| T.R | Title | User | Personal
Name | Date | Lines |
|---|
| 646.1 | | ROWLET::AINSLEY | Less than 150 kts. is TOO slow! | Fri Feb 26 1993 14:16 | 4 |
| Yep. If the total cost of the loan from the bank (don't forget to add in the
$50 fee) - the payoff from DCU is > 0, get the new loan.
Bob
|
| 646.2 | you're right, it's a pain | TLE::COLLIS::JACKSON | Shoot that star | Fri Feb 26 1993 15:56 | 14 |
| I had the same problem. The way I solved it was to:
- borrow the money from my parents
- pay off the loan
- get a new loan
- pay back the same money to my parents
All in all, I borrowed money for just over a week.
If you don't have a relative with money, perhaps you
could do a SAVE loan (although you do have to wait
6-10 weeks for them to be processed)?
Collis
|
| 646.3 | short term rate is 6.9% | RGB::MENNE | | Mon Mar 01 1993 15:13 | 3 |
| The current rate for used vehicle loans of duration 12-24 months
is 6.9%. 8.4% is for 25 to 60 months. If they won't let you refinance
try to find another bank.
|
| 646.4 | It all worked out...... | MCIS3::ROSTANZO | | Mon Mar 01 1993 17:06 | 10 |
|
It worked out ok, the Consumer Loan manager called me back friday night
at home and what I did was take a new loan at a different amount,
paid off the balance and will re-post the check for the difference back
against my principle....... at the 6.9% rate.........
Thank you for all your help.........
Nancy
|
| 646.5 | I'm glad this had a happy ending for you... | ROWLET::AINSLEY | Less than 150 kts. is TOO slow! | Tue Mar 02 1993 08:20 | 4 |
| I'm glad you were able to get it worked out, but why does it have to be
so difficult to work with DCU?
Bob
|
| 646.6 | | VMSDEV::FERLAN | DECamds progress in revolution | Tue Mar 02 1993 09:25 | 16 |
|
Actually I'd say it was pretty darn generous of the DCU!
Would a regular bank do this? Probably not...
Remember this is really lost 'income' to the DCU; whereas, previously
they could expect let's say $500 from this loan, now they can expect
maybe $400.... Now let's say 10% of the membership does this (what's
that these days 80,000 members still) 8000 * ($100) = ($800,000).
John
|
| 646.7 | | NETRIX::thomas | The Code Warrior | Tue Mar 02 1993 09:40 | 2 |
| But it $400 more than DCU would have gotten if he went to another
institution for a loan
|
| 646.8 | | SPEZKO::APRIL | If you build it .... he will come ! | Tue Mar 02 1993 10:04 | 22 |
|
I am attempting to do a similar thing with the loans I currently
have.
I am doing a significant amount of business with DCU and will
continue to do so as long as it is advantageous to me. If not I
*will* go to another institution.
I have a USED CAR loan that is at 8.9 for $3800 and would like the
6.9 rate applied since the maturity date is 3/15/95.
To 'help induce' cooperation from the DCU I have offered to x-fer
a current 12% loan outstanding of $11K from New Dartmouth Bank to
DCU for 32 months at 8.9% .....
I also currently have a Home Equity Loan, a CC and Checking Account
with DCU.
Lets see what happens.
Chuck
|
| 646.9 | | GSFSYS::MACDONALD | | Tue Mar 02 1993 15:45 | 22 |
|
Re: .6
> Actually I'd say it was pretty darn generous of the DCU!
I doubt very much that anything so laudable as generosity had anything
to do with it.
>Remember this is really lost 'income' to the DCU; whereas, previously
>they could expect let's say $500 from this loan, now they can expect
>maybe $400.... Now let's say 10% of the membership does this (what's
>that these days 80,000 members still) 8000 * ($100) = ($800,000).
Losing $100 isn't worth losing a customer *and* the very good possibility
that the customer will spread bad news around among other DCU customers.
Remember this is probably the *only* financial institution having a
clientele with such a handy way as this to pass information around among
themselves.
fwiw,
Steve
|
| 646.10 | Information is only as good as WHAT someone knows | MCIS3::ROSTANZO | | Tue Mar 02 1993 16:13 | 30 |
|
Actually it worked out for the best...... with my other bank
I would have Loan Application fees..... None with DCU. It really
wasn't that they are difficult to work with, it was the fact
that the woman who first answered my call did not have the knowledge/
experience in loans, therefore, did not know what my options were
(that made two of us!). But I can't knock them for the fact the
person was not all that knowledgeable, when I asked why they
couldn't re-finance she asked if she should ask someone for me? I said,
NO (figuring if they don't do it, what good is explaining why they
don't do it). But she obviously spoke with her manager stating what I
was looking for and asking why or her manager wouldn't have called me
back. As far as the lack of knowledge.... well I recently called
5-8 lending institutions regarding a DBA (doing business as) Checking
accounts... and you would be surprised as to the answers you get from
the same banks/different people. All in all it comes back to their
experience - have they delt with this before and do they know what
options a customer has........
I prefer a knowledgeable person on the other end of the phone, but
you don't always get what you want!
All-in-all it took 1 day to re-write my loan, clear the old one
and the check for the difference was in the mail the same day..
so by tomorrow I should have it and be able to deposit back
against my principle--- which will be the same as before the new
loan - except with a much lower interest rate.
Nancy
|