Quote:
Originally Posted by nyrfan
Most banks will not refi their own auto loan (so what they are telling you is true), why should they as you are locked in at a higher rate? You need to find a different bank or CU to refi with.
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Not sure about Ally, but most credit unions and banks I have dealt with have no problem refinancing outside of 8 months into the note. They get to reset the amortization schedule and keep the note, so it's still a win for them. When I was first starting out, I had my credit union refinance my car note with them from 8.5% down to 3%. They wanted me to take a loan out against my equity, but I politely declined that option, and they still had no problem doing it.