ok so i pay 651/month for my gt...with 46 payments left at around 11% (i know thought about suicide already j/k) and my payoff amount from my current lender is 24,900.......now i applied for a "blank check" from capitol one for a refinance loan and got approved and have the check sitting here waiting for me too sign it and go with their 7.2% for 46 months which their calculator comes out to 619/ month....obviously i would save money but it seems too good to be true...should i sign the check and have the payoff amount paid from the first lender and go to capitol one or is there a catch where im paying some hidden fee which will cost me more in the end anyway...im a very skeptical person in general so can you guys persuade me otherwise

 

As long as it's a loan check and not a line of credit (like a credit card check for balance transfers), then you should be good to go. Just read the fine print, or better yet, call them for your own peace of mind to make sure, but Cap One's auto loan using the "blank check" is legit. A lot of on-line companies are doing it like Lending Tree, etc.

 

Call Capital one before you mail in the check, there are very specific documents they require. I sold a car last year to someone who used the blank check program, he assured me all I had to was cash the check, my judgement told me to make a call to Capital one before he left. Turns out hadI just tried to cash the check it would have been returned. They required me to pre-fax a copy of the title, my drivers license the buyers drivers license, sign a letter that had to be notorized stating I was selling the car for a given price.Make sure you check all the requirements before sending the check to your current lender.

 

11%!!!!!!

 

another option is to call your present lender, tell them you have been approved
for refinance. inquire if they can match or better the capital one offer. at 7% or better
you could possiby extend the loan back to54 or even 60 months. this would drop
your monthly note substantially {at the risk of addedmonths to the term}. the
reduced monthly note will free up some coin for other concerns. also if you
could swing 2 extra paymts per year on the 60 month loan....you just knock off
1 year of paymts....thanks

 

I refinanced through Cap 1 and it is a good deal. It was on a Jeep I owned and saved something like $3000.

 

do what greg said

 

on this topic I have some questions
how longshould I wait to refi
which lender should I try
I purchased on oct-2-2006
interest 15%
wellsfargo
72 month loan
I've been over paying so the required payment is now about half of the scheduled payment
So I can make one small payment

 

you could refi now easy after a year of good payments

 

any sujestions on which lender or just use lending tree
I want to lower the intrest so my payments will mean more