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Not Sure What to do?

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Anonymous
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Not Sure What to do?

Good Afternoon, need some help. I have a 2012 kia soul with 38,000 miles  on it. Santander at 14.9%. Purchased last february fom a chevy dealer.  Owe 12.5K.. Great car around town but it is terrible on highway.

 

Got pre-approved from Chrysler at 4.9 new , 6.9 used for any car up to 67K . No one else will approve under 10% rate; others mostly 10-12% range and some denials as well . FICO was 568 when Chrysler approved me last Wed.

 

Having trouble refinancing car to lower rate. Thinking of purchasing new Dodge Journey AVP or Jeep Cherokee Sport, Rolling in neg equity (about 3K)  . I understand evils of rolling in but I would be in a new car with a 4.9 int rate. Both loans are 72 mo (old & new).  Payment on old vehicle is 278 per month, new car would be paymnent of 375-395 range with neg equity rolled in. I would be financing 22K on Journey and 24K on Cherokee.

 

Financial issues from past have been resolved and I can afford the higher payment. My score was 494 when I bought the car last Feb.No repo, BK, foreclosure type stuff ever; mortgage baddie ,settled charge offs, credit card issues caused low score . Got the loan since my car payment history is excellent; income is 66K.

 

Would you go for the new car since it a better loan and an opportunity to get out of a high rate loan.

 

Thanks for the help.

 

 

Message 1 of 21
20 REPLIES 20
Anonymous
Not applicable

Re: Not Sure What to do?

If you feel that the newer vehicles fits your needs better and you can fire the higher payments, then I would do it,p.

 

Chrysler approved you for a loan up to $67K with an income of $66? Pretty shocking

Message 2 of 21
absoluttiger
Valued Member

Re: Not Sure What to do?

Where did you get the preapproval? Online? What bureau did they pull?
Starting Scores in the 400's.
Current Eq. 633, Transunion 660, Exp. 652
Message 3 of 21
Anonymous
Not applicable

Re: Not Sure What to do?

I was shocked as well. I called the underwriting dept at Chrysler capital and I thought I put in an extra zero at the end of my income but my entry was accurate. I like both cars but I have never owned Chrysler; heard some horror stories about some not being fixable ect but I guess you can find anything on-line these days. I would also be getting a warranty from GEICO to protect myself up to 100K bumper to bumper. Just hope the incentives will be there when I show up after me and the wife decide on vehicle.

 

My uncle offered me 4K towards a purchase of a non-chrysler only  (says I am buying junk and grief)  but I don't want anyone's cash to influence my decision.  

 

 

Message 4 of 21
Anonymous
Not applicable

Re: Not Sure What to do?

Approval was on-line for dollar amount only and equifax was pulled. Called Chrysler capital underwriting myself and they told me rate; dealer verifed the accuracy of the rate as well.

Message 5 of 21
absoluttiger
Valued Member

Re: Not Sure What to do?

That's interesting and gives me a little hope I may can finance something sooner than I anticipated.

I've had a dodge and may get a jeep. I wouldn't be more concerned about reliability than most other makes.
Starting Scores in the 400's.
Current Eq. 633, Transunion 660, Exp. 652
Message 6 of 21
Anonymous
Not applicable

Re: Not Sure What to do?


@Anonymous wrote:

I was shocked as well. I called the underwriting dept at Chrysler capital and I thought I put in an extra zero at the end of my income but my entry was accurate. I like both cars but I have never owned Chrysler; heard some horror stories about some not being fixable ect but I guess you can find anything on-line these days. I would also be getting a warranty from GEICO to protect myself up to 100K bumper to bumper. Just hope the incentives will be there when I show up after me and the wife decide on vehicle.

 

My uncle offered me 4K towards a purchase of a non-chrysler only  (says I am buying junk and grief)  but I don't want anyone's cash to influence my decision.  

 

 


I'm in my 3rd Chrysler in a row and love the cars and have not had any problems with either 3

Message 7 of 21
Anonymous
Not applicable

Re: Not Sure What to do?

Does anyone think trying Toyota through their website is any worthwhile given my situation? 

Message 8 of 21
EddieK
Established Contributor

Re: Not Sure What to do?

SInce you got preapproved for 67K might as well get a Hellcat...Smiley LOL

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Message 9 of 21
absoluttiger
Valued Member

Re: Not Sure What to do?

So I got up some courage and applied online a little while ago. Approved up to $63,487 with a 622 Experian (auto enhanced I'm sure). Been emailing and texting with the local dealer now. I may have a new JGC after all.
Starting Scores in the 400's.
Current Eq. 633, Transunion 660, Exp. 652
Message 10 of 21
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