@welshdan wrote:Hi there,
I'm looking to refinance my vehicle with NFCU, if they come back with an interest rate above what I currently pay (3.49%) I can reject their refinance terms?
Just checking to make sure no T+C/clause whereby if you're approved the check is automatically sent and I'm stuck with a rate above what I currently pay.
You can always decline. Be sure to tell them your current rate before you apply. What year is the vehicle and how many miles are on it. What length of term do you want?
@welshdan wrote:Hi there,
I'm looking to refinance my vehicle with NFCU, if they come back with an interest rate above what I currently pay (3.49%) I can reject their refinance terms?
Just checking to make sure no T+C/clause whereby if you're approved the check is automatically sent and I'm stuck with a rate above what I currently pay.
You can definately reject their offer. When I was doing my refinance in March 2012, I specifically told them that they had to go lower than 4.5% for me to actually go through with the refi. They said sure no problem, if they couldn't do the rate, then I didn't have to do the refi; They came up with 4.09% plus gave me 1.79% on a new car in Oct 2012.
FICO 8: 
Goal: Gardening!
Goal: Gardening!
2012 Nissan Altima with 7300 miles.
Bought in August 2012, total financed 26500 for 84 months at 3.49% with PNC Bank.
Today's payoff is 24,640
I'm looking to bring it down below 3% for 72 months.
With a rate so low you may wonder why I want to refinance?
#1 I want my payments to go toward principal as much as possible
If I refi at 1.99 the first payment only $40 will be interest and it decreases from there.
On my current terms it will be May 2016 until I start paying $40 or less per payment for interest.
#2 PNC Bank website for auto loan sucks and I bank with NFCU so it will just make things a little easier 
@welshdan wrote:2012 Nissan Altima with 7300 miles.
Bought in August 2012, total financed 26500 for 84 months at 3.49% with PNC Bank.
Today's payoff is 24,640
I'm looking to bring it down below 3% for 72 months.
With a rate so low you may wonder why I want to refinance?
#1 I want my payments to go toward principal as much as possible
If I refi at 1.99 the first payment only $40 will be interest and it decreases from there.
On my current terms it will be May 2016 until I start paying $40 or less per payment for interest.
#2 PNC Bank website for auto loan sucks and I bank with NFCU so it will just make things a little easier
You have 299 miles until it is no longer considered new by NFCU, so you very well could get that 1.99% rate if you hurry. You may have some negative equity and be required to front some cash.
I would recommend a 60 months or shorter term.
Also keep in mind that you are allowed and should pay more than your minimum payment on the loan. Anything above the minimum goes towards principle.
You got a very good rate when you purchased that vehicle. 3.49% for 84 months is rare. If your credit is still in the same shape, you won't have any issues with NFCU as long as you can cover the negative equity.
@dabrian wrote:
I would imagine your gonna have several thousand in negative equity. Keep us updated.
Hopefully it is heavily optioned. A loaded Altima will book out high enough.
@welshdan wrote:I have been approved for slightly more than the payoff amount (that number referenced above is today's payoff, they use the 14 day pay off)
1.99% for 72 months at $367.99 pm.
This includes GAP - as you can see I am upside down quite considerably, thanks to a huge mistake I made 14 months ago on a gas guzzler.
Awesome, you must have excellent credit.
Hey thats great news congratulations!!
I had a feeling you would be happy with what NFCU offered.
FICO 8:
Goal: Gardening!
Goal: Gardening!