I just refinanced my BMW M6 (purchased new initially) with DCU. Went from 7.4% with BMW to 2.49% with DCU for 4 years. After reading some posts here I am getting concerned about some of the DCU practices mentioned here by others. They denied me initially for the re-finance and a Visa. I sent a letter and asked why. I had a good score 756, one CC from USAA, 1 current auto loan and 5 paid auto loans on my report. I also had one old collection in dispute and a very good monthly income. They responded back and said the computer denied me and when a loan officer looked at it they couldn't figure out why I was denied so they approved the re-finance and the Visa.
I was pretty happy until I started reading on the forum. I do know that I might be overly concerned and not know all the facts surrounding some of the comments.
Has anyone ever refinanced and then refinanced again within 90 days or so? ? ?
DCU's payment system is a little complicated using my outside bank and I really liked the simplicity of setting up my payment with BMW and forgetting it. The lag time in crediting payments ifrom the outside bank is a little worrisome as well. No problems with 3 car purchases and payments over the past 8 years with BMW Financial (ACH out and credited the same day, no waiting). With DCU I'm in the account looking every day to make sure nothing goes awry and cause a late payment. I have already paid two months ahead just to make sure.
I will be hard pressed to get less than 2.49% somewhere else on a two year old car (11,000 miles) but the stress is getting to me.
Any thoughts anyone?
