I went from a 19% interest rate to a 9% intrest rate and this is why I decided to refinance. The laon officer that helped me told me there were no fee’s for doing any of this and he would just take my payoff and pay off the 1st loan and open a new loan with the new intrest rate. Well everything went well and then I check my credit report to see that my new loan balance is 1000.00 higher than my payoff was on the original loan. I went through all the loan papers and see that it was for credit insurance and gap waiver agreement. Does anyone know what this is and if I have any rights even though I signed the papers already? thanks(My vehicle is already negative equity and having an extra thousand dollars put on top of the balance isnt helping.)
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Most of the time when you refinance, they add on a certain percent of the interest as a “payoff amount” That is usually what is reported to the credit bureau, meaning, that if you decided to cancel the loan right now, that is including the penalty for cancelling early
The insurance is on there probably because of the negative equity. you should have been aware of this before signing the paperwork. Gap is another insurance which I definitely reccomend if you already owe more on the vehicle than the vehicle is actually worth. If you total out your car, your insurance company is only going to give you what they feel is a fair value for your vehicle. Anything else you owe on the loan after that is your responsibility. Gap insurance will pay off any remaining loan balance that your insurance company does not cover.