approval" for a 60 month refinance at 10.64%! I have $0 credit card debt, no baddies on any CBR's. Everything is flawless except for my length of credit history (5 years). KBB has the current value of my car valued at $200 under the amount left on the loan ($23900). I'm barely in negative equity because of a large DP and yet they come back with a rate higher tham my original? This just completely baffled me...has anyone else had problems with WF? Sad part is I do all of my bank with them including checking, savings, and I also have their platinum Visa which I use regularly, but always PIF before any interest. Even the loan officer was a bit puzzled with what they returned with...when I first came in and told her my scores/history she said she didn't see a problem getting their lowest rate at the moment (7.2%). So one hard inquiry later I'm at a loss as to whether to try refinancing at another bank or credit union...any ideas?

Re: Wells Fargo Auto Refinance

Anonymous — Mon, 13 Jul 2009 13:01:25 GMT

I would definently try a credit union in your area. With a 740 score, you could get an interest rate as low as 5.74% for 60 months. That is what my credit union is currently offering loan rate wise.

Re: Wells Fargo Auto Refinance

Watchmann — Mon, 13 Jul 2009 17:58:50 GMT

The truth of the matter is the financial world has changed significantly in the 15 months when you first took out the loan. Standards are far tougher now and WF just doesn't see much sense in refinancing you at a lower rate. They need to keep revenue up, and refinancing to a lower rate just takes money out of their pockets. You can try other places, like a CU, and perhaps you'll find someone more aggressive to deal with.