Over the course of the two years that I've had an auto loan with Wachovia, I've tried to refinance 3 times because I needed a lower payment and interest rate. I was declined all three times, however, the last time I applied they suggested I try for a "hardship" loan. Bear in mind that I was NOT delinquent on my account, but rather, I was trying to be proactive by reducing some of my monthly debt because I had a student loan coming due and an increase in my mortgage payment within a couple months. So when I applied for the hardship loan, the rep asked me for my GROSS income and monthly debt. She said she would call me back that day with an answer. So I waited and no call, so I called the next day. The rep told me I was declined because I make too much money compared to my debt. They didn't FEEL that I had a "hardship". So I explained that I only take home about half of my income due to taxes, heath and dental insurance, etc. So she said, "Well, lets apply using your NET income." So I faxed her paystubs and she said she would have an answer for me later that day. Again no call, so I called the next day. She said I had been declined again because now I don't make enough money. According to her calculations I expend more than I bring in and that disqualified me. So apparently there is some magic debt to income ratio you have to hit in order to qualify for a refinance...and perhaps it even depends on the day, the weather, if there's a full moon, or some other arbitrary factor.
When I asked for an explanation, she couldn't give me one, so I asked to speak to a manager who said, "You need to call finance about that, this is collections." So I called finance and they said, "you need to call collections about that." So obviously I got nowhere with them and they were able to just make an arbitrary decision about my application. But then again, why wouldn't they? I'm on time with my payments and they are raping me with the interest.
In addition to this experience, Wachovia gouges the consumer with high interest rates--higher than most cuthroat lenders and they are absolutely unwilling to work with you. At one point I was told, "You should just let the car go if you can't afford it." Again, I reiterate--I was not delinquent on the account!
Don't do business with Wachovia Dealer and be aware, that in about a month, Wachovia is being acquired by Wells Fargo Finance. Not sure if that's good or bad, but something to be aware of.