Re-fi with negative equity?

[Anonymous]

I am trying to refinance my car with my CU. Will they refinance if I owe more than it's worth?

[Schoolbuskid]

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darrello wrote:

I am trying to refinance my car with my CU. Will they refinance if I owe more than it's worth?

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The car is already financed with the CU  right? How much negative equity do you have? I imagine they would refi based on whatever balance you currently have. If they have the lien on the vehicle already i dont think would care to much about the car's negative equity because you still have to pay the balance.

[Anonymous]

It depends....Most won't refinance for more than wholesale value, some go by the retail value, some do 120% of the wholesale value etc.

I would think a CU is going to be more lenient, but a phone call to any CSR should give you the answer.