Refinancing to remove co-signer

[joshk716]

That's also what I suggested. It's probably a mix of a young credit file and the age of the car (2012). She would also get a $200 bonus for refinancing with Navy so I told her to take that bonus and use $20 of it each month for a year so it's like she's paying the same as she is now until she gets closer to being able to refi with them. She did run her info through a local bank and is talking to the LO today about the rate and terms.

[Harvey26]

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@joshk716 wrote:

That's also what I suggested. It's probably a mix of a young credit file and the age of the car (2012). She would also get a $200 bonus for refinancing with Navy so I told her to take that bonus and use $20 of it each month for a year so it's like she's paying the same as she is now until she gets closer to being able to refi with them. She did run her info through a local bank and is talking to the LO today about the rate and terms.

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Any update from local bank ?

[joshk716]

Sorry for the delay. Sister applied for Cornerstone Community FCU in Buffalo NY, and they offered her 3.5% at 48 months, payment is $126.00 and includes gap coverage as well. Sorry Navy, haha!

[Harvey26]

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@joshk716 wrote:

Sorry for the delay. Sister applied for Cornerstone Community FCU in Buffalo NY, and they offered her 3.5% at 48 months, payment is $126.00 and includes gap coverage as well. Sorry Navy, haha!

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That is AWESOME. Congrats to her on her approval! Yeah navy sometimes can be super funny about interest rates. 

[joshk716]

Thanks! Not a huge deal for her because NFCU didn't even do a HP, they said being young, they would do a soft until she formally accepted the offer. The local CU did indeed do a HP but thats only a total of 3 on her file. She has no complaints. Knocked off 3 payments and reduced her payment by a few dollars a month. Saving around $600 over the life of her new loan.