@Anonymous wrote:So here's my story..
I've thought for a long time that this wasn't possible based on how much I owed and my KBB value. So, I bought a car in April 2016. It was around 19k at 8% through Capital One for 72 months. I researched refinancing months ago but never thought I'd be approved because KBB was saying my car was worth around 11k, but that was through dealer trade in.
So about a week ago I began plugging numbers again. I owe 16.5k at this point. I looked for the highest value on KBB I plugged everything in and I selected private party and put my car as excellent condition. I got a value of 13.8k. I realized that this is within 120% of 16.5k and that I could refinance as long as the institution went along with it.
Put in an application with Digital Federal credit union, put in my 13.8k figure. Had to pay $15 to become a member, submitted all my paperwork. Got off the phone with them this morning and the check is on the way to Capital One & they offered me 4.24%. They asked me if I wanted a term of 65 months which I'm guessing would be a continuation of my old term, but I asked for the loan term to be lowered to 48 months.
Saved myself thousands of dollars and if you asked me a month ago if I could refinance I would've told you no.
Oh, and they offered me a credit card without me asking for it. I was going to say no but they told me the limit is 2k which would be my highest limit, so I said I'd take it. Only 16% APR but I'll never use it aside from a tank of gas.
Hope this helps someone.
I love seeing things go in someones favor. Congrats
