I've been lurking around for a few years but haven't posted since I was purchasing my home 9 years ago. I've been in the rebuild stage for the last couple of years after a divorce did my credit in.
Back history for reference- I've got a $4k 5 year old WFDS charge off on my report from when my ex let our truck go instead of refinancing it. Had plenty of other baddies that I've slowly gotten off (lates on mortgage, collections and charge offs). One remaining collection on TU and EX from PRA due to fall off next April. I do have a good auto loan previous to the CO repo, so there is some positive in that respect as well as a 100% perfect mortgage.
Husband and I decided to purchase a more reliable vehicle and ran across a great deal on a 2015 Toyota 4runner. Vehicle price was $27,500, haggled on the 5 year/60k extended warranty, gap and other add ons that probably weren't necessary for $1600 and put down $4k. Total financed was $28,000. Hubs has zero credit and between that and the WFDS charge off they acted like they were financing scum and it wasn't going to happen - I know this is the point we should've walked out but it was really the only day I had the time to finish this deal. All said and done they pushed us through CapOne with a 16.99% interest rate. I just looked at it and signed knowing I was going to immediately refinance that CrapOne deal. Payments worked out to about $640/mo.
I honestly had forgotten I had signed up with PenFed in October of last year so yesterday morning I went ahead and app'ed for a refi with little hope for them as I'd heard they don't finance you if you've burned a previous auto loan. All they wanted was some identity verification from my husband over the phone since I'm the owner of the PenFed membership and we were instantly approved for 4.49% dropping our payments down to $430/mo. Should have just gone to them in the first place and saved a few hours of BS at the dealer and a ton of inquiries. Super easy process, check will be here this week and I just send it to CapOne and we're good to go.
Hopefully this gives some folks with previous credit related auto issues some hope.
DP: They pulled EQ 9 which is my stronger EQ at 686. I have 19 inquiries and a ton of new accounts over the last 6 months but utilization is at 5% and income of $90k.
Congrats on the smart refi and especially for sticking it to Cap-1 with their 17% APR loan - I just love it when vulture loans get refinanced at normal rates 
@pipeguywrote:Congrats on the smart refi and especially for sticking it to Cap-1 with their 17% APR loan - I just love it when vulture loans get refinanced at normal rates
My favorite part was by the time the salesman called yesterday afternoon to let me know they "worked hard to get CapOne to waive the POI requests for us and that our plates would be in in 4 weeks" that I smuggly let him know, "Probably wouldn't have been an issue anyways, already refinanced it at 4.49%. Thanks for the help though!". They attempted to tell me I would need to wait 3-6 months to refinance because our credit is so "rough" when I told them that rate was crap and I'd handle it ASAP 
@AppHappyTogwrote:
@pipeguywrote:Congrats on the smart refi and especially for sticking it to Cap-1 with their 17% APR loan - I just love it when vulture loans get refinanced at normal rates
My favorite part was by the time the salesman called yesterday afternoon to let me know they "worked hard to get CapOne to waive the POI requests for us and that our plates would be in in 4 weeks" that I smuggly let him know, "Probably wouldn't have been an issue anyways, already refinanced it at 4.49%. Thanks for the help though!". They attempted to tell me I would need to wait 3-6 months to refinance because our credit is so "rough" when I told them that rate was crap and I'd handle it ASAP
Congrats on the refi and the huge drop in interest rate and monthly payment. Don't let the dealer tell you that you need to wait 3-6 month to refinance...they just want you to wait so that they don't get a charge back for what extra points they held on you in interest. You did the best thing...refi and ignore anything they have to tell you in regard to refinancing.
@AppHappyTogwrote:
@pipeguywrote:Congrats on the smart refi and especially for sticking it to Cap-1 with their 17% APR loan - I just love it when vulture loans get refinanced at normal rates
My favorite part was by the time the salesman called yesterday afternoon to let me know they "worked hard to get CapOne to waive the POI requests for us and that our plates would be in in 4 weeks" that I smuggly let him know, "Probably wouldn't have been an issue anyways, already refinanced it at 4.49%. Thanks for the help though!". They attempted to tell me I would need to wait 3-6 months to refinance because our credit is so "rough" when I told them that rate was crap and I'd handle it ASAP
That is what you call a gut punch, love it! Congrats!!!
@Anonymouswrote:Awesome story, glad it worked out for you!
One thing I would consider is cancelling the GAP protection you purchased through the dealer. Typically, the GAP contract sold to you is voided if you refinance, the original contract is for the original finance company only. You should read your GAP contract and look for literature that points to this, if this is the case then cancel it immediately to get your refund (you should get a full refund since it is so early in the loan)
The service contract on the other hand will be fine keeping as it will still be enforced.
Thank you for the heads up, I'll take a look at the paperwork!