Auto refinance nfcu application process ,help please

[Anonymous]

My husband applied for  auto loan refinance with NFCU today, the system did not come up with a specific apr but instead showed an apr range from 2.49% to 16%.

after completing the application it went for review. it says review in progress. the applicaiton asked about all kinds of details such as where to mail the check etcc...

We dont want the loan if the apr is higher than his current apr of 6.16% with capital one.

If they come back with higher apr we can cancel the application correct? i mean they would require us to sign some sort of documents instead of approving for a higher apr and then mailing the check or something? their auto loan application process is bizarre.

[Anonymous]

Until the review is completed you will not know the exact rate or terms. That means that the system could not determine your approval and that more information is needed...such as proof of income, proof of time in job, or an array of other things. When the review is finalized they will give you an exact interest rate and term for your loan. Until then you have no need to worry about anything other than the hard inquiry that you took to apply.

[Appleman]

You will not be required to take the loan if they come back with a higher APR.

I have refinaced with PenFed and they sent me a check made out to myself and the current lein holder. I endorsed the check and sent it to my current lender. Maybe someone else can chime in if NFCU is the same way?

[kwinky13]

Hi there, I was wondering if you all got approved for this? I am kind of in the same boat. Applied, got 2.46-16% as well and then said review in progress. Just wanting to see if it was a real approval or denial.