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Group Refinance ?? Let's think about it.

298 Views 14 Replies 7 Participants Last post by  jamb53
I just looked at refinancing my VR4. I've got a quote from Peoplefirst (which I found online through KellyBluebook) for a little over 6%. It dawned on me that some banks might be interested in VOLUME refinance deals. Would anyone be interested in refinancing at the same time I do, if we can bargain with them? Has anyone ever tried this before?
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Paperwork arrived

FYI, my paperwork arrived today. I see no issues; it all looks good. The people I've dealt with were great - professional and intelligent. They sent a check, which I write out to the current financing institution and then it's a done deal.

I'm planning to do this very soon - I've had no responses yet so if any of you are interested in attempting to get in on a lower rate by grouping together, please respond soon. (I of course am hoping to lower the rate I'm being offered -- 6.75% for 60 months) I'll have to contact them and ask, but won't do if there's no interest.

Alternatively, if anyone thinks they know an institution which would offer lower rates (either to me or "us" as a group) please post their contact info here.
check credit unions...

I'm talking to my credit union now about refinancing at 5.75%, and that was before the fed cut the rate a half percent today...

Credit unions are usually a lower rate.

Did you refi yet?
Refinance is in the works

My old finance institution should receive the check soon. The new finance institution (Peoplefirst) cut a blank check, which I wrote for the payoff amount to the old bank. We mailed that 2 days ago (priority mail) and the old institution said it would take between 1 and 2 weeks to get the title back to me. Then, of course, it goes to Peoplefirst as the lienholder.

My loan is a simple interest loan for 60 months at 6.75% -- but hey, if we get several people, it's possible that could be a lower rate. There is no penalty for early payoff. They use automatic funds deducted from an account you specify. (So all you international bankers can use your Swedish Bank Accounts :) )

I have used smaller credit unions in the past. However, the drawbacks were that they required membership (usually with small fees) and as I moved around I couldn't establish a history with the group. So I decided for my family that banks were better than unions at this time.
Thanks for the info. I just shot Peoplefirst my info.
Don't wanna rain on your parade....

... but as a loan officer at a Credit Union, I know that you will be hard pressed to find ANY institution that would honor a "group rate" or discount for volume. Financing rates and loan limits are calculated on an individual basis based on a variety of factors including credit history, debt to income ratio, housing status, etc...

Good luck with your search, but I think in the end it may be a waste of time.
McStealth R/T

I agree with you on that. The 6.75% they have is much lower then my Cedit Union right now though.
I was just talking about the group thing..

If you can ever qualify to do a refinance, I would highly recommend it!! The rates are too good not to take advantage of a refi... especially for a home. What Credit Union are you a member of, Mobo? AFACU (I used to live in C. Springs)? You may want to see if they'll refinance your loan with them... I know that we won't refi our own loans, but they may. If they will, see if they'll match Peoplefirst's rate... they should.
I'm with ENT CU right now. The best I've found around town right now is 8.5% The last time I checked my credit score, it was 625. Trying to get it back up to 690 like before :(
May be right

It may not work to have a group discount -- though it's always worth asking to save some cash. Either way, at least the membership here is (hopefully) thinking about refinancing at a lower rate & if so maybe Peoplefirst can help em. They helped me out with quite a bit of percentage lower than my old place.

If there's more interest, though I'll ask em & see :)
Can you give me details about your refinance? Did you have to put anything down? Any fees? I would love to refinance my Jeep. Do they have a website? Telephone #?
Sure, here's the info
I put no money down. You can fill out the info (secure browser) or you can phone them. The info is basic and you'll know within a day if you're approved. The only fee is a 20 dollar lien filing if you accept. They sent a check which I filled in and made out to the original lienholder. The original lienholder will clear your title and send it to you. You put the new lienholder (peoplefirst) on it and send it to them. Simple.
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