I've had my car for 3 years. I originally got my car on a 6 year auto loan through Honda, and since I was strong-armed into getting extras, the dealer lowered my interest rate from 7.9% to 6%. That, including the fact that I was very much upside down on my previous car, made my payment $411.11 per month. Ouch!

I did cancel some service thing I bought with the car, which was applied to the principal at a prorated rate . I've also payed a little bit more than the payment itself.

A month or so ago, I tried to refinance through Chase, but they denied me. They suck anyway!

I ended up becoming a member at a credit union not long after that. On a whim, I decided that it wouldn't hurt to try and refinance through them. They approved me and they were really great about it. I was able to refinance for 3 years, which would end at the same time as the original loan I had through Honda, and as far as the payment goes, I'm now paying $378.32 per month at 3.85%!

Anybody else try to refinance? Share your story here!

 

No... I do pay a bit extra though, which should decrease my overall interest paid in the end. Not that it matters - I plan on paying it off with my next reenlistment bonus (which should be about a year out) and for the first time in my adult life, NOT have a car payment for a while.

Anyone gotten divorced while paying on a car? The divorce decree stipulates that the Fit is my property, but the loan is in both our names. Once I pay it off, how hard is it to have her name dropped from the title (the registration is listed as me *or* her, not me *and* her.

BTW, I have to ask - why did you buy the Fit if you were so upside down? Did you put anything down?

 

I just recently refinanced as well, after 6 months with Honda Financial. When I bought it in July, I jumped the gun and went with dealer financing before getting a loan approved by my credit union because the used Fit I was looking at was a good deal. Although I still got a decent 5.8% rate (60 mo.), it still was a bit higher than I wanted. So I refinanced through the CU for 4.49% (48 mo.), which still really wasn't what I wanted but it was better and should save me about $700 (hey, that can be a set of wheels!).

 

Refinanced my '07 last year.
Credit Unions rule. They are definitely the place to be turning to nowadays in my opinion.
Was paying $289 month through AHF. 7.9% if I remember right.
Credit union got me to 5.9% so I now pay $253. Not a HUGE difference but it's helped me save some money in the long run and I can make double payments once or twice a year; hopefully with my new job starting up, I'll pay it off even earlier than anticipated.

 

I should refinance my 0.9% to 0.1% or less.

 

Ain't that the truth! I ditched Chase because they wanted to charge me to have a checking account with them. I had that account as a second one, so I don't keep a lot of money in it. The credit union I went to had a free checking account, and all I had to do to become a member was to open a savings account with them.

Of course, internet banks are pretty cool, too.

 

I use USAA, which is more or less like a credit union. I'm financed through AHF though.

 

LOL funny i had Suntrust which was 6.5% for 60 months my payment was $266. Now i am with Navy Fed Credit Union. My apr is now 3.7% for 60 months and $216 a month. I saved about $30 a month with droping the intrest rate. I do plan to pay this car off sooner than the 60 months though