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Contributor
svtthis
Posts: 119
Registered: ‎07-09-2012

What to do with santander?

I need help with trying to refi my current auto loan with santander at a ridiculous rate of 21%!  

 

Here is my credit profile

 

3 CC's with a total of 3300 total CL only showing about 9% util on all 3

647 transunion score (lender pulled)

BK7 discharged on 3/12

Never been late on anything post chapter 7 BK 

Santander Loan Feb. 2012 @21% with a remaining balance of 11,250

 

So I talked with my local CU and they said that I owe more than its worth and that I would have to come up with that before they could refi. NFCU denied me for the same reason. Am I stuck with the 21% until I can pay the balance down? Or is there another lender out there that will allow me to refi with a better rate with a value of a car that's going to be worth less than the loan?

Frequent Contributor
Mike360
Posts: 433
Registered: ‎03-19-2010

Re: What to do with santander?

Almost all places won't do more than 100% of the value. At that rate it's gonna be awhile before you could even refinance.

~~In my wallet: Best Buy $7500, Dell Preferred $5500, Discover IT $4000, Chase Freedom $3500, Barclays NFL Extra Points $3300, Sears $2800, Bill Me Later $2100, CapOne Platinum $2000, Kohls $1500, Target $200
New Contributor
Project17
Posts: 137
Registered: ‎11-21-2012

Re: What to do with santander?

Agreed... you need to get into some positive equity.. Could try Capital One.
Valued Contributor
Dustink
Posts: 2,980
Registered: ‎10-02-2012

Re: What to do with santander?

What is the exact year, make, model, and trim of the car? How many miles? 

 

So, you still owe $11,250?

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:21    


     $14k          $8.5K          $7.5k          $7.5k         $6.5k             $6k             $5k            $5k             $5k              $5k           NPSL       @ 0%
Established Member
nws2002
Posts: 19
Registered: ‎07-23-2009

Re: What to do with santander?

[ Edited ]

Capital One refinanced my Jeep at a much lower rate than the Santander loan (well the loan that Santander bought from Fifth Third Bank).  Dropped my payments by about $75 per month.  I had only made one payment on the previous loan and thought "what the heck, might as well give it a shot" because the Capital One auto refinance offer came up when I logged in to pay my credit card bill.

 

After e-signing the documents and submitting paystubs for income verification they called and dropped it another 0.8% because apparently mu income was higher than I claimed on the application.

Contributor
svtthis
Posts: 119
Registered: ‎07-09-2012

Re: What to do with santander?

2006 Chevy cobalt ss 2 door 73k and yea I do financed 12.5k

@nws2002 thanks for the info I'll give them a shot and see what they say
Frequent Contributor
Mike360
Posts: 433
Registered: ‎03-19-2010

Re: What to do with santander?


svtthis wrote:
2006 Chevy cobalt ss 2 door 73k and yea I do financed 12.5k

@nws2002 thanks for the info I'll give them a shot and see what they say

Cap One would only refinance you for about $7-8K. So if you still owe $12.5K you'll have to come up with the difference. Also they don't refinance cars that are 7 years or older and/or 100k miles so that also might be a factor.

~~In my wallet: Best Buy $7500, Dell Preferred $5500, Discover IT $4000, Chase Freedom $3500, Barclays NFL Extra Points $3300, Sears $2800, Bill Me Later $2100, CapOne Platinum $2000, Kohls $1500, Target $200
Valued Contributor
Dustink
Posts: 2,980
Registered: ‎10-02-2012

Re: What to do with santander?

You need to throw an extra $4k at it. Then apply for a refi at a credit union.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:21    


     $14k          $8.5K          $7.5k          $7.5k         $6.5k             $6k             $5k            $5k             $5k              $5k           NPSL       @ 0%

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