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Auto Loan Refinance Experts RefiJet Sponsor “PROJECT OUR TOWN” Weekend of Action

Auto Refinance Experts RefiJet Sponsors Project Our Town

Denver, Colorado – October 29, 2019 – Mirroring its mission of putting consumers in the best position for which they qualify with a new auto refinance loan, RefiJet, a Denver-based finance company, is committed to putting its community in the best position possible.  RefiJet is proud to contribute to its community by being a STAR Sponsor of Project Our Town’s Weekend of Action.

PROJECT OUR TOWN is a Denver-based 501(c)3 non-profit organization that empowers people to help others. Through both on-going volunteering and an annual 3-day Weekend of Action, PROJECT OUR TOWN creates opportunities for volunteers to participate in meaningful, impactful projects that serve the community. The Weekend of Action, November 8-10, 2019, will include more than 1,500 volunteers blanketing the Denver metro area performing over 100 community service projects for over 50 non-profit agencies. The projects are designed to provide for those in need, support meaningful causes, and create positive volunteer experiences.

With the support of RefiJet’s sponsorship, volunteers will make and serve meals at residential treatment facilities and homeless shelters, perform a variety of service projects for veterans groups, food banks, and provide support for organizations addressing causes such as homebound seniors, at-risk children, veterans, active military, seniors, animals, poverty, mental illness, abuse, physical and intellectual disabilities, illness, and more.

“RefiJet chose to sponsor PROJECT OUR TOWN’s Weekend of Action,” says RefiJet Managing Partner, Reid Rubenstein, “because we want to positively affect our community in as many diverse ways as possible.  We are not only providing financial support but also encouraging our employees to participate so that we make a strong, positive ripple effect through our community.” Cindy Abramson, Co-Executive Director of PROJECT OUR TOWN, states: “It takes pro-active, civic-minded companies like RefiJet to make it possible for us to, not only help those most in need but to cultivate a culture of volunteerism and a community of doers. We are grateful for RefiJet’s leadership in the community.”

About RefiJet

A Denver, Colorado-based company, RefiJet provides a nationwide vehicle loan refinance program for consumers across different credit tiers who want to refinance to lower a monthly payment, lower the interest rate, or get a better loan structure. It works with a variety of lenders, so it specializes in offering consumers the best deal for which they qualify.

For more information, visit www.refijet.com.

Your Guide to Understanding Extended Service Contracts

What is an Extended Service Contract?

Extended Service Contracts (ESC) are a great way to protect the investment you made into your vehicle. You may have received a warranty when you purchased your vehicle, but that warranty is only valid for a certain amount of time. This is where an extended service contract comes in handy. After that warranty expires you will be on your own unless you add further protection – a.k.a an extended service contract. To simplify, ESCs are recommended in order to protect yourself from costly car repairs after your manufacturer warranty has expired.

Don't get stuck with costly car reapirs.

Is an ESC worth my money?

With the advances we have seen added to vehicles, the costs of repair have gone through the roof. With these increases to repair prices, we have seen that more and more individuals opt-in to adding an extended service contract. The question you should ask yourself is, “will the potential cost of a repair be more than the additional fee I am paying for an extended service contract?” Typically, the cost of a contract is justifiable in comparison to the cost you would pay to repair your car. ESCs are one of the best ways to protect the value of your vehicle. But, be cautious of the standards that your provider has. You will want to make sure the company you go through follows best practices.

How RefiJet can help

Refinancing is one of the best ways to reduce your overall cost and/or monthly payments on your auto loan. RefiJet works with many top-notch lenders to ensure you are receiving the best possible loan. Within the refinance process, RefiJet also offers the addition of an ESC. If you want to avoid the surprising cost of a repair on your car, adding an extended service contract may be a great option for you!

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Is GAP Coverage Something You Should Consider?

What is GAP and do I need it?

Simply put, GAP coverage is an optional feature that will cover the “gap” between what your insurance will pay and the amount you owe in the event your vehicle is totaled or stolen. The last thing you would want to do after one of these unfortunate events is to have to pay out of pocket for the damage. Although we hope this never happens to you, GAP coverage reduces your financial risk in either of these events. One main reason we encourage people to add GAP is due to the fact that the second you leave the lot, the value of your car decreases. This means that the amount you paid for your car is more than what it’s resale value is.

Example:

Consider this example: You are driving to work along your normal route when another driver runs a red light and T-bones you. Your car is completely totaled and you were already upside-down on your car loan. Do you want to deal with the financial impact on top of your already frustrated emotions? How do you plan on paying for this?

