PenFed Auto Refi...no go, NFCU Approved!

ls2016 · ‎01-12-2017

Applied online for auto refi with Penfed. Could not proceed any further because of a message that said LTV (LOAN TO VALUE) exceeded standards...payoff $18,000, value of car is $12,000. Message stated to call if wish to proceed. I don't like talking with people over the phone, so I didn't pursue it any further.

So, I tried NFCU online re-fi. APPROVED, not immediately though, but within 20 hours!!! Old interest rate 14%, new rate with be 5.19%. Terms of loan remain the same 48 (had 48 more months to go on old loan). Old payment was $533, new payment is $357. I'm super thrilled with a 640 TU CS and a dozen paid collection accounts.

Current FICO 8s: Ex 768, Tu 741, Eq 741
Current FICO 9s: Ex 775, Tu ?? Eq 781
Total TLs: $120,000
8 (30-60 day) mortgage lates and 2 (30 day) auto lates remain from Jan., Feb. 2016
Current Mortgage Ex. Fico 2 787

StartingOver10 · ‎01-12-2017

Congratulations! What a terrific savings in both the interest rate and the monthly payment.

Appleman · ‎01-12-2017

Congrats that is a great savings. Thank you for posting your experience...

fltireguy · ‎01-12-2017

Congrats on the refi..

It is amazing how much the payments can drop when the apr drops - I refinanced my car with NFCU in July, went from 14.38% to 4.49.... Saved me $100 a month, AND took 6 months off of the loan..!!

NFCU $60.4k/PenFed $22.5k/Commerce $15K/53 $11K/Synovus $14K/BBT $11K/CapOne $12K/DCU $7.5K/BMO $7.5K/Chase $14.5k/Cabelas $10K/ and many many more!
Total CL $398600, plus car and RV loan.
Ooh. Ooh. Getting closer to that $500K mark!

Loquat · ‎01-13-2017

Nicely done! Congrats on the savings and what seems to have been a simple refinance process with NFCU!

oldman425 · ‎01-14-2017

NFCU is pretty cool in my book when it comes to auto loans. At first we was approved for a $18K refinace on my wife's car and then she deciced that she wanted a new car, so I called them up and was able to get pre-approved for $35K.