Cash-out / Refi (Auto Loan)

[spongenotbob]

Has anyone successfully completed a cash-out refi AUTO loan lately? Please post your experiences - lender, rate, original LTV, new LTV, credit score, any other info?

 

Example:

 

Today: Your car is worth $11,000. You have an existing auto loan, balance of $2,500.

 

Tomorrow: Your car is worth $11,000. You have a "new" used car loan for $11,000, and $8,500 cash in your pocket. Of course your interest rate is probably a little higher.

 

Thanks!

[jtoast]

My Local Credit union offered me one when I recently refi'd my 09 charger but I turned them down. The rate would have been about a point higher than the standard which was 6.25 at the time. The car booked at ~$26,500 and I refinanced just over $16,000. Have no idea what the LTV guidelines were though because I never asked how much cash I could pull...just told them no and moved on.

Edited October 30, 2009 by jtoast