Car Refinance Offers received in Mail

[mom2004]

I receive offers in the mail from time to time from Farragut (sp?) Financial for refinancing a car. They say I have been pre-approved for refinancing. I bought a car last year, but how can these companies offer to refinance a car when it has negative equity? The only small print I noticed was they do not refinance Hyundais, Kias, and Daewood, 700+ credit score required.

Anyone else receive these mailings? Is this a reputable company?

Thanks.

[DHK]

Many finance companies will refinance a car up to a certain % over the negative equity (including credit unions).

I was able to refinance my 2003 Toyota Corolla from 11.5% to 4.99% with Digital Credit Union. I still owed $15,300 after 2 years of paying on the existing loan!

As far as Farragut Financing, do they have a website? Hopefully there are others on this forum that have experiences with them and will share.

[Anonymous]

I was able to refinance my 2003 Toyota Corolla from 11.5% to 4.99% with Digital Credit Union. I still owed $15,300 after 2 years of paying on the existing loan!


Wow! that's great. I have a 2003 Camry that I hope I can refinance. Currently have 12.5% interest rate with a credit union. Credit union told me I would have to pay down $$ on negative equity before I can refinance.

Farragut has a website, but I unfortunately I cannot locate it right now because I don't have the card with me.