Auto-refinancing - is it a hassle? (just applied with NASA FCU)

[Poki]

Just wondering what to expect. I applied for re-financing with NASA FCU, and its "pending approval".

I asked for 48/months, and the rate terms they are giving is 3.49%. Apparently they used some type of computerized program, since the percentage% rates they advertise online is "as low as 1.49%".

Fingers crossed. . . 3.49% is better than the 7.9% i'm getting with Wells Fargo (I should have never agreed to ).

[Creditaddict]

no it's easy... if pending turns approved they just get final payoff and send a check upon documents being signed and your first payment will be in 1-2 months for the new loan! good luck

[Poki]

Wow, a representative from NASA FCU just called and she was rude. I've never been treated this way from a CU or bank. Don't take this the wrong way, I don't expect perfection, smiles, and baked pie, but my hands are slightly shaking as I type this.

I was getting so frustrated I ended up just telling her I'm not interested in the loan. They might have denied me, so who knows.

It really makes me appreciate USAA's customer service.

[sccredit]

It very well could have been an analyst, they aren't exactly known for their CS skills.  They're just the ones who make the credit decisions.  You have to remember not to take things personally, it really is business to them.  

[Creditaddict]

What was the issue?
What was she asking that was rude?

[Poki]

I'm going to try re-financing next year; I hate this interest rate, but I have no one to blame but myself.

On the positive side, I have a decent cash reserve to pay extra into the loan (I've paid an extra $60/month since the beginning) and my purchase price is less than NADA clean retail value; hopefully I will be in decent hands next February.

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@sccredit wrote:

It very well could have been an analyst, they aren't exactly known for their CS skills.  They're just the ones who make the credit decisions.  You have to remember not to take things personally, it really is business to them.  

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Are you saying they outsource credit decisions? I have not the slightest ideas how banks/credit unions work. Yes, I sometimes have trouble letting things get to me.

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@Creditaddict wrote:
What was the issue?
What was she asking that was rude?

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Great, you are going to make me feel like I'm going on a teenage rant, but here I go.

She raised her voice at me one time, asking "HOW COME I DO NOT SEE A MORTGAGE (on my credit report)?". I was trying to explain to her that I paid cash for the house. Their online application does have a mandatory field block you have to fill out - the "monthly $ rent/mortgage payment", but since my house is paid off I don't have one, so I simply put 0. "When did you pay it off, and how come its not on your report?" I explained again, and she softly spurted "strange... you are strange man".

She latter asked me for my work number, which by the way wasn't marked as "required" in the online application, so I politely asked her to give me a minute to look the number up; three seconds latter I hear her again: "HELLO? .. sir, are you there?" I explained to her that I needed to find the number, and she replied "HELLO"... "how come you do not know your work number? this is such a simple question".

... amongst other things

[quanva]

I've just refi'ed 2 vehicles .. the first was a 29k loan i had @ 13.2 from USAA, the lowest they would give me was 4.9 so i tried BOA and NFCU.. BOA gave me the best rate @ 3.1.. the second loan was one i Co-signed on for my wife, the loan was from Wells Fargo 13% also, Since i already had the Preapproval from USAA i gave them that Loan

Since you already have the HP you may as well shop around 

[Creditaddict]

Sorry for how you felt in the phone call... I can only read and I know I have felt very aweful before and someone else would have thought it no big deal but you still can't change that feeling that "I" had in my gut about it.  Now on the flip side to that I would say that perhaps you could try to take some of the emotions out of the call and think about it from the financial side that you don't like your current loan, so even if you perhaps have to go through a not so nice phone call but in the end get a great loan, then maybe you can mentally prepare yourself for the 15+ minute call and get your numbers, answers, etc. ready and call them back.  I don't know for sure, but it sounds like double checking all the application and heading in the right direction for an approval.  Don't you think if you saved $50+ a month or shorterned your loan over a year that would outweigh having to talk to a rough/rude person on the phone you never have to meet for a bit?

sorry again that you felt talked down on, stand up for yourself and be confident talking to them... after all you have a free and clear house... BE WEIRD, that's fantastic!

[Poki]

@Creditaddict thanks

NASA denied me... 

<blockquote><hr />quanva wrote:<br />
<p><font face="comic sans ms,sans-serif">I've just refi'ed 2 vehicles .. the first was a 29k loan i had @ 13.2 from USAA, the lowest they would give me was 4.9 so i tried BOA and NFCU.. BOA gave me the best rate @ 3.1.. the second loan was one i Co-signed on for my wife, the loan was from Wells Fargo 13% also, Since i already had the Preapproval from USAA i gave them that Loan </font></p>
<p><font face="comic sans ms,sans-serif">&nbsp;</font></p>
<p><font face="comic sans ms,sans-serif">Since you already have the HP you may as well shop around&nbsp;</font></p>
<p><font face="comic sans ms,sans-serif">&nbsp;</font></p>
<hr /></blockquote>

I was wondering about BofA, their rates seem competitive. Any insight into what they look for?

USAA I assume will be a little on the higher side.

Capital One may also be an option.

Chase doesn't like me... I think I'm blacklisted. Plus they are very conservitive lenders? 

[Poki]

I couldn't get over the fact how I was treated, and even more so how people on the credit card board get sympathy yet no one cares I was basically yelled at..haha Two days latter it will be Monday, so I sent a secure message online today requesting my NASA FCU membership/account closed.

Its not like they offer anything special, heck their website stinks anyway.

20% downpayment on a car that I purchased for $3,000 less than NADA "Clean Retail" and that is currently at a payoff of apprx $3,300 LESS than NADA "Clean Trade-In". What is wrong with theme?  

I won't miss theme, and they wont miss me.