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What to do with santander?

Regular Contributor

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?

Message 1 of 8
7 REPLIES
Frequent Contributor

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.

Message 2 of 8
New Contributor

Re: What to do with santander?

Agreed... you need to get into some positive equity.. Could try Capital One.
Message 3 of 8
Valued Contributor

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:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Message 4 of 8
Established Member

Re: What to do with santander?

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.

Message 5 of 8
Regular Contributor

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
Message 6 of 8
Frequent Contributor

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.

Message 7 of 8
Valued Contributor

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:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Message 8 of 8