orangecat1
500+ Posts
Did a cash-out refinance on my 2008 Mazda5. Already had the car financed with the credit union, they have a rule, if you want to refi, and you already have the loan with them, you have to net $5000 +, and a few weeks ago, I had some spare time, called, guess what we were there. They are using 100% NADA value, and although they didn't say it, I'm about 99% sure they are using retail.
Then it got a little hairy, because to get this thing done, I had to call back and forth for about a week, to make sure everything was correct, little details, then the day I was going to pull the trigger, I called in again to double check something. (Every time I called they wanted the same info. does the car have X, Y, Z features, and mileage). So the customer svc. rep takes my info. and tells me my car is worth 11k something. I freak out, say "so those other four cust svc. reps were wrong, they had it at 16k+", she puts me on hold comes back, tells me she accidentally punched in 475,000 miles instead of the 47,500 I told her.
One more bump in the road,(having to pay extra to have the check sent Saturday-next day air via UPS), and the check arrived.
Went from 4.9% to 2.49%. And here's a key, they let me buy GAP Advantage coverage again, AND they let me finance the GAP coverage! Their version of GAP gives the customer $1000 to put down on a new car in addition to paying off the old loan.
Went with a 5 year loan,(original loan would have been paid off approx. May 2014), and lowered the payments.
What a weird upside down situation. I'm thinking most families that have two cars made in Japan might have more equity in their cars than in their house.
Then it got a little hairy, because to get this thing done, I had to call back and forth for about a week, to make sure everything was correct, little details, then the day I was going to pull the trigger, I called in again to double check something. (Every time I called they wanted the same info. does the car have X, Y, Z features, and mileage). So the customer svc. rep takes my info. and tells me my car is worth 11k something. I freak out, say "so those other four cust svc. reps were wrong, they had it at 16k+", she puts me on hold comes back, tells me she accidentally punched in 475,000 miles instead of the 47,500 I told her.
One more bump in the road,(having to pay extra to have the check sent Saturday-next day air via UPS), and the check arrived.
Went from 4.9% to 2.49%. And here's a key, they let me buy GAP Advantage coverage again, AND they let me finance the GAP coverage! Their version of GAP gives the customer $1000 to put down on a new car in addition to paying off the old loan.
Went with a 5 year loan,(original loan would have been paid off approx. May 2014), and lowered the payments.
What a weird upside down situation. I'm thinking most families that have two cars made in Japan might have more equity in their cars than in their house.
