Auto refi or not?

[Anonymous]

Since I had a really good trustee for my CH13 who gave me a lot of good advice and started rebuilding credit just days after plan confirmation, my scores were high when I was discharged and now I have all of my scores aroud the 660-700+ range.  One of the things I did while in CH 13 was to get an auto loan with my parents cosigning.  I did the planting of my garden the first month post discharge.  I'm on the fence about looking to refinance my auto loan for 1) get the cosign off of my parents credit and 2) lower the interest.  In the 2-3 months since my discharge, I 1-3 hard pulls on my credit depending on the CB.  My parents aren't worried about it being on thier credit.  The monthly payment is around $250/month, but I've been paying at least $100 more a month on it.  I guess what I'm debating is, is it worth getting another hard pull and doing the loan process for something that I'm on track now to pay off early?