These are the questions you should be considering when looking into GAP. There is, of course, the possibility that nothing ever happens to your car and you didn’t use the GAP coverage you paid for. But, is that a risk you want to take?

Stress Less on Insurance

 

 

 

 

 

How do I know what company to go with?

When you purchase a vehicle from a dealership they are going to ask you if you would like GAP coverage. You can also look into coverage with your insurance provider – Safeco, Progressive, etc. Another option, which is where we come in, is to go through a third-party provider. Here at RefiJet, we work with industry-leading providers of GAP coverage. Due to this, we can negotiate a great rate for you which the cost could be lower than what you might be able to get through a dealership or individual lenders.

Can I add GAP later on?

Yes, you can! If you have been making multiple payments on your loan and have a decent credit score, refinancing may be a great option for you! In the event that you decide to refinance your auto loan, you could both, decrease your loan payment/overall APR, and add GAP insurance to your new loan. GAP will only add a few more dollars to your monthly payment. If you already have GAP coverage, we can help you cancel it. By law, your current GAP contract will not transfer to your new loan; however, you might be entitled to a pro-rated refund.

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RefiJet Receives an A+ Rating from the BBB

Auto Loan Refinance Experts, RefiJet, Recognized for High Customer Satisfaction

Denver, Colorado – (September 20, 2019) – RefiJet is committed to putting the customer in the best position for which they qualify on a new auto refinance loan — and they make the process fast, easy, secure, and personalized as they do it.  Now, they have an A+ rating from the Better Business Bureau (BBB) to prove it.

BBB Rating - auto refinance

What Does RefiJet Do?

Since 2016, RefiJet has offered consumers the ability to obtain a new auto loan with lower monthly payments, lower interest rates, and better loan structures.  Rather than filling out multiple complicated online applications or visiting multiple financial institutions, all it takes with RefiJet is a call. One of RefiJet’s consultants will be waiting to explain how auto refinancing works and guide clients through the process.  Within a few minutes, RefiJet can provide several offers.  As the program includes multiple lenders, consumers can feel confident they will get the best options for their individual situation and needs.

Consumer reviews consistently recognize RefiJet agents for their professionalism and willingness to customize the experience for each customer.  One of Refijet’s recent reviews on the BBB stated, “Really happy with the service I received.  They took my loan from 21% to under 5% APR.  True to their word, I was not charged a fee.  I’ve recommended them to my mother, who was also able to get a loan through them and save on her monthly payment…from what I saw and experienced, they truly take care of their clients.”  – Charles R, who gave RefiJet a 5-star rating on RefiJet’s BBB Profile Page

Who Started RefiJet?

Reid Rubenstein, co-founder and Managing Partner of RefiJet, says, “Customers appreciate us for providing high-quality customer service and a consultative approach without charging a fee for our services. We are committed to the highest levels of security and regulatory compliance with respect to consumer data and lending practices.  We know that our success hinges on our clients’ trust and satisfaction—both in terms of the loan itself and in their experience.”  Rubenstein continues, “We value our client’s opinions and gauge our success on them as well as, recognition by the BBB, continued support from our lender partners, and awards from referral sources, such as LendingTree, from whom RefiJet has the highest approval rating of any loan provider on their platform and consistently receives its top rating in customer satisfaction.”

RefiJet facilitates loans for multiple lenders which allows them the ability to assist consumers in various credit tiers and offers various loan options, including:

  • Auto loans
  • Guaranteed Asset Protection (GAP) coverage
  • Extended Service Contracts (ESC) from industry-leading providers
  • Adding or removing a borrower from a loan
  • Lease Buy-out
  • Cash-back options

About RefiJet

A Denver, Colorado-based company, RefiJet provides a nationwide vehicle loan refinance program for consumers across different credit tiers who want to refinance to a lower monthly payment, lower the interest rate, or get a better loan structure.  RefiJet works with a variety of lenders, so it specializes in offering consumers the best deal for which they qualify.

RefiJet logo - auto refinance

 

What will Drive the Next Big Car Trend?

We’ve been seeing hybrids cars, on-board GPS systems and back-up cameras for years.  Newer innovations, like all-electric vehicles, are on the roads but are far from mainstream.  And driverless cars still appear far in the future. 

It seems like it’s been a while since we’ve experienced a real “aha” moment in the car industry.   There have certainly been some great improvements over recent decades, with more-durable cars laden with safety features and more-reliable cars that require far less maintenance.  But what else is forecast for the auto industry?

