Need some advice on my current auto loan

[Anonymous]

Hi, I am a co-buyer from a  new car loan that was bought 8 months ago. I asked the help of my brother in law since I am new here in the USA and doesn't have a credit history. It turns out he has a fair credit score and we got approved on an 11.25% apr for 73 months. I'm the one doing the monthly payments from the start. Now I'm contemplating on refinancing the loan. Is it wise to do so?. My present credit scores are 730,730,711.

How do I go about:

1) Removing my brother in law as the primary buyer from the contract.

2) Should I go ahead with the refinancing idea with my credit union or a) Just ask for rate modification from the present financial institution b) Take the present interest rate as it is and just pay much more than the minimum monthly payment to shorten the loan term.

Some advice will be most appreciated

Thanks!

[Anonymous]

IMO, wait until the account is a year old before trying to do anything.

Then I would shop around and see what you could get on your own, without a cosigner.

See what the current lender can offer, what your CU could offer, etc.

[Anonymous]

I would not wait a year.  If you are prepared to pay the difference between the value of the car and the amount due on the loan, the earlier you refinance the better.  I only had my loan for six months (10.35%/72 months) and refinanced to a 4.15%/60 months.  My payment was reduced by $100/month and I saved over $6,000.

The additional $100 I was paying per month before was all interest. 

[Anonymous]

Good job phxwilson, grats that is a huge savings. Thx for sharing your experience. May I know what refinancing institution you went through to get that low interest rate, if you don't mind, and do you think I will be able to get approve with my score (EQ-730,EX-730, TU-711)?

One more thing can I go through refinancing even if I'm just the co-buyer? or do I have to settle it first meaning I have to make my in law to sign off on the contract before I look for refinancing?

Thx again for the info!