@StartingOver10 wrote:
@Anonymous wrote:
I suppose this is my only option it seems like no one will do more than 120%(Retail Value) or 135%(Trade-in Value) no matter how good of credit you have. Just seems silly though considering the banks trust me enough with a $25000 credit card limit. Theoretically I could use my Chase Saphire Prefered Card to book a one way ticket to Ibizia and spend the rest of my card limit on hotels and dining and Chase would have no way to get their $25000 back. But a $27000 auto loan for a car they could repossess and get back $18000 and BOA is biting their nails over it.
^^^The difference is that there are different guidelines for different types of loans. Also, each lender has its own guidelines.
Since you do have excellent FICO scores (in your signature ) you might also get a zero interest balance transfer card and transfer the negative equity to that card and pay it off during the zero interest period (12 months or 18 months or whatever period that applies). Make sure you pay it off 30 days before the expiration of the zero interest promo period and then you are in good shape. You would have to do it prior to refinancing with BOA's offer
Is there a way to directly transfer the negative equity to 0% balance transfer card? I was thinking of getting a Chase Slate card. The only way I could think of to do it would be to wait for the card, request balance transfer checks, write a check to my self for $3400 wait for the check to clear then accept the loan and pay BOA with the $3400. I could pay the $3400 up front without the card but I rather get the card first just to make sure it all is going to work out the way I thought it would. Also do you think think this will negativley affect my credit scores?
