After Round 2 of trying to trade in the Accent for something with more oates under the hood; I told myself if I failed I would refi the car and wait for the repo to come off.
So I called up Logix and finally they said yes to something... 4.49% for 48 months including 1% decrease for auto pay.
I've been a member of Logix for just over 10 months.
My new payment is $22.98 more than my current payment but the term is shorten from 72 months down to 48 months.
Quickly for those of you upside down in their loans, some advice -
Make sure your Auto 8 score is over FAIR and at least into GOOD credit (670). After paying down my balances again to 22% this time, got me a 17 point boost to 669 overall (Experian).
But the dealers are pulling 651 Auto 8.
Ford wanted me to pay off the negative balance in the Accent. However nobody would give me more than $11.405 for it (pay off is $15,093) so I had to put down $4,000 which is the negative balance (less about $118 ).
Broken down they would only approve me for about $21-22K. Which is an improvement from 8-9 months ago, but not nearly enough to squeeze in what I want without putting a tone of money down.
That inclues $2750 in rebates.
One way to get out this is to find a car, truck or suv you like with huge rebates. You'll take a hit on the back end with lower resale but it beats paying for something you don't want.
I may try again around Christmas since I know there should be a sizable incentive increase. If not, I will wait until the repo comes off which is around July of 2016 and I get a huge bump in my score as well.
Since the Fed announced it wil not be raising the prime rate, we'll be enjoying 0% for up to 72 for a little while longer, take advantage of it!
