Refinancing
#1
Refinancing
Hello all,
When I purchased my sq5 I went through Audi financials to get the rebates and all. my finance advisor taught me that when I get my title I can go an refinance my car after like 4 payments.
has anyone refinanced their car before? How does it work? How does my payments shifts to the new financial company?
Does the new finiancual comapny work it out with audi financials?
When I purchased my sq5 I went through Audi financials to get the rebates and all. my finance advisor taught me that when I get my title I can go an refinance my car after like 4 payments.
has anyone refinanced their car before? How does it work? How does my payments shifts to the new financial company?
Does the new finiancual comapny work it out with audi financials?
#2
AudiWorld Senior Member
You won’t get the title until you pay off the car, you will receive registration. Not sure regarding the minimum payment required by Audi to allow for refinance without a penalty. Call Audi credit and find out, as for how it works the new lander will pay of Audi. Title will be transferred to new lander, and you will make payments to new lander. You will only have to inform the car insurance company of the change. Look in closely to the reference as there is a fee normally and you might not save anything overall.
good luck
good luck
#3
AudiWorld Senior Member
The bank you refinance with will contact Audi Financial to pay off the outstanding loan balance on your SQ5 and then Audi Financial will send the title to that bank. You will then be paying the bank for the loan and they will send you the title once it has been paid off by you. Like you said, I would wait for at least 4 months with Audi Financial before doing this, however.
#4
Are the savings from refinancing worth it to you when you also factor in that your credit score will take another potentially big hit? It usually takes 6-12 months to recover each time you get a new loan. Just putting it out there.
#5
AudiWorld Senior Member
If you financed with Audi to get the rebate, you can refinance with a lower source immediately and not incur any penalty. A penalty is assessed to the dealer if you end your Audi financing before six payments are up. Personally, I will go six payments and then refinance or pay off. But my reason for waiting the 6 months is to possibly keep a bit of leverage with the dealer if I ever need a favor or have a dispute. I can point out that I didn't cause him to lose that 1500 bucks. I figure that the couple of hundred extra that I spend in financing might bring some good will - a gamble for sure.
As for a hit to the credit score, I think it depends on the individual. My Q5 was held with a local bank. When I traded it for the SQ5, I rolled the balance of payments from the Q5 into the new Audi financing. My score only dropped 3 points.
As for a hit to the credit score, I think it depends on the individual. My Q5 was held with a local bank. When I traded it for the SQ5, I rolled the balance of payments from the Q5 into the new Audi financing. My score only dropped 3 points.
#6
I bought my Audi Sept 28, 2018 and financed through Audi Financial (5.99%)to get advantage of the AFS credit which was $1500 at the time. I refinanced around Oct 20, 2018 through a credit union at (1.99%). I read all the paperwork and nowhere it mentioned I have to make multiple payments to be eligible for credit. After I refinanced within 30 days I was not charged any penalty. I have checked my credit score. It did not take any hit at all refinancing within 30 days.
Even when I bought the Audi, both the salesperson, Sales Manager and Financing person confirmed that I can refinance as soon as my account is setup (within a week). I have read through these forums and many people have mentioned that dealership does not gets the credit if you refinance it early but at no time salesperson or sales manager mentioned this to me. In Fact they are the ones who told me to refinance so I can save more money. They did not really care if I financed through AFS or not. They were really trying to make their Quarter end sales target.
Even when I bought the Audi, both the salesperson, Sales Manager and Financing person confirmed that I can refinance as soon as my account is setup (within a week). I have read through these forums and many people have mentioned that dealership does not gets the credit if you refinance it early but at no time salesperson or sales manager mentioned this to me. In Fact they are the ones who told me to refinance so I can save more money. They did not really care if I financed through AFS or not. They were really trying to make their Quarter end sales target.
#7
I bought my Audi Sept 28, 2018 and financed through Audi Financial (5.99%)to get advantage of the AFS credit which was $1500 at the time. I refinanced around Oct 20, 2018 through a credit union at (1.99%). I read all the paperwork and nowhere it mentioned I have to make multiple payments to be eligible for credit. After I refinanced within 30 days I was not charged any penalty. I have checked my credit score. It did not take any hit at all refinancing within 30 days.
Even when I bought the Audi, both the salesperson, Sales Manager and Financing person confirmed that I can refinance as soon as my account is setup (within a week). I have read through these forums and many people have mentioned that dealership does not gets the credit if you refinance it early but at no time salesperson or sales manager mentioned this to me. In Fact they are the ones who told me to refinance so I can save more money. They did not really care if I financed through AFS or not. They were really trying to make their Quarter end sales target.
Even when I bought the Audi, both the salesperson, Sales Manager and Financing person confirmed that I can refinance as soon as my account is setup (within a week). I have read through these forums and many people have mentioned that dealership does not gets the credit if you refinance it early but at no time salesperson or sales manager mentioned this to me. In Fact they are the ones who told me to refinance so I can save more money. They did not really care if I financed through AFS or not. They were really trying to make their Quarter end sales target.
Trending Topics
#8
I went with primewayfcu based in houston. Their rate was 1.99 at the time till Oct 30th. Now it is back up to 2.99. I called all credit unions in the area. They were the only ones with that low of a rate at the time.
#9
AudiWorld Senior Member
Last edited by ArvX147; 11-26-2018 at 07:44 AM.
#10
It likely bumped up because you added a different type of credit to your credit history. For instance, if you have a current auto loan your credit score will be higher since you have diversified debt besides a credit card.