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Yes, after being a lurker for many weeks, and bumping my score from 570 to 650(FAKO, all three around this) in a month from Goodwill letters/e-mails, to verification disputes and getting three of my 4 collections removed off my credit report. (Still working on the last one) And in the same breath getting a secured capital one, unsecured capital one, and a Kay’s credit card for 2500.
Now, the only thing I want to do, before I let my account 'garden'(hopefully using that word right) is to refinance my vehicle. When I got my 2005 Chevy Impala, I was sitting at mid-500's with those 4 collections. So, the type of lender I went through has me at 22.00%APR, payoff is $8300.00. Vehicle is only worth 6,300, yet, I know I'm upside down due to trading in a Hyundai when the clutch went out. Trading in the 2005 Chevy Impala isn't really an option, since I just put 2k in it, replacing the entire transmission, and the vehicle has 117,000, and I'm aware some dealers don't want to deal with vehicles after 100k miles. So, what feasible options, do I have to refinance this vehicle?
Thanks in Advance
I wouldn't refi. Even if you were able to get refinanced (unlikely) and get a decent rate, your loan will still be thousands upside down because they won't refinance less for what you owe anyway. I too was in the same situation with a high rate. It got to a point where I owed several thousand more than what the car was worth. I rebudgeted and managed to pay double on the loan each month. That paid it off in a very fast amount of time and probably saved a couple thousand in interest alone.
Well, I just want to say, I was able to refiance through my local credit union. Seems mileage doesn't matter as long as there is value in the vehicle. Also, seems I wasn't underwater as much, as I thought I was. I was using the KBB to compare the value. When they use the Business version of NADA...That's all..
@XxRaVeNxX wrote:Well, I just want to say, I was able to refiance through my local credit union. Seems mileage doesn't matter as long as there is value in the vehicle. Also, seems I wasn't underwater as much, as I thought I was. I was using the KBB to compare the value. When they use the Business version of NADA...That's all..
Congrats! If you don't mind elaborating - what is the rate your CU gave you?
Anything below the rate you had made it a good move. Not only do you save on the rate and the payment, you establish a good history with your CU for any future business.
@XxRaVeNxX wrote:Well, I just want to say, I was able to refiance through my local credit union. Seems mileage doesn't matter as long as there is value in the vehicle. Also, seems I wasn't underwater as much, as I thought I was. I was using the KBB to compare the value. When they use the Business version of NADA...That's all..
Congrats on this ^^^ !!! Good job, nice persistence there!
It was only like 11%, but it's better than the 22% that the sub prime lender gave me...Navy Federal Credit Union...
Congrats... You cut it in half.