NOTE: Your call may be monitored or recorded.
Q: How long does the application
process take and what information do I need to apply?
A: You will need general information about yourself, your current lender and the car you wish to refinance (year, make, model and VIN). Once you have the necessary information, the application can be completed in less than 20 minutes.
Click here to apply now.
Q: How soon will I know if my loan application is approved?
You will typically receive an initial loan decision within 24 – 48 hours after submitting your loan application. The initial loan decision is subject to receipt of all completed loan documents, receipt of all requested loan verification documents, and satisfactory completion of the information verification process. Your contract will not be valid unless it is accepted and funded by us. Unless your contract is funded, you should remain in good standing with your existing creditor.
Q: How long does the entire process take?
At FIFS we will do our best to expedite the process of your refinance. If all your documents are complete and accurate, it should only take 7-10 business days to issue the funds to your previous lender. If documents are incomplete or inaccurate, or if the verification process is delayed, we will contact you and additional time will be needed to complete the refinance process of your automobile loan. Average time to fund is approximately 16 days.
Q: What if I have less than perfect credit or a bankruptcy; can you still help me?
A: FIFS specializes in helping customers who have experienced credit problems in the past. We've helped lower payments for consumers despite bad credit and prior bankruptcies.
Q: While I am working with FIFS to refinance my automobile, can I stop making payments on my current loan?
A: You are contractually obligated to make payments on your current loan until your account is paid in full with your current lender. We recommend that you continue to comply with the terms of your existing contract until your new loan is funded, if approved.
Q: How do I check the status of my loan application?
A: To check the status of your loan application click
check your loan status or you may call 1-800-959-3972, select option 2.
Q: If I apply on your website is my information secure?
Q: I did not receive a promotional offer in the mail. May I still apply to refinance my car?
A: A promotional offer is not required to apply. You may complete an application online by clicking
here or you may call 1-800-959-3972, select option 1.
Q: I have an older vehicle, is there a limit on the age or mileage?
A: The vehicle that you are refinancing must be no older than 8 years plus have less than 95,000 miles and must not have a NADA mileage deduction value greater than $1000.00. For example, throughout 2015 we will consider vehicles with a model year of 2007 or newer with less than 95,000 miles.
Q: I have more than one vehicle that I would like to refinance, is there a limit on the number of vehicles?
A: The refinancing of your balance for a second vehicle is sometimes possible. If you would like for us to consider refinancing another vehicle, please contact us at 800-959-3972 or click
here to submit your information for consideration.
Q: I am interested in purchasing a new vehicle at a dealership. May I get financed through First Investors Financial Services, Inc.?
A: You will need to go to a dealership that is signed up to do business with FIFS. To find a dealer near you click
Q: Do you finance any other types of loans?
A: At this time, FIFS can refinance your car, truck or SUV. Currently we are not able to refinance heavy equipment, motor homes, RV’s, motorcycles, commercial vehicles or homes. Consolidation and personal loans to buy or trade a vehicle are not currently available through FIFS.
Q: Can I refinance my existing First Investors Financial Services, Inc. auto loan?
A: First Investors Financial Services, Inc. only refinances auto loans that you have with other lenders, not including First Investors Financial Services, Inc. or its subsidiaries.
Q: What if I owe more than my car is worth; can you still help me?
A: In many cases, we are able to help customers who owe more on their vehicle than what it is worth. To find out if you qualify,
Q: Are there any restrictions on how much I can refinance?
A: You must refinance the full payoff amount of your existing auto loan subject to our minimum loan amount of $8,000 ($10,000 in some states) and our maximum loan amount of $40,000. We do not offer cash-back refinancing.
Q: Are there any penalties or fees for paying my loan off early?
A: FIFS does not charge any prepayment fees.
Q: Do I have to give you my social security number?
Q: Will you obtain a credit report?
