Urgent advice needed

[Anonymous]

So I previously made a post about sdfcu. Today the status updated to approved😮 for auto refinance.

I got hopeless and decided to try NFCU yesterday and they approved the refinance after a hour in review. I signed and accepted it as soon as I could lol

Problem a form I signed with sdfcu said that as soon as the loan was approved it was being sent to bridgecrest with a check for payoff. I have not signed anything else regarding term, apr, and payment amount yet. So that means its not technically complete, so they wouldn't yet mail that letter with the payoff check right?

Super concerned I might be in a pickle. I signed the loan with nfcu yesterday it said it was mailing me the refinance check 🤔 to i believe send to bridgecrest, the loan shows in my account already.

Is everything good or do I have too fight to get out of one😬😬😬😬😬

Sdfcu took 8 days to approve but appears to be a better deal. The cost i see is $200 cheaper then navy's but haven't got anything from them on term, payments, and apr. So surely they wouldn't mail the check yet as the letter stated to expedite the process.

Nfcu gave me 8% I was with bridgecrest at 26%

Also, yesterday sdfcu updated to counter-offer..that is why I got hopeless and applied with nfcu.

I never received anything about the counter. So I figure it may of been with bridgecrest or they changed their minds. I'm so scared that I have two open refinances and am in trouble 😭

[Brian_Earl_Spilner]

Pick one and ask the other to unwind the loan. 

[Anonymous]

You're unlikely to wind up with 2 loans. Both lenders would likely want a lien on the vehicle.

Even if you did somehow end up with 2 loans, you would also end up with a check for the overpayment. You could use the check to payoff one of the loans.

[Anonymous]

Well  hopefully the 2nd check from sdfcu never gets sent. I sent a email today to cancel the loan application.  I would be very surprised if they mail the check without me signing anything agreeing to payments but yes I did sign a payoff letter to expedite the process and allows them to mail a payoff check at approval..so that is where I get confused. 

However,  I did receive the check from navy today to endorse and it was already picked up by mail to bridgecrest. Navy i did sign payment terms and etc.

Thank you for your responses. 

I was just concerned with what would happen if bridgecrest received two checks and if whoevers they got first is who I'd be stuck with.

[Anonymous]

Just to update i emailed sdfcu that I finalized financing with another lender. 

The app status has updated to withdrawn.

I am not impressed with sdfcus communication.

I may of jumped to nfcu to quick but sdfcu could have been a bad explanation with the lack of communication.