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Cap1 Auto Refi Email Offer - Should I take it or wait?

GehaziYahudah
Member

Cap1 Auto Refi Email Offer - Should I take it or wait?

Was surprised to receive an offer from Cap1 to refi my auto loan yesterday evening since they turned me down 2 months ago when I asked for financing in the begining. This was coming off of paying off my previous Cap1 auto loan at the begining of August and having another product with them (1yr secured card).

 

I understand its only a SP to see if I qualify but I have until the 30th to take the offer so I'm wondering if I should wait to see if the 2 COs I paid bump my score any higher? My payment history did get bumped down recently when my BIL missed a payment on his car note I cosigned (you got to love family...Smiley Mad) If I take this offer this will result in yet another HP if successful since I had a round of HPs in August to get this car (I know lenders are supposed to only see these as 1 if done in a certain time window but everywhere I check it looks like I have several from Aug.)

 

Cutting to the chase here: I was already planning to ask NFCU to refi after the loan was 6 months old but should I jump on this offer now or wait if I can lower my payments?

 

Here are the details in case you are wondering:

Current Loan: 12.63%, 75 mo, $548.55/mo

Cap1's Offer: 7.19% APR, SP pre-qualify, HP to approve

Current FICOs:  609 TU, 592 EX, 628 EQ

Current Fico: 609 TU, 592 EX, 628 EQ (Oct 21)
Cards: NFCU Secured, Cap1 Platinum, Upgrade Triple Cash Rewards, Chime Credit Builder, Extra
Message 1 of 4
3 REPLIES 3
Overmedicated
Community Leader
Valued Contributor

Re: Cap1 Auto Refi Email Offer - Should I take it or wait?


@GehaziYahudah wrote:

Was surprised to receive an offer from Cap1 to refi my auto loan yesterday evening since they turned me down 2 months ago when I asked for financing in the begining. This was coming off of paying off my previous Cap1 auto loan at the begining of August and having another product with them (1yr secured card).

 

I understand its only a SP to see if I qualify but I have until the 30th to take the offer so I'm wondering if I should wait to see if the 2 COs I paid bump my score any higher? My payment history did get bumped down recently when my BIL missed a payment on his car note I cosigned (you got to love family...Smiley Mad) If I take this offer this will result in yet another HP if successful since I had a round of HPs in August to get this car (I know lenders are supposed to only see these as 1 if done in a certain time window but everywhere I check it looks like I have several from Aug.)

 

Cutting to the chase here: I was already planning to ask NFCU to refi after the loan was 6 months old but should I jump on this offer now or wait if I can lower my payments?

 

Here are the details in case you are wondering:

Current Loan: 12.63%, 75 mo, $548.55/mo

Cap1's Offer: 7.19% APR, SP pre-qualify, HP to approve

Current FICOs:  609 TU, 592 EX, 628 EQ


By taking the deal now, it appears it would save you $75-80 per month.  If you had a recent missed payment just show up then I don't see your scores skyrocketing as that will keep your scores suppressed for quite a while.  Personally I would take the deal but that is just my $.02

FICO 8
Message 2 of 4
GehaziYahudah
Member

Re: Cap1 Auto Refi Email Offer - Should I take it or wait?


@Overmedicated wrote:

 

 By taking the deal now, it appears it would save you $75-80 per month.  If you had a recent missed payment just show up then I don't see your scores skyrocketing as that will keep your scores suppressed for quite a while.  Personally I would take the deal but that is just my $.02

I appreciate that feedback, makes sense to me.

Current Fico: 609 TU, 592 EX, 628 EQ (Oct 21)
Cards: NFCU Secured, Cap1 Platinum, Upgrade Triple Cash Rewards, Chime Credit Builder, Extra
Message 3 of 4
GehaziYahudah
Member

Re: Cap1 Auto Refi Email Offer - Should I take it or wait?

Ended up giving it a try this afternoon and did not get the soft approval. Had a feeling it wouldn't end up well because I had to manually enter my loan information since it was pulling info in for the other car on my CR. Back to my original plan of waiting until the 6 month mark...

Current Fico: 609 TU, 592 EX, 628 EQ (Oct 21)
Cards: NFCU Secured, Cap1 Platinum, Upgrade Triple Cash Rewards, Chime Credit Builder, Extra
Message 4 of 4
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