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Zorak03

If auto refinancing is denied can the original loan be rescinded?

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Possibly a stupid question. I bought a Tesla last year, my credit history was short due to living abroad for 10 years so I was initially denied financing. I got approved by adding a parent as a co-signer which was demoralizing. 

Its been 5 months now and I’ve been aggressively paying down the loan—in fact I’ve paid off over half the cars value and I am so far ahead I do not have another payment due until late next year. 

 

I would like to make an application to refinance. My question is, if my application is unsuccessful is there any chance of the credit union rescinding the original loan even though it’s not only been paid as agreed but overpaid? The reason I am asking is because I saw a post on Reddit about a bank attempting to cancel a loan and demanding the vehicle be returned after 2 months that had been paid as agreed.

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No, they aren't going to rescind the loan.

 

Why aren't you having the additional payments applied to the principal?

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37 minutes ago, cv91915 said:

No, they aren't going to rescind the loan.

 

Why aren't you having the additional payments applied to the principal?

I am, but the credit union says they will also apply towards the due date even if I am making principal payments.

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13 minutes ago, Zorak03 said:

I am, but the credit union says they will also apply towards the due date even if I am making principal payments.

Never heard of that, but great if that's how it works.

 

[Anyone want to replace the defunct Alliant hack with this?]

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1 hour ago, cv91915 said:

Never heard of that, but great if that's how it works.

 

[Anyone want to replace the defunct Alliant hack with this?]

Alliant hack? It’s actually Alliant that I’ve got the loan through 

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Holy crap, so maybe the Alliant hack will still work with a loan secured against an auto (instead of a savings account) and even check that auto loan box?

Like, ask Alliant to loan you $1,000 against a paid off car?

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