I called the credit union this morning and they did not approve my loan for the refinance. It had nothing to do with my credit, or so they said. It was due to the fact that according to their calcualtions and payoff figures, my car is worth less than the loan. Like way less according to the Credit Union. According to my on line research, it's worth a bit less than what I currently owe, but not as much as the CU said. Since I have an insane interest rate of course I owe "more". They did say that if the loan had originated with them, they do refinance car loans for customers in good standing. My loan did not orginate from the CU. The CU said they mailed me a rejection letter, which I'll probably get in the mail today or tomorrow. I'll read it, make sure it says what they told me on the phone and then shread the letter.
Ah well, I'm not going to argue with them, I gave it a shot, that's all I could do. I guess I'll just motivated myself to snowflake extra money towards paying off the car.
7 comments:
What a great attitude to have about it.
I'm sure its disappointing but yep just keep plugging away at it.
aw... We have a new-ish car with a high-rate loan and it recently went "upside down," too. We refinanced a few times for slight-less-crappy rates but are stuck with a rate that is crappy, nonetheless. So you are not the only one!
Disappointing, but you have a positive attitude, sounds you'll make the best of this and find some other way to deal with the loan.
I'm sorry to hear it, but I guess it was probably to be expected if you're really owe more than the car's value (easy to do early on). Maybe you can try again once you're not upside down.
I've come to believe that sometimes what we're meant to do is just that: try. It's not about the result but about getting up the courage to put ourselves out there and give it a go.
You gave it go. Did you get the result you hoped for? No. But at least you tried.
Sorry about the refi. Now you have a great motivation to get the car paid off.
I've come to believe that sometimes what we're meant to do is just that: try. It's not about the result but about getting up the courage to put ourselves out there and give it a go.---
Yup, you hit it square on the head. So much of the past few years for me has been not trying because of a streak of bad luck. I've been hesitant to try and then roll with the results. And yes, I now have more motivation to pay this loan off sooner rather than later.
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