NFCU Auto Refinance Approval w/ Low Scores!

[Anonymous]

Wanted to share my NFCU experience in case my scenario can help anyone along the way.  Monday, my NFCU membership was activated and checking/savings acct. opened.  Today, two days later...I logged into my account and clicked on "my offers" and was pre-approved for an auto refi.  My sole reason for joining NFCU at first was to try to obtain a lower auto rate (unaware of all of the other awesome benefits available).

My current interest rate is ridiculously high.  I purchased a car last year for DH's Father's Day gift when my credit scores were in the 400s, so my rate is 21.549% on a 2013 with over 80,000 miles.  I started with a 72 month loan.    I know...I should have walked away.  But at the time I was not on this forum and still very green about the true meanings behind credit, FICO scoring, etc.  So now, I just have to suck it up, pay for my debt and make better decisions in the future when this is all over.

NFCU pulled EQ: 628 & TU: 636.  Although I was pre-approved, I was not given an instant decision.  I got the "1 hour" wait message due to not being able to automatically assign an interest rate.  I got an approval email pretty quickly with no information other than my loan docs were being mailed to me, so I had to call in to inquire about the terms.  They approved me for 60 months @ 13.49%.  So, I'm pretty much picking up where I left off with payment months and saving about $56 per month AND getting a chance to establish a great relationship with an awesome bank!

I was suprised at the interest rate, as I thought it would be a little lower.  I was expecting around 9%.  But, considering they didn't ask for income verification AND I have a good bit of baddies left on my report...I can't and I won't complain.

My EQ has 1 late payment on the auto loan (8 months old), 4 medical collections, 4 CO CCs, 1 CO Installment and several accounts showing past lates up to 90+ days.  TU is about the same, however there is only 1 medical collection showing and 5 CO CCs.

I will be treating this banking relationship like GOLD.  I am so happy I got in and extra excited about the Auto Refi approval.  

[Anonymous]

CONGRATS!

I open an NFCU account for my fiance on monday as well. Did her app for refi with them however I think I fat-fingered her birthdate so that is holding things up right now.

hopefully she gets the same success as you

[Anonymous]

Congrats! I refi'ed with CapOne Auto with similar scores 2 yrs ago and ended up with a rate under 4. Since the NFCU inq is ao new it might be worth apping with CapOne sonce it will fall under the same inquiry as far as scoring.

[fltireguy]

I was approved for a refi last month with NFCU @4.79% (down from 13.85% with Ally) EQ has 2 baddies and 2 old BK... 

GF just picked up a new Chevy Colorado last night. Mid 600's across all 3 CRA's, a few recent lates on CC's, and a medical collection (she now has ALL her CC's set up for minimum payments on autopay..lol).. $27500 purchase price, 3500 down, @3.46% on a 60 month.FYI

[Anonymous]

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@Anonymous wrote:
Congrats! I refi'ed with CapOne Auto with similar scores 2 yrs ago and ended up with a rate under 4. Since the NFCU inq is ao new it might be worth apping with CapOne sonce it will fall under the same inquiry as far as scoring.

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I have a pretty good relationship with Cap1 right now, including a paid off auto loan with no lates.  However, I prefer to stick with NFCU in spite of the interest rate so that I can build a strong relationship with them.  After one year, I'll see if they will grant me a lower rate.  I've seen others be able to do that.

[Anonymous]

Just found out about the special offer...NFCU will credit $200 to my savings account once the loan has been open for 61 days.  This makes the deal even sweeter!