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Contributor
jetsfan2013
Posts: 143
Registered: ‎11-28-2012
0

Refi Current Auto Loan with Unpaid Tax Lien

My current car loan is through Cap One, and I purchased in March 2012. At time, loan was for 17,000 at 12.6% for 60 mo(08 Toyota Camry).

I have continued to rebuild my credit since then, and at the 1 year mark, I was thinking of trying to refi. I attempted to in October, but local CU denied me due to the

unpaid federal tax lien(though I have an installment plan in place with IRS). Ironically that wasnt an issue with Cap One when this loan originated.

 

Any thoughts on possible options? I plan on keeping this car, but would like to lower interest and payment if possible

Rebuilding Since 11/11
Current Score: 659 5/14 | Goal Score: 710+ 4/15
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pizzadude
Posts: 9,630
Registered: ‎01-28-2010
0

Re: Refi Current Auto Loan with Unpaid Tax Lien

I'd definitely keep trying to a refi. Was the tax lien an issue because it was hurting your scores or because it was negatively affecting your DTI, or just because it was unpaid ?
March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Established Contributor
Cadillac-XTS
Posts: 1,837
Registered: ‎08-20-2012
0

Re: Refi Current Auto Loan with Unpaid Tax Lien

+1

Contributor
jetsfan2013
Posts: 143
Registered: ‎11-28-2012
0

Re: Refi Current Auto Loan with Unpaid Tax Lien

From what I understand, the CU made it an issue because it was unpaid. I showed them proof of the installment agreement the IRS has in place for me and asked for a recon with that payment amt but was still shut down. I was kinda bummed because I hate wasting inq on my credit, and though I love the current car I have, I dont wanna pay the rate I have forever.

Rebuilding Since 11/11
Current Score: 659 5/14 | Goal Score: 710+ 4/15
Cap 1 Quicksilver 2250 | Cap 1 Visa 2000 | Barclays Apple Visa 2000 | Discover IT 1500 | American Signature Store 1000 |

Rebuilders: First Natl 850 | Show MC 550 | Walmart Store 150 | American Eagle Store 150 ~~ Garden rest of 2014
Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012
0

Re: Refi Current Auto Loan with Unpaid Tax Lien

Tax liens can be considered worse than bankruptcy to lenders. I'm sorry you didn't get approved. You can keep trying or wait until the tax lien is paid off.
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