Anyone have experience refinancing with Ally?

[RubberChicken]

My auto loan is financed through Ally. My credit back then wasn't as good as it is now and the interest was a bit high. I'd love to refinance my loan and drop my payment, but twice now I've called Ally I get some idiot in India who doesn't know what I'm talking about and defaults to "No you cannot refinance".

Has anyone else gotten a better response or know who to contact about refinancing?

[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.

[31B]

Check with a credit union. They could probably refi you with much better interest

[RubberChicken]

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 to refi with.

I would think they would want to refinance their own loan for that very reason - to keep customers from moving their note to another bank and losing out on all that interest for the life of the loan.

[CamaroI]

Heck USAA refi my current auto loan plus gave me cash out to do supercharger with a lower interest rate.

Sent from my SAMSUNG-SM-N900A using Tapatalk

[RubberChicken]

Originally Posted by CamaroI

Heck USAA refi my current auto loan plus gave me cash out to do supercharger with a lower interest rate.

Sent from my SAMSUNG-SM-N900A using Tapatalk

I'll check with them. Thank you so much, and to the other guy for suggesting a credit union!

[nyrfan]

Originally Posted by RubberChicken

I would think they would want to refinance their own loan for that very reason - to keep customers from moving their note to another bank and losing out on all that interest for the life of the loan.

Car is not like a house, it's a depreciating liabilty and most banks would probably prefer to make quick money and get out if it.

Originally Posted by CamaroI

Heck USAA refi my current auto loan plus gave me cash out to do supercharger with a lower interest rate.

Sent from my SAMSUNG-SM-N900A using Tapatalk

You case is a bit different as you took out a secure loan (against the equity in the car) so in that case I can see their resoning for doing it.

Originally Posted by RubberChicken

I'll check with them. Thank you so much, and to the other guy for suggesting a credit union!

You have to be a military member to join USAA.

[harryzhere]

Originally Posted by 31B

Check with a credit union. They could probably refi you with much better interest

I've heard that DCU would give us a very good quote on refinancing (probably around 1.99%).

P.S : Not from experience, just from the word of mouth. So, go ahead ! Give it a try !

[mat300z]

Originally Posted by 31B

Check with a credit union. They could probably refi you with much better interest

1.9% at my credit union right now

[nyrfan]

Originally Posted by harryzhere

I've heard that DCU would give us a very good quote on refinancing (probably around 1.99%).

P.S : Not from experience, just from the word of mouth. So, go ahead ! Give it a try !

OP: DCU is one of the harder credit unions to get approved with, they have stricker guidelines then other CU's. Look for a local CU or try Patelco or NASA CU.

[fish907]

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.

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.

[RubberChicken]

Thanks for the replies, all and thanks especially for the posts on the Credit Unions. I submitted information through Lending Tree and also applied for a refi with Public Employees Credit Union. The offers that came back from Lending Tree were pretty funny.

One of them, Open Road, had many negative reviews for baiting and switching. Their offer in email was pretty nice, but the fine print says "subject to terms and conditions". Sure enough when I called them they offered a rate that was almost as much as I have now, almost the same payments and wanted $1,000 down. I told them no thanks.

But the Credit Union got back with me today and approved me with a REALLY nice offer, so I'm going with them.

[nyrfan]

Originally Posted by RubberChicken

Thanks for the replies, all and thanks especially for the posts on the Credit Unions. I submitted information through Lending Tree and also applied for a refi with Public Employees Credit Union. The offers that came back from Lending Tree were pretty funny.

One of them, Open Road, had many negative reviews for baiting and switching. Their offer in email was pretty nice, but the fine print says "subject to terms and conditions". Sure enough when I called them they offered a rate that was almost as much as I have now, almost the same payments and wanted $1,000 down. I told them no thanks.

But the Credit Union got back with me today and approved me with a REALLY nice offer, so I'm going with them.