I hope this is in the right place. I wasn't sure if it should be in the rebuilding your credit thread...
After my divorce, the co-owned vehicle purchased just 2 months before was voluntarily repoed when neither of us were willing to assume the full payment alone. The vehicle sold at auction for its value - but the finance company (Santander) hit my credit for an additonal $12,000 they would have got in finance charges and interest had the vehicle been kept for the full term of the loan. This was in January of 2016.
In the same month, I was able to get another vehicle from a Buy Here, Pay Here lot. It is 16.85% for 3 years at $320 bi-monthly for a total of $640 per month. Yes, I know, ouch. I needed a vehicle.
I am coming up on my year mark for this vehicle. Never late. I believe I'm two payments ahead on it. I still owe $18,000 on it per the note. I'd like to refinance it down for a lower monthly payment thats more manageble AND a realistic interest rate that isnt going to gouge me to death.
My scores are hovering right around the 600 mark on average right now, the highest reporting at 623. Will I be able to refinance with that voluntary reposession on my credit?
