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ktlane wrote:
I have a 08 Toyota Camry hybrid that I bought a year ago in October. I had so-so credit (upper 500s i think) and I ended up with a 12.13% loan from BoA, the only bank that would approve my loan (I rolled over some negative equity from my gas guzzling Envoy).
My scores are below... long story short I have been applying for refi loans lately and I haven't been approved for a single one. My DTI has gone down and my credit has gone way up, but still I can't get a loan for the life of me.
I've tried Roadloans, cap1, chase, etc. I thought with auto refinances you're just trading debt for debt, so I don't know why I'm not getting approved.
Message Edited by ktlane on 09-10-2008 09:13 AMNobody is refinancing anything with negative equity right now. If you have the difference between the current value of your vehicle & your negative equity then they'll take you. I refied my Ford Explorer with Credit Union of Texas but i had to pay $2000 upfront. It was still worth it though.