According to a recent report by CNBC, “the once hot gas-electric vehicle is losing its appeal.”  The automotive forecasting firm LMC Automotive estimated that U.S. sales of full hybrid vehicles fell six percent last year. Even Toyota, manufacturer of the best-selling Prius, reported a five percent drop in hybrid sales.  What is going on?

The End of the Line for Hybrids?

With the price of gas moderating, the incentive to switch to hybrid engines may have faded somewhat, according to CNBC, but the story is different for all-electric vehicles like Tesla’s.  While Toyota sold just 28,000 plug-in vehicles in the U.S. last year, Tesla hit the 245,000-vehicle mark, led by its Model 3. It seems that many customers figure that if they are trying to be more eco-friendly, they might as well go all-out with full-on electric.

Yet at just 1.2% of total U.S. sales, the all-electric slice of the market is still relatively tiny.  A survey by Morning Consult found that to generate more momentum, electric car-makers still need to overcome consumer perceptions of ultra-short driving ranges and lack of adequate public charging stations.  Better education about these cars—and the government incentives that support them—may be good starting points toward greater acceptance.

The State of Automation

Are self-driving cars far behind?  We’ve been hearing about AVs—autonomous vehicles—for years, but are they actually on the horizon yet? 

Many drivers may already be noticing an increase in automated features, such as cruise control, parking assist and lane correction.  The AV category is segmented into five levels, with the ultimate goal—full automation—considered the Holy Grail. At Level 5, vehicles are considered fully automated with no human needed.  Incredibly, research firm HIS Markit forecasts that 51,000 fully-automated AVs will be sold in 2021.  That’s only two years away! 

Following their introduction, global sales of autonomous vehicles will expand rapidly, reaching 1 million units in 2025 and more than 30 million over the following decade.   Other sales forecasts vary widely, but all hold the promise of multi-million-unit sales by the early 2020s. According to Jeff Remsburg, contributing editor of InvestorPlace:

“…looking across the entire automotive sector, it’s now impossible to find a major auto company not touting autonomous-driving — and the time until a self-driving vehicle is actually in your driveway may be much sooner than you realize.” 

We can promise you one thing: it will be a wild ride in the automotive industry over the next ten years! 

10 Ways to Spruce Up Your Garage

The home renovation spree—made popular by HGTV shows like Fixer Upper and Property Brothers—is in full force as many people resist moving to larger, more expensive quarters in favor of bettering the spaces they have. From new bathrooms to kitchens to master suites with ensuite baths, nothing seems to be out-of-bounds for homeowners these days.

For many homeowners, garages have become “the next big thing” in home renovation. These days, it’s not just celebrities and car enthusiasts who are outfitting their garages with fancy new equipment, but anyone looking to gain more utility, showcase a prized car or add value to their home.

Trends in garage renovation ideas span the gamut from organizational and functional to purely aesthetic. Here’s a Top-10 listing of some of our favorite improvement ideas:

  1. Create a new parking space. Install an auto elevator to give your two-car garage the utility of a three-car garage—an amenity which has become more and more popular with consumers.
  2. Upgrade flooring. Modern substances like polyaspartic coatings and epoxies can make all the difference in transforming your garage from a mere storage space to an attractive extension of your home.
  3. Introduce smart technology. Make your garage workspace an electronic haven with features such as smart thermostats, smoke detectors, audio speakers and wireless security cameras.
  4. Install storage units. Add cabinets, racks and wall slats to create spaces for storing and organizing clutter and neatening the overall look of your garage.
  5. Improve energy efficiency. Replace old drafty garage doors with newer, more air-tight models and add new insulation and weatherstripping.
  6. Create a useful workspace. Treat your garage as additional living space by adding a small workshop or even just a foldaway workbench.
  7. Eliminate trash areas. Remove trash from your garage altogether by creating an outdoor space for secured garbage, composting and recycling bins.
  8. Add vertical storage. Clear clutter by installing plenty of hooks that can hang almost everything—tools, toys, bicycles, sporting equipment and more.
  9. Improve lighting. Replace that plain bare bulb with interesting fixtures and add windows, if possible, which will make your garage space feel more inviting and allow greater functionality.
  10. Update your look. Install modern garage doors with attractive moldings and window cut-outs and paint surfaces using bright, unexpected color choices.

If you have the budget, feel free to mix and match several of these ideas to really be creative and transform your old garage. But don’t go too far! Most real estate agents will tell you that homes without garages—or garages that have been fully converted into living space—will sit on the market longer than other homes when it comes time to sell. In the final analysis, a great-looking and functional garage is awesome—as long as it’s also still “home sweet home” for your vehicles.

What’s the Deal With No-Haggle Pricing?

Buying a new or pre-owned car at the dealership can be a stressful experience. You can be totally excited at the prospect of owning that shiny new vehicle, but downright distraught at the thought of visiting multiple dealerships, going on test drives and listening to salespeople trying to make a deal. Is flat-fee or “no haggle” pricing the answer for these buyers?

The flat-fee or “no haggle” pricing model provides a guaranteed price for a specific car that is actually sitting on a dealer lot, usually right within your vicinity. It’s based on the premise that with free information so readily available online, dealers have to put their best foot forward with competitive pricing right from the beginning.

With so many dedicated car sites, you really can get a great deal on a car without having to go through a painful negotiation process. Sites like Truecar.com and Edmunds.com offer a wealth of information to help car shoppers research specific vehicles. By accessing recent sales data, you can easily see what others have paid for similar cars and calculate your costs. These sites include a boatload of other helpful information, such as customer reviews, available specs and features, photographs and comparable cars others have considered.

When you’re done with your research, you can go a step further and request pricing from area dealers on the car you have targeted. Because most dealers assume you are shopping competitively online, they will often give you a price that aligns with your expectations. With a simple test drive and some documents to sign, you may be good to go.

Even with an agreed-upon price, however, there are some common pitfalls to be aware of:

  1. Make sure you are talking about the same specific car. You don’t want to arrive at the dealer’s lot and find out the exact model you want isn’t there. Instead, get the car’s VIN number on the quote ahead of time and match that number to the car you test drive and purchase.
  2. Don’t forget about options and extras. If you want an all-weather package, for example, make sure it’s included in the online quote—before you head to the dealer.
  3. If you need financing and/or have a trade-in to consider, you have a lot more work ahead of you! You may still need to do some negotiating to get these within your price points.
  4. Even with an online price quote, there is no guarantee that you can’t still find a lower price. You can always expand your search area and contact other dealers directly.

The good news is that the old way of doing business works just fine too. If you’re the type of person that loves to make the deal in person—test-drive the car, ask questions, discuss your trade and financing options, and, of course, haggle—you could possibly end up with the best deal of all. But a word to the wise: still do your research before you go.

Are You Upside-Down on Your Car Loan?

First, a definition. What does the phrase “upside-down” or “underwater” actually mean when it comes to a car loan? The problem arises when the borrower owes more money on their loan than the car is actually worth. For example, if you have an accident and your car can’t be repaired, it may be worth close to nothing, but you may still have thousands of dollars left to pay your lender even after insurance pays your claim.

This scenario can happen even without a catastrophic event like an accident. Say you are moving to a new city where you don’t need a car and need to sell yours to help pay for moving expenses. Even if your car is fairly new and in excellent shape, you may not be able to sell it for enough money to pay off what you owe. New cars depreciate—or lose value—quickly, and in every case, you will still need to pay the lender back what you owe, regardless of how much it’s worth today.

Don’t forget that your car is an asset just like anything else you own, and its value is affected by market conditions. If your car is no longer as popular—perhaps because a newer model has been released or it has received some negative publicity—it will fall in value, regardless of the amount you still owe. The value might also decline faster than your loan balance declines if the car has higher mileage or is in poorer condition than average. Also, keep in mind that the portion of the loan that covers financing fees and add-ons are nearly impossible to recoup even when reselling the most desirable car out there.

Consider Refinancing

You may be tempted to get out of your loan by trading in your car for another. Your dealer can present an attractive option: rolling the amount you owe on your old car into financing for the new one. Since the dealer is in the business of selling cars, they are motivated to get your new sale and trade-in, even if it puts you even further under water by combining your debt.

You are much better off refinancing your car through a company like RefiJet, which can vet your application through its wide network of lending partners to get you the best possible deal for which you qualify. This is especially true if financial markets have changed or your personal financial situation has improved, which may help to qualify you for a lower rate or monthly payment.

When you refinance, you have the option of paying off some principle so you can get to the point where you’re no longer upside down. If you do decide to refinance, it’s a great time to consider adding GAP coverage, which pays the difference between what you owe and what the vehicle is worth in the event it is stolen or totaled.

With the help of a refinancing package and some diligent financial decisions, you can eventually put your upside-down status behind you and start on a fresh path toward better financial health. Your future self will thank you.

Preserve Your BMW With These Simple Steps

Here’s a great trivia question to ask at your next cocktail party: What does the name “BMW” stand for? If you knew that the correct answer is “Bayerische Motoren Werke AG,” you are a knowledgeable car buff – and likely prefer the more-palatable “BMW” a lot more!

According to Statistica.com, a lucky five to six percent of adults between the ages of 18 and 49 drive a BMW as their primary car. BMWs are known for their sporty ride, speedy performance and luxurious styling—and rightly so. But to maximize your BMW’s value, you need to care for your car properly and be a stickler about regular maintenance.

Almost everyone has times when they’re lax with maintenance—maybe by stretching out time between oil changes or postponing major repairs until you can better afford them. But the fact remains that the more closely you stick to BMW’s recommended maintenance schedule, the better results you will experience over the long term.

Luxury Auto Works, the self-proclaimed “#1 BMW Service and Repair Shop in Austin TX” posted a great article that includes a wealth of helpful information for BMW owners. According to these experts, you can knock 25% off your car’s expected lifetime—a good 50,000 of the its 200,000 potential miles—just by skipping maintenance or “doing it on the cheap.” Here are some tips they recommend for staying current with your car’s most important service items:

  1. Have your BMW’s engine and transmission checked a few times per year, especially if you’re already bringing your car in for other service.
  2. Have your brakes checked for wear routinely and remember to get the brake system flushed every two years or so.
  3. Keep your tires in good shape by performing pressure checks monthly and tire rotations every 3,000-6,000 miles.
  4. Flush the transmission every 50,000 miles; this may be more than what’s recommended in your service manual, but it will save you money in the long run.
  5. Change your car’s oil every 5,000 miles—perhaps a bit more often than recommended—especially if you live in a hot climate.

Here are a few other nuggets from the experts that will help keep your BMW in tip-top shape:

  1. Wax your car throughout the year to protect against rust.
  2. Park in the shade to help maintain your exterior and interior.
  3. Clean your car’s headlights regularly to ensure visibility.
  4. Do most of your short-hop driving all at once when your engine’s already warm.
  5. Avoid aggressive driving to limit your car’s wear and tear.
  6. Keep good repair and maintenance records to ensure proper care.

You may not be the type to name your car and call it your “baby,” but it’s a good idea to remember this: there is a give-and-take involved in owning a car. The better care you give your BMW today, the better it will serve you tomorrow and for thousands of miles down the road too.

Who Will Take a Chance on You?

Here’s a question we’re often asked: if lenders are all drawing credit reports from the same three credit bureaus—Experian, Equifax and TransUnion—why do some lenders accept and others reject my application when it comes time to refinance? If I have bad credit from late payments, bankruptcies or delinquencies, wouldn’t every lender see the same bad credit report and deny my loan application?

The answer is a definite no! All lenders—whether banks or credit unions—have their own ways of defining risk and measuring it. What may seem like an acceptable level of risk to one lender may be a clear denial for another. In that instance, the institution that does offer you the loan, may do so with a higher rate to cover their risk.

Every lender has its own formulas for calculating risk and no two institutions have the same one. They are essentially using your past history to determine how likely you are to pay them back. Late or missed payments, bankruptcies, home foreclosures, judgments against you for non-payment and high credit balances are all warning signs to lenders.

While the customer’s credit report is an important component of a lending decision, there are dozens of other inputs that may be used to calculate your final credit score. As explained by the VantageScore credit reporting site:

“There is no one credit scoring model that singularly represents the consumer lending marketplace. In addition to…the dozens of FICO* models [measuring consumer credit risk] that are in use today, many lenders rely on their own proprietary models to grant or manage credit.

In light of the reality that no single credit model is the yardstick used by all, or even most, consumer lenders, consumers should understand that no score they buy or obtain from a free-score web service is guaranteed to exactly match scores from the model or models a lender may consider when making a lending decision.”

Recommendations

To make things as easy as possible when you go to refinance, here are two recommendations you should follow:

  1. Work with an umbrella organization. Instead of approaching a number of different banks or credit unions to apply, go to a central refinancing source like RefiJet.com. We have relationships with a wide range of lenders and can match you with the best one for your particular financial situation. We handle all the paperwork for you and don’t charge you any fees—what could be easier?
  2. Work on your credit score. You should always be aware of your credit score—you are entitled to view yours for free each year—and the ways in which you are helping or hurting it. Make a concerted effort to pay your bills on time, establish a credit history if you don’t have one, and manage your credit accounts well, with low rates and balances. If your credit history is poor, make a concerted effort to “clean up your act.”

To learn more about how RefiJet works and how we can help find the best auto refinancing loan for you, complete the form on our home page and we will be in touch!