Navy Refi Help UPDATED 8/12/21

[atst2000]

UPDATE 8/12/21:

See post dated on 8/12.

Approved for RBFCU Auto Refi

Original Post:

Greetings everyone!

So I'm on the hunti to refi my existing auto loan with PenFed. I'm currently on an 84 month @ 4.89% 

My car that I'm needing refinanced is a 2021 Chevy Camaro ZL1, I purchased in January 2021 (I put $25,000 cash down at purchase so the Loan to Value is very good) with currently today only has 1000 miles and owe $48,000 on it.  (it's not my daily, pleasure only) so I know it qualifies as a "new" car loan and currently Navy has a 2.29% with 72 months which would work for me. Plus their doing a $200 sub for refi's. 

I applied late last night and it came back Pending APR, but Approved overall (760 TU) Called in at 4am (since they are 24 hrs) and the lady said it came back with a tentative 3.99% (yikes). 

I've had two other regular auto loans with Navy and they always pulled EQ, but this time they pulled TU. I recently traded in another car I had a month ago and EQ was reflecting it paid off, but TU did not, so I'm sure the rate was higher due to DTI ratio. When I talked to the lady she said she would notate the account and I even sent in a copy of my EQ report showing this. 

Well I woke up this am and had an official approval email, and sure enough it was still the 3.99%. 

My question is has anyone been able to recon the APR...do I have a chance?

Worse comes to worse I'll go to DCU or Affinity (if they don't give me problems like the CC I just got lol) but I'm a Navy fanboy  

Thanks everyone!

[atst2000]

UPDATE:

So I just got off the phone again with auto loans and found out something that I'm not sure anyone knows yet. 
Navy changed a few months ago who they pull now for any auto loans (new/used/refi). It's now TU, and not EQ. 

Essentially there's nothing they can do...unless anyone else here knows something else (hopefully). Even if I submit another app they *may* use the same credit pull I just did so I think I'm screwed lol.  

But as I know in the past they always used EQ so maybe someone has had experience with recon an APR?

[Rottweilerlvr]

This is disappointing. I wish Navy spread out across the CRAs. I now have credit seeking on TU only and TU is my lowest scores.. BoA pulls Experian, PedFed pulls Equifax (Although they don't like me it seems). 

[atst2000]

@Rottweilerlvr I agree. My EQ is better with Inquiries than TU. Wish they wouldn't have changed it. Hoping I can still get a recon on the APR but I'm thinking of going to a local branch and trying to talk with a branch manager and see if that can pull some strings. 

[Mr_Mojo_Risin]

Are you able to re-apply when the other auto loan is showing paid on TU?  Maybe there would be enough time in between they would pull a new report?

[dunn2500]

i went to Pen Fed from Navy because their rates are better.....DCU have heard is even lower than pen fed

and yeah about a year so they pull from TU now for everything......I love Navy too but money is money

[Gmood1]

Redstone used auto rates look good. And they tell you upfront what's needed to get the best rate.

They pull EX9 and a 730 qualifies for the best rate. 

https://www.redfcu.org/personal/tool-discounts/rfcu-rates/

[atst2000]

@Gmood1 I'm not sure what to do lol.

Ironically I forgot I was already a member at RBFCU (Texas), and logged in and was showing a pre-approval for a refi @ 2.25% with 66 months.

I applied and went Pending, which apparently is normal with them...but that rate is great, especially with 66 months.

I'll update what happens and the experience with RBFCU

[atst2000]

UPDATE 8/12/21:

This morning I woke up to great news with RBFCU.

Approved!

So far I am impressed with this CU.  Very professional, and kind reps...and all based in the US (and in my home state of Texas).

If you live in Texas, I definitely recommend looking at them.

Was approved for the refinance at:

-66 Months

-2.25% APR

-$48k Refinance from PenFed Auto

-No payments for 60 days (pretty standard with CU's)

-No POI

Suffice to say, I will be cancelling the refi with Navy.  I love Navy, but not dealing anymore with a refi with them, especially at 3.99%.

Wish I could get a sub with RBFCU like Navy, but I'll gladly take the better rate

DP's:

-Preapproval (Been with RBFCU for 2 years, only savings account)

-Pulled TU (I believe Fico9) 762

-24 Inq

-3 Yr 8 month AAoA

I also plan on moving my Biz checking from Chase to them if all goes well with this, since Chase still

won't pre-approve (or approve) me for any Biz products since over 5/24 lol

[pizzadude]

That's a great rate for 66mo, congrats on the refi !

Did your loan qualify for their "new car" rate ?