Okay so my father went to bofa monday (2 days after he bought his car) and he was able to refinance from 19.26% with santander down to 2.39% with bofa. His new payment is 283 a month for 72. AWESOME!!! I didn't know he would be able to do that since he is currently still in chpt 13 but the banker told him since he has a checking, savings and CC with them they can give him the refi. I'm super happy for him. 
Original post is below.
He is currently still in chapter 13. He has 2 years left. He bought a brand new 2014 Chevy Cruze LT. Out the door the price came to $18995 (his trustee wouldn't allow him no more than that). His monthy payments are $450 for 72 @ 19.26%. Very high indeed but since he wanted a car so bad and he is still in BK this is as good as it gets for now. Is it still possible that he can refinance in 6 months with his bank? He is with bofa. He has a checking, savings and CC with them. Will they give him a new loan even though he will still be in BK?
@EndlessRoad wrote:That comes to over 32k for a Chevy Cruise, probably not something I would have done but congrats to him nonetheless. Not sure how a refi works with BK13, I did a BK7 3 years ago but I would think a refi would be possible with good history and increased credit score.
@Anonymous he was able to get the refi through bofa, his bank. His new rate is 2.39% @ 72. His payment went from 450 down to 283. He was with santander and his first payment wouldn't be due until july 1 so he was able to refi without making a single payment to santander. He had to get the car first before they could give him financing. I didnt know at the time. I am so happy right now.
@Remember0 wrote:@Wait BofA refi'ed the loan @ 2.39% even with the pending BK13? Does he have like a ton of money or something with them or is it just a regular amount of money in checking + savings and a CC?
What's his FICO like and out of curiosity, how old is that BofA CC (I assume it is post-BK...)?
Congrats! I'm honestly surprised but that's great news!
Yeah they still gave him a refi. I even asked him if he was sure they approved him he said yes. He showed me the paper work the banker gave him. He has some documents coming in the mail that needs to be filled out so it's not 100% finalized yet.
He doesn't have a lot of money. Like, AT ALL! Lol. His credit card has a $500 limit and he had it for about a month. Prior to that he hasn't had any cc's in 4 year since he included the 3 he had in chpt 13 back in dec 2010. His home is payed off though and he nets 40k. Thats retirement and ss combined.
Last time he checked his fico, his scores were all under 650 except his EQ score which he didn't have one.