citifinancial auto bankruptcy
Dealer got to me – need to refinance. Help, please?
Hi all,
I just purchased a 2009 Toyota. Because of a Bankruptcy in 2005, I got a horrendous interest rate of 18%. However, I previously had a loan for my 2003 Ford F-150 with CitiFinancial Auto for 2.5 years with no missed or late payments and a 14% Interest rate. I feel like I deserve better than 18%.
Can anyone suggest how I can get this new vehicle refinanced. My first payment is due September 14th.
Thanks,
Ron
if you JUST bought it, take teh purchase contract to Citi and ask them to look at your loan. You can buy out the existing loan, under the purchase agreement as long as the deal is not funded by the lender’s resources yet.
As to the statement about the buy rate vs. the contract rate: Yes, dealers can keep some overage if the contract is picked up at a lower rate. However, the most the dealer is allowed to retain is 2% in almost every state. So if hte loan is bought at 12%, the dealer would need to rewrite the contract reflecting a maximum of 14%APR.
Get to the bank now. Call the dealer and let them know you are looking at alternative financing and may want to cash out the contract.
