Refinancing isn’t just for mortgages anymore. Credit unions are seeing a surge in auto loan refis, with some reporting 50% or more of applications now coming from refinancers instead of car buyers.
 

 

 

Key Points

• Demand Surge: American First CU flipped from 65% purchases to 55% refis in under a year.

• Monthly Savings: Gen X and Millennials cut payments by over $140 a month on average.

• F&I Fallout: Refinancing often cancels dealership-sold GAP and protection products.

Lenders say many consumers still don’t realize car loans can be refinanced—despite savings and fresh F&I opportunities. Chase, sensing the shift, just rejoined the auto refi market.
 

Listen on My Car Show Radio: Could your car payment be $150 lighter?