Is you current car loan a 60 month as well? If so, I think you may want to see this:
Current loan: 60 month / 7.3% / $11,270.60 original balance / $224.77 monthly payment / $13,486.20 total of payments
Assuming that you've made exactly 12 months of payments (sounds like you have paid a couple of months more though, that may skew my numbers a little but not by much), you have already paid $2,697.24 on it (12*224.77) and you have a remaining principal balance of $9,332.10
New loan: 60 month / 4.9% / $9,332.10 original balance / $175.68 monthly payment / $10,540.80 total of payments
$2,697.24 (how much you have already paid) + $10,540.80 (total of pay on new loan) = $13,238.04
$13,486.20 - $13,238.04 = $248.16 <- savings from refinancing, bet you thought it was more?
Plus, when you bought your car you probably thought it would take 5 years, now it will have taken 6 years. I won't even go into how the longer payoff could put you upside-down in the car should you decide to sell or trade before the end of the term.
You mentioned making more than the minimum payments (something almost no one does but let me humor you): supposing you continued to make your existing payment of $224.77 at the new rate with no other changes... you'd pay off the new loan in 45.59 months, or just shy of 4 years. Your new total of pay would be $10,247.26, saving you only an additional $293.53, making your total interest savings over the life of the loan only $541.32 over 5 years!
And bear in mind that I am being extremely optimistic with my figures, as you are likely to incurr refinance costs like payoff fees, title fees, application fees, interim interest, etc. that will most likely be at least $100 or so.
Sorry to rain on your parade.
Yes, CU's do rock.
edited: minor typo that didn't affect the figures
