This is more of a vent thread than anything...but here was my ordeal with Wells Fargo when trying to refinance my auto loan.
Currently have $24,100 left on a original 72-month loan financed at 10.34%. 57 months left. My scores at the time when I got the loan were around the 620 mark. Currently I have all three scores over 740 so I thought this would be a great time to refinance and shave off $50-60 a month. Wrong...apparently WF doesn't care about credit scores? They come back with an "approval" for a 60 month refinance at 10.64%! I have $0 credit card debt, no baddies on any CBR's. Everything is flawless except for my length of credit history (5 years). KBB has the current value of my car valued at $200 under the amount left on the loan ($23900). I'm barely in negative equity because of a large DP and yet they come back with a rate higher tham my original? This just completely baffled me...has anyone else had problems with WF? Sad part is I do all of my bank with them including checking, savings, and I also have their platinum Visa which I use regularly, but always PIF before any interest. Even the loan officer was a bit puzzled with what they returned with...when I first came in and told her my scores/history she said she didn't see a problem getting their lowest rate at the moment (7.2%). So one hard inquiry later I'm at a loss as to whether to try refinancing at another bank or credit union...any ideas?
