As I stated in my earlier thread "Refinancing through MINI Financial?" MINI Financial told me to call them after they received my 3rd car payment (posted on 7/10/08) that I can renegotiate the interest rate on my car loan from the one I originally got from Vista MINI.

My question is can I use PenFed's current rate of 4.5% to see if they will beat or match their rate? I already have the payoff amount just in case MINI Financial won't and just go through PenFed instead.I can either go with the Conventional Auto Rate 4.5% or the Auto Payment Saver Rate 4.75% (works like MINI Select option) should I choose PenFed.

Thank you.

 

Lots of views but not a single reply.Oh well.

Anyway I got my answer today.

1) The good news is that I qualify for a much lower refinance rate from MINI Financial which is 6.55% then what I originally got from my dealership 8.9%.

BUT....I can get 60 months financing but it won't qualify for the MINI Select that I have now and my payment would actually go up more each month.Being that I am maxed out each month at my current monthly payment I can't afford the increase of an additional $45 more a month.

2) No they can't match PenFed's current interest rate of 4.5% due to they are a Credit Union.

So I said thanks but no thanks and joined PenFed to apply for refinancing and got declined!! GRRR

Well I gave it a shot but nothing is changed so back to square one.

 

Sorry - I'm just now seeing this thread.

I'm confused...from your other thread, I thought you'd already been approved by PenFed...? What other banks have you tried?

Sorry to hear it, but you'll probably end up having to work a 6% APR...These things never work out the way you want! Murphy's law.

Good luck!

 

^^That's okay x uh oh x.

So far I was waiting for the 3rd payment to post at MINI Financial before I could call and ask for a refinance rate from them which was this afternoon.

I held off on applying to PenFed to find out what MINI Financial would do.
Since I was turned down today by PenFed the CSR said I can send a reconsider letter to them and see if they will approve my loan application.

I will do that because if I apply to more places now that will put a ding on my credit report and lower my FICO score.

 

Yup - you're right about the credit report ding. Good to see you're trying to be financially smart about it!

Unfortunately, I couldn't control the I-MUST-HAVE-THE-TRUBO-MINI urge, and figured how to get it. The unfortunate part was that, for my current '07 MCS, I already owned three other vehicles, one of which was an identical '04 MCS.

If you get the 4.5%, I'll be really impressed! Good luck!

 

^^thank you and I will keep you posted if I do.