A: A consumer report may be ordered on you in connection with your application for credit. If you ask, we will tell you whether or not one was ordered and if one was, the name and address of the consumer reporting agency that provided it. Subsequent consumer reports may be requested or used in connection with an update, renewal or extension of the credit applied for without further notice to you.
Q: Where did you get my information/credit from?
A: If you received a pre-screened firm offer of credit, we obtained your information through a consumer reporting agency in accordance with the Fair Credit Reporting Act. Information about the pre-screening process is located on the front and back of the firm offer of credit.
Q: How can I get my name removed from your mailing list?
A: If you do not want to receive “prescreened” offers of credit from this and other companies, then please call toll-free 1-888-5-OPTOUT (1-888-567-8688), visit www.optoutprescreen.com, or write to the following consumer reporting agencies: (i) Equifax Options, P.O. Box 740123, Atlanta, Georgia 30374-0123, (ii) Experian, P.O. Box 9532, Allen, Texas 75013, (iii) Innovis Consumer Assistance, P.O. Box 725, Columbus, OH 43216-0725, and (iv) TransUnion Opt Out Request, P.O. Box 505, Woodlyn, PA 19094-0505.
Q: Is my interest rate fixed or will it go up after a certain period of time?
A: We offer simple interest loans, which means the interest rate is fixed and will remain constant throughout the entire term of the loan.
Q: What is a simple interest loan?
A: For simple interest contracts, a portion of your monthly payment is applied towards the amount of the obligation – the principal – and a portion of the payment is applied towards paying the finance charge – the interest. A greater percentage of your monthly payment is applied to interest early in the life of the contract, and a greater percentage is applied to the principal at the end. Thus, the principal balance decreases slowly at first and more quickly closer to the end of the loan term. Since interest charges will accrue daily on past due amounts for simple interest contracts, the actual amount of finance charge and the actual amount of your final payment will depend on your payment record. If you make payments after the scheduled due dates, you will pay more finance charge (e.g., interest) and you will have a balance remaining after your final scheduled payment. If you make payments before the due date, you will pay less finance charge.
Q: What will my interest rate be?
A: We cannot provide the exact interest rate APR until submit a loan application. If you received a pre-screened firm offer of credit, please refer to the letter for information about your offer.
Q: Can I make my car payment online or by phone?
A: If approved and funded, your loan will be serviced by our subsidiary, First Investors Servicing Corporation. You will receive a welcome letter and other important information and will start receiving monthly servicing statements. At this time, payments may be made by mail, by telephone, through our web site, or through third parties, like MoneyGram or debit/credit card processors. A fee may be required for some of these third party services; however, you may always pay us directly via mail, telephone (except debit/credit card payments) or web site without a fee.
Q: Can I have my payment automatically drafted from my checking account?
A: An authorization form to setup automatic payments will be included in your loan document package, for your convenience. If you would like to setup automatic payments at a later time, please call our customer service department at 800-249-6305 to request auto pay form. You are not required to make this authorization to be approved for credit and not completing will not alter your offered terms, including interest rate.
Q: What is your payment schedule for loans (weekly, bi-weekly, monthly)?
A: Payments are required to be made on a monthly basis on or before the due date listed in the contract and payments are considered past due if not received by the due date, even if your contract contains a “grace period.” If your contract permits a late fee, a “grace period” only pertains to when a late fee will be assessed. You may always make a payment(s) prior to your due date or prepay the loan without a fee. In fact, if you make payments before the due date, you will pay less finance charge than disclosed in the contract.
Q: What is a VIN number and where can I find it?
A: The VIN is also known as your Vehicle Identification or serial number. It is a 17 digit number and letter sequence that can be easily found on your insurance card, registration, or original purchase paperwork. It is also located on your vehicle's dash or inside of the driver’s door.
Q: Do you sell GAP? What does GAP cover? Is GAP required?
