Today I refinanced our existing auto loan with Chase. Managed to lower the APR from 7.74% to 4.89%, which is about the lowest available. That includes a discount of 0.25% for having the monthly payments automatically withdrawn from my Chase checking account.
We originally bought our 2016 Toyota Highlander new at the end of that year. At that time, Toyota Motor Credit wouldn't take our loan because we had missed one payment to them back in 2014. We went with Chase instead because I have a good relationship with them. But because my TU and EX reports show one 30-day late on an auto loan payment, we were only able to get 7.74% for 72 months on our new car loan at that time.
Today, with our improved FICO scores, I was able to lower the rate significantly. I kept the term at 48 months, but the lower rate means we'll save $1,385 over the remaining life of the loan. Our monthly payment will drop from $579 to $537.
Chase took my refinance application over the phone and it only took a half hour or so to get approved. The CSR said it definitely helped that I have a strong banking relationship with Chase as a Private Client. I know they hard-pulled my EX because I had to unfreeze it so they could access my report. Presumably they used FICO Auto 8 scores: EX: 722, TU: 736, EQ: 725.
Congrats... That is a very good rate and with lots money saved as well.
Thanks! The rate I got is about the best you can do with a 3-year old car that has more than 70,000 miles on the odometer (my DW's daily driver).
Correction: Contrary to my original post, Chase pulled my EX FICO Auto 9 score for my loan refinance.
Previously I thought they used EX FICO Auto 8 but when I went to my branch to sign the paperwork today, the disclosure clearly said Chase uses EX FICO Auto 9. For some reason, my FICO Auto 9 scores are lower across the board than my FICO Auto 8 scores:
FICO Auto 8: EX 722, TU 762, EQ 751
FICO Auto 9: EX 689, TU 736, EQ 740
Not sure what accounts for the difference. But this is the first time I've seen an auto lender using the FICO Auto 9 score.