I'm looking into refinancing my car in order to lower the monthly payment. I was upside down when I got it (and stil am). My local bank is willing to spot me the cash, but the rate is a lot higher than online advertisments like Captial One Auto Refinancing... Has any one tried these online lendors? I don't want to go through all the trouble of applying only to find out that the advertised rate is only good for 70 year old millionaire's with perfect credit.

When I bought my first new car a few years back I used e-loan.com with no major complaints. I had no real credit at the time and started out with a very high interest rate Ford loan. I paid it for a couple months to establish a little history and then refinanced it through eloan at about half the APR of the original loan. Worked out well for me.

-Mike

I used Capitol One recently for a purchase of a classic car and have absolutely no complaints. I got an open check in the mail attached to a fantastic rate and I was ready to go shopping. I would recommend.

I also had good luck with eLoan.com, although the last new-car dealership I bought from absolutely refused to take a check from *any* online institution (!). They agreed to beat the online rate with a local bank. I should've walked, but the car was a special factory order.....

I also had good luck with eLoan.com, although the last new-car dealership I bought from absolutely refused to take a check from *any* online institution (!). They agreed to beat the online rate with a local bank. I should've walked,


Yeah, the mean bad evil bastards for refusing to take drafts (they often aren't real checks) from institutions notorious for not paying them. eLOAN is the worst offender for this. Greedy bastards, expecting payment for their goods and services. How dare they!

As for everyone's endorsement of capital one, I'll have to agree. These are the only ones I am willing to accept (even tho more than 9 times out of ten I can beat their rates). I had someone else using my credit cards last month, and they had called me in less than an hour to inquire about the jump in activity, therefore I love them. Never any problems, unlike several other banks.

Ah, yes, our resident dealer weighs in.... Welcome and howdy

... from institutions notorious for not paying them.

A. That's between you and eLoan, not between you and me. (I'm currently dealing with the same thing re: a "doubled" ACH debit; when payer and payee go at it, it's the consumer in the middle who is often left holding the bag, not the 2 squabbling businesses. Hence my point: I was lucky I wasn't *forced* to walk away.)
2. How would I even know of this supposed notoriety, since you're the first person in all this time who has even suggested a problem? Seems like it would be in all the papers....
III. How does eLoan stay in business while continuing to defraud dealers? Seems to me like a business practice doomed to fail, and in relatively short order. Namely, *nobody* would take their paper.

P.S. Oh, and refusing to accept payment from *any* online institution is just silly: As you undoubtedly know, PeopleFirst *is* Capital One.

But if they expect not to get paid, assuming what Heather says is true, they have no reason to take your money. They can decide to not sell you the car because you smell funny. And having to deal with a disreputable payer takes up their time. I can't see any reason that they should take payment they don't want to.

As for not being told why and the kneejerk reaction, that sounds like a bad dealer. Maybe your area is rife with them for some reason. I've had bad experiences, too, and most of them are based in the fact that the dealer seems to want to keep information from the customer. But I've had a lot who were very up-front, even with things that were negatives to the car or the dealership. Don't get me wrong, they still try to spin it. They are salesmen after all, but they're not all flat out liars. Maybe you just keep going to the discount dealers. Or maybe you have no choice in your area.

Yeah, well. I guess their ability to refuse my financing is equally well matched by my ability to walk away at any time and find somebody who will accept it. This is a perfect example of why this dealer/consumer relationship remains an adversarial one.

As for where I am: metro Denver, CO, has at least 50 dealerships within a 50-mile radius, and in 13 years I've managed to find only one that I trust (and even there, "buyer beware" that any business will have a few scattered' employees who should be doing time).

Of course, if you can't find anyone who will accept it....