institution I wasnt able to . What are my options for refinancing?
I have an auto loan with a local finance company. I tried to refinance with Capital one and I was told that because the finance company was not FDIC insured that they could not refinance my loan.
The lady at Capital One didnt say anything else other than the FDIC thing. After the 2 comments that have been posted as replies Im confused now as to why she said that
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FDIC insurance is for bank DEPOSITS – not loans. What are you trying to say? That you have a loan from a private lender instead of a bank? How does that prevent you from refinancing it?
FDIC insurance is for money you have in a bank account, and shouldn’t affect your loan.
Call again and talk to a supervisor. Write down what they say. But I think you MAY have got the wrong information. Also, an easier place to get a loan probably is a local credit union.