Counter-offer?

[Anonymous]

hello,

I applied to refinance my auto loan from bridgecrest to sdfcu.

Status went from pending to referred to now counter-offer.

I'm awaiting a email in reference to the counter-offer. Or a call or maybe even a letter. Not sure how they work.

Has anyone had experience with this. What is typically asked of a counter-offer?

Also the vehicle value is $2k less then the loan but they site says they go up to 125% LTV.  So I wouldn't have thought this was a issue.

If anyone has experience with a refinance counter offer in reference to what it mean please chime in.

Thank you. 

[Gmood1]

Hope you hear something soon.

IMO, you picked one of the most conservative of CUs to do a refinance with. 

They don't get in any hurry there either. lol

Maybe you should try calling them.

Their CS has went down hill over the last few months. 

Have you been able to reach anyone at a physical branch. Or just the same call center folks?

[Anonymous]

I haven't tried to call. To nervous.

I was applying to penfed but it came up that msrp is $14,600*ish and I owe $16,400*ish. Funny numbers lol

So I guess they don't go over on LTV ratio.

I applied with nfcu and it went under review.

I have my direct deposit with nfcu. $1965 deposits weekly. I have a $800 limit credit card with $11 on it.

My scores are all on the fair range for any fico model. They range from 580-672 depending on which bureau and what version.

I'm just trying to get out of this bridgecrest loan at 29% apr. I know my fault shouldn't have tooken it. I've had it for 1 yr and 4months

[Anonymous]

Only bank I haven't applied with that i hold a account with is Wells Fargo. 

I doubt they would refinance.

They deny a credit card with the reason of my direct deposit no longer goes their. 

I am trying to build a relationship with nfcu.  Had them since March through my father who is a navy veteran. 

[Gmood1]

Did you try a SP pre-approval with Capital One? I'm almost certain you'd get a rate 1/4 of the current rate you have.

[Anonymous]

Yes I did and it said I wasn't eligible.

In my chapter 7 bankruptcy discharged may of 2018 there was a $200 secured card in it.  To this day I have been denied all products from them. I have no idea why I seem to be blacklisted.

Great news navy federal approved the refinance at 8% apr! 

Sdfcu has still not provided any communication in regards to their counter offer.  

So I believe I will accept nfcu!

Thank you so much for the responses!