Looking to Refinance a Santander Loan -- Any hope?

[Anonymous]

I currently have a 2007 Volvo S40 with 119,000 miles on it. My curent payoff amount with Santander is about $11,000. My

It certainly seems like a longshot, but I'm wondering if anyone has any recommendations based on my FICO scores below, and income $45k/yr. Do I have any hope?

TU FICO -- 632

EXP FICO -- 652

EQU FICO -- 654

Any input is certainly appreciated!

[EddieK]

You're looking at a book value of 5-7K, refinancing at this point would not be likely unless you pay off the majority of the negative equity.

[Anonymous]

The scores aren't going to be the problem as the previous poster states the value is a real problem.  I don't think you will find anyone willing to do this loan.  You can try a CU and see if they are willing to refinance the car and then give you a personal loan for the difference.  My guess is your paying high interest (I had a Santander loan also for about 7 months) paying the minimum payment will result in you being upside down until the last couple of months of payments.  You might want to make extra principle payments to get some traction on this loan. I don't think it will hurt to have a conversation with a credit union to see if they can help but don't be surprised if they deny it.