Santander Question and Refinance advice needed?

[princessornurse]

Has anyone ever had success with Santander removing lates? I have a 2009 Honda with a %16.7 APR (Santander), 38,000 miles. Yeah, I should've waited to purchase a car, but I needed reliable transportation. Unfortunately, I'm paying $548/mo, which is what people pay that drive luxury vehicles. Shame on me. I recently got out of student loan rehab , and my scores are climbing slowly. my FIco tu is 629, fico EQ 638. Ex Faco 610. I was hoping to refinance in a few months, but I'm not sure if I'll be able to. Any suggestions on what I should do? Any suggestions are welcome.

[Creditaddict]

I feel your pain, I just got out from under a 17% loan with Santander... (I will say I didn't blink at the rate when I was approved because that was amazing in itself but I didn't think refinancing would take me so long!)  Anyway, no Santander probably will not remove any lates but try (866-923-9860) Ask for Credit Reporting Department.

How much do you currently owe?

What is the car worth?

Are you a member of Navy Federal or a local Credit Union where you live?

[huck1081]

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@Creditaddict wrote:

I feel your pain, I just got out from under a 17% loan with Santander... (I will say I didn't blink at the rate when I was approved because that was amazing in itself but I didn't think refinancing would take me so long!)  Anyway, no Santander probably will not remove any lates but try (866-923-9860) Ask for Credit Reporting Department.

How much do you currently owe?

What is the car worth?

Are you a member of Navy Federal or a local Credit Union where you live?

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This is the place to go. Gather your credit reports and head to your local CU's and let them know your situation. As long as the lates are older than 6mo, and there is no other derogs you should be fine for a Refi. Also send a GW to Santander.

Good luck!

[2NE1]

@huck1081 really? I am too, currently looking to refinance and need a place that can help me out. My current auto loan is with Capital One with 26.99% interest  I pay $598 which like the OP said, I could be driving a luxury car as well, but I'm not my scores aren't that well at all cause of recent closed accounts turned CO collections. I've been paying my loan for exactly one year without being late since it's taken automatically from my checking account.

[Creditaddict]

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@2NE1 wrote:

@huck1081 really? I am too, currently looking to refinance and need a place that can help me out. My current auto loan is with Capital One with 26.99% interest  I pay $598 which like the OP said, I could be driving a luxury car as well, but I'm not my scores aren't that well at all cause of recent closed accounts turned CO collections. I've been paying my loan for exactly one year without being late since it's taken automatically from my checking account.

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My Will almost came into effect... 26.99, I would cry every month paying about $30 to principle! (I know not quite that dramatic) but WOW so sorry to hear such a rate.

Okay, 1. you a member of a CU yet? 2. Does your company happen to have it's own CU? 3. What is current balance and what is info, year make and model of car and miles?

[2NE1]

@Creditaddict

GAH! I know, last year I was desperate to get a car, since I totaled my previous car in an accident (insurance covered the entire amount). I was paying $1200/mo. renting a car thru Enterprise in order to commute to work! at the time I agreed to paid $598 instead of $1200! Also, I'm the co-signer of this car since my score was terrible last year. Would I require to have the original loaner fill out the paperwork in order for me to refinance? Or can I refinance on my own now?

1. No I'm not a CU member but I have seen one around my town.

2. I don't believe my company does.

3. Current balance is $19,929 - 2008 Honda Accord EX-L w/ about 56K+ miles, I bought it last year in November w/ 24K+ miles... my commute is insane, I know. The car is a Certified Honda, I don't know if that makes any difference when you refinance.

[Creditaddict]

Great new is it's a Honda, you can probably get it refinanced even though probably a bit upside down... I just refinanced my 2004 Honda Accord EX from 17% santander over to 3.5 Navy Federal (w/co-signer). I am upside down based on if I tried to trade but not over 100% LTV with retail value and I added GAP with Navy which was the only thing that I didn't like just because I had paid the $400 GAP fee wtih Santander and just had to pay it again with Navy but oh well my payment dropped by $30 a month and I shaved 10 months off loan, total savings of over $3k after the 3 years is up if I keep that long.

[2NE1]

@Creditaddict

your monthly payments only dropped $30/mo.? I don't know how much they would drop if I refinance but I would love to have it dropped at least $170! I'll have to pay them a visit this Friday or Saturday then, hopefully I'll get some good news. I have printed out my EQ and TU scores to take with me. I did fill out a REFI app to Wells Fargo but it said to call them in order to 'expedite' my application.

ps. "total savings of over $3k" sounds fantastic!

[Creditaddict]

I like when it asks to call in... then they can hear you and your story... I would call in 1 second when that pops up!!! So many people don't call and I don't get it, why be nervous or worry about what to say... gather your thoughts and reasons why you have the bad things you do have, your goals with doing business with the company you are talking to and how things are different now then before... give yourself the power to do it and speak with confidence, may not mean that much to them rather they approve you or not but it sure makes a difference for you, so think of it that way, your job to work them at any angle to try to convince that approval if you have to.

My original loan was $12k 60 months at 17% with 1k down (which paid taxes etc, so I financed almost right at $12k)

Payment was $320.22, I paid 18 payments I think

New Loan $10k almost exactly after the $400 GAP on 36 months at 3.52% making payments $295.

[2NE1]

@Creditaddict

You're right, I will give them a call today!

My original balance is $21,015... so I've roughly paid $1086 towards it in a year, that's crazy cause $6090 was taken out of my pocket to pay interest arghhh. *smh* I event put down $4K for downpayment. I don't think I was charged a GAP insurance... I'll have to ask about it when I apply to CU. Your interest got cut by %13.48 - that's sooo nice! My scores aren't even above 600s, I doubt my (new) interest will be in the single digits *sigh*