My DW is in a toxic loan with santander that I just found out she has been paying late on for the past 2 yrs with a 24% APR loan.
I can't even begin to say how livid I am about it.
Her credit is shot, but I really wanna help on this but am worried that her toxic TL with them is going to affect my credit if I refi the vehicle in my name.
Does anyone know how this process works?? Also name some good companies that would gofor the scores listed below.
Also, My DTI is high with my truck in the mix, with her having bad credit would they consider her on the loan for income only?
Interesting, I think a co-signer is just that. Income only no, but in this case you could ostensibly co-sign for her and probably get a better rate and just take over payment responsibilities.
I know most of the forum tends to shy on joint loans beyond a mortgage, but this could help your joint financial relationship so I don't see it as a terrible idea.
Whether it's feasiable or not, people need a few bits of information:
- What's left on the current loan through Santander / Roadloans? Both current principal (any interest too) and number of payments? Get a 10 day payoff quote if needed for conformation.
- What's the current value of the car (use Kelly Blue Book or whatever for a reasionable estimate)?
- How old is the car?
Most companies won't touch a car for refinance that's over 7 years, and some won't even touch younger cars than that. Also, if you're underwater on the loan, (10 day payoff vs. current value of car) you're going to have to bring a check most likely to refinance. You've been on here a while and I think have established a relationship with a few CU's and other places during your credit card expedition, they're probably your best place to check... Cap One and USAA also have pretty good refinancing capabilities: with your scores, it's just going to be about the three questions above mostly, someone will be willing to refinance you well below the 24% DW is sitting on now.
Oh I missed part of the question, my apologies.
If you re-finance the tradeline with you as a co-signer or whatever, it's a completely new tradeline and the old one is closed, and stays on her report only. Only the new tradeline (with all the usual negatives associated which you're more than familiar with) would apply to you.
@LS2982 wrote:My DW is in a toxic loan with santander that I just found out she has been paying late on for the past 2 yrs with a 24% APR loan.
I can't even begin to say how livid I am about it.
Her credit is shot, but I really wanna help on this but am worried that her toxic TL with them is going to affect my credit if I refi the vehicle in my name.
As long as Santander does not have your SS#, you won't be able to inherit the toxic TL history with Santander
Does anyone know how this process works?? Also name some good companies that would gofor the scores listed below.
Try a company that you have had good Auto Loan relationships in the past... Who did you use to finance your last PIF vehicle loan?
Also, My DTI is high with my truck in the mix, with her having bad credit would they consider her on the loan for income only?
It may depend on your state... some states allow the spouse's incomes without having to add their SS# and name to the loan
That being said, I would apply for credit to buy the vehicle out of her name for the same amount as is owed to Santander... If she is upside down really badly, you may have to throw some cash in with the mix. As soon as you get the loan, pay Santander and get them out of your life!!!
FICO 9: 
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.
Goal: Gardening!
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.
Goal: Gardening!