Need advice: contemplating voluntary repo

[Anonymous]

how did you refinance and what were your scores?? thats amazing!! congrats.

[tricie17]

I am in a simular situation where my car was charged off (which I don't know if legal since I am in Chapter 13).  I still have the car and would like to refinance or purchase another car that would be cheaper than my note now.  My ch113 was recently denied with room to amend.  Does anyone know if I can refinance and/or purchase new vehicle?

[rukati81]

I went through a CU called SAFE, they pulled Trans Auto 8. My score is @ 642 Tier 3. I guess I was so upside down that the bank could not do up to 120% LTV. Instead the only word I remembered from loan service rep was that they just going "push out the loan". My vehicle is a 2011 Altima V6 with 67,xxx miles on it. 

Get this; 

old finance charge: $19560.66

total of payments: $44341.76

new finance charge: $4564.70

total of payments: $28,048.26

from $560 monthly to $370

[Anonymous]

i am glad you didn't let it go back. you'd regret that far too long. just make sure you get GAP!!

[StartingOver10]

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@rukati81 wrote:

@I went through a CU called SAFE, they pulled Trans Auto 8. My score is @ 642 Tier 3. I guess I was so upside down that the bank could not do up to 120% LTV. Instead the only word I remembered from loan service rep was that they just going "push out the loan". My vehicle is a 2011 Altima V6 with 67,xxx miles on it. 

Get this; 

old finance charge: $19560.66

total of payments: $44341.76

new finance charge: $4564.70

total of payments: $28,048.26

from $560 monthly to $370

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What a fantastic savings for you!  Congratulations on your very smart refinance  So glad you didn't do the voluntary repo!

[Appleman]

Thanks for sharing your story, I bet someone else in a similar situation will benefit or at least be given hope by reading about your success. I must say I am impressed at the awesome drop in interest rate.  

[lincar66]

When I say this I am by no means encouraging you to surrender the car because that will hurt you for years.

But I had a car repoed in middle 2014 then had to finance a car with Chrysler capital for my son at 21.6% paid that for 6 months whilst cleaning up my credit and then refied it to a credit union at sub 6% then went out on April 13th 2015 and bought myself a 30k vehicle walked out showroom at 11.39% then immediatly refinanced again and then in September traded in the first car for my son for another 30k plus car on my credit and got that at 10.5% out the showroom and then immediatly refianaced that down to sub4% rates now both cars sit on below 4% rates with a repossession on my reports.

What I'm saying is it's not the end of the world to get repossessed it sucks but just have all of your other things in order and maintain payments on everything else and you can definitely be able to finance another vehicle but you must tell them there is a repo on your report because they have certain lenders that will not work with any repossessed cars usually it's the captive lender that will get the deal done but your % will be bad just have a credit union (dcu) waiting and the wings and really work on your report and everything else

[lincar66]

Sorry I missed that the first car at 21.6% rate was bought in October 2014 so about 4 months post repo

[lincar66]

I just read the good news SUPER congrats on the refianaced loan saving about another car worth of money in %

Great ending to a bad situation