Strange, got free money from my auto loan

[John213]

I receive a mail from my auto loan (Chase) saying they have reduced my interest rate by around 1% and attached a check of $250.00 due to decreasing my APR. Anyone have experience this? Why would they do that?

[Destind4]

I recieved a check for about $250 after I paid my car laon off. I still don't know what it was for lol.

[ua_guy]

What else did the letter say? Did you call Chase and ask?

My guess is that there was a discrepancy between the contracted interest rate as written up in the financing contract, and what was entered into the loan setup at Chase. Have you compared the rates to see if they match?

[John213]

What else did the letter say? Did you call Chase and ask?

My guess is that there was a discrepancy between the contracted interest rate as written up in the financing contract, and what was entered into the loan setup at Chase. Have you compared the rates to see if they match?

When I bought the car at the dealership, it was 7.9%APR.

The dealer told me the bank would be Chase. Chase sent me a letter that the APR would be 5.54%. I called and clarify and yes they decrease it for some reason. I still don’t know why.

Its been couple years now and this recent mail says they are decreasing my APR to 4.5%. There was an explanation in the letter so I got this $250 back. I don’t have the letter right now cause I’m away from home but I still don’t know why would they decrease my APR.

Yes everything is correct from the Chase website since the beginning. I saw 5.54% APR, and now its only 4.5%.