Is it normal for a finance company to call and want to refinance your auto?

[Anonymous]

We had a message left on our machine this evening from Wells Fargo, which is where our car is financed.  We tried to call the local office back but they were closed for the evening.  We called the main 800 number and were told that nothing was wrong with our account but that they were calling to see if we would like to refinance for a lower rate and payment.  Is that normal?  We have had the car and been paying on time payments for close to a year.

[Watchmann]

Sounds very fishy ...... loan companies normally don't contact borrowers for refinancing unless it makes money for the lender, especially on a car loan.  Tread carefully.

[Anonymous]

I know someone who received a similar Wells Fargo call about 5 or 6 years ago, only in this case, it was to refinance a mortgage at a lower rate.  My friend told me about it, and I too was very suspicious.  However, he went ahead and contacted the number provided, and it turned out to be legitimate.  He ended up with a significantly lower mortgage rate!   

I don't blame you for being suspicious, though. 

[Schoolbuskid]

Just check it out you never know! They may have been doing a review of your account! Who knows!