A: We sell GAP/debt cancellation agreements in most states where we conduct business, but it is not available in all states. The purchase of credit products, including GAP, is not required in order to obtain credit or to obtain credit with favorable terms. GAP is optional and the purchase of GAP is voluntary and not required by First Investors Financial Services, Inc. You may be able to obtain GAP from an alternative source and GAP is not a substitute for collision or property damage insurance. If purchased, the product covers a deficiency balance resulting from a covered total loss or an unrecovered theft but will not cover a deficiency balance resulting from a repossession or voluntary surrender. If you choose to purchase GAP from First Investors Financial Services, Inc., it is important that you (i) read and understand all terms, conditions, exclusions and claim requirements; (ii) understand how and when GAP may be cancelled; and (iii) how late payments and payment extensions impact its benefits (i.e., may not cover the full deficiency). Please ask a representative if you have any questions about these matters.
Q: I have purchased GAP Insurance with my current loan; will I be able to maintain coverage?
A: Credit-related products related to or purchased in connection with your existing contract may be impacted by a refinance. GAP waivers and credit insurance are not transferable. You should review the terms and conditions of any applicable products for more information. We sell GAP/debt cancellation agreements in most states where we conduct business, but it is not available in all states. Ask us about GAP/debit cancellation agreements in your state of residence.
Q: Am I able to communicate in a language other than English?
A: We have representatives who speak and understand Spanish. As a courtesy, we are able to speak with you in Spanish; however, most of our documents and disclosures are only available in English. Therefore, we will need to provide the offer to you in English and we will need confirm that you are able to read and understand English for us to complete the process. This is for your protection.
Q: May my vehicle be subject to a second lien?
A: No, your vehicle may not have a second lien and be refinanced.
Q: How much am I able to save by refinancing?
Savings claims are based on monthly payment savings alone. If approved, lower monthly payment may result from a lower interest rate, a longer term or both. A reduced monthly payment does not mean that you will pay less overall with a new loan. If you choose to extend the new term from your remaining term for more monthly savings, you will pay more in interest and have more monthly payments which will impact any savings from a reduced monthly payment.
Remaining term may be extended for additional monthly savings; however, extending the term or the first payment beyond 30 days will increase the total interest paid. Shortening the term or purchasing a voluntary debt cancellation waiver will reduce monthly payment reduction and increasing the term will result in greater monthly savings but will result in more interest paid and may result in paying more than on existing contract (i.e., interest and extra payments).
Your contract will be a simple interest contract, if approved. With a simple interest contract, finance charges (e.g., interest) are calculated based on the unpaid principal balance of the contract. As each payment is made, the payment amount is applied toward the finance charges that have accrued since the last payment was received. The remaining portion of the payment is applied in accordance with the terms of your contract. The timing of your payments will vary the finance charges you owe. Since finance charges will accrue daily for simple interest contracts, the actual amount of finance charge and the actual amount of your final payment will depend on your payment record. If you make every payment on the due date, you will pay off the contract in the time frame and amount described in your contract. If you make your payments before the due date, you will pay less in finance charges. The later you make your payments after they are due, you will pay more in finance charges. This illustrates the importance of making payments on time.
Q: What if I am an active duty servicemember?
If you are a servicemember on active duty, prior to seeking a refinance of your existing contract, please consult with your legal advisor regarding the loss of any benefits you are entitled to under the Servicemembers Civil Relief Act or applicable state law.
Q: Is there an application fee?
Applying to refinance your auto loan with FIFS is free. We do not charge an application fee that you may encounter with other companies. You have the flexibility to apply with us and, upon approval, receive a free, no-obligation quote so you can choose the refinance loan that is right loan for you. Other fees may apply after application and conditional approval. If approved and funded, a loan origination fee may apply, a title transfer fee will apply and a notary fee may be required to complete loan documents.
Q: Is there a charge to refinance my automobile?
Each state imposes a title transfer fee that ranges from $5 to $65 depending on the state in which you reside. This fee is charged by your state, not FIFS. FIFS assesses a loan origination fee of $15 or $25 in some states.