A member I was helping had just opened a union vacation account and I wanted to see where I might be able to save him money. I asked about any auto loans he might have and found out he had a newer vehicle which meant I could lower his rate from 3.55% to 2.99%. I was excited to tell him this, but was surprised when he said, “No that’s fine, I’ll just leave my auto loan where it’s at.” I told him this would save him over $1,200 in interest over the life of the loan, plus his monthly payments would be lower and he still said, “No thanks, I’m okay.”
I was disappointed, but thought it might change his mind to have a written comparison of what he has now and what Qualstar is offering. I did just that and was pleasantly surprised when he called me and decided to move forward with refinancing his auto loan. His loan is now funded, we saved him $1,232.33 in interest over the life of the loan, and lowered his payment by $21 a month. I’m so glad he changed his “No thanks” into “Yes” and we were able to save him some real money!