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First Investors Financail Services, Inc. FAQ


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?
A: 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?
A: 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.


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?
A: FIFS takes your security and privacy very seriously. Our site uses Secure Sockets Layer (SSL) encryption for all customer data and has been authenticated by VeriSign. Our application page will display the VeriSign Secure Site logo indicating that the information you enter will be transmitted securely. Review our Privacy Policy to learn more about how we protect your personal information.


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 2014 we will consider vehicles with a model year of 2006 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 here.


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, apply now.


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: Is there an application fee?
A: 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.


Q: Is there a charge to refinance my automobile?
A: 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 in some states.


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?
A: Your social security number is necessary in order to make an inquiry into your credit file. Your privacy and protection is of great concern and high priority to FIFS. All information obtained is maintained and stored on our secure servers behind multiple firewalls. Review our Privacy Policy to learn more about how we protect your personal information.


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, your loan will be serviced by our subsidiary, First Investors Servicing Corporation. You will receive a welcome letter and information from them. At this time, payments may be made by mail, by telephone, through the web site, or through third parties, like MoneyGram. A fee may be required for some of these services; however, you may always pay via mail 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: 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.

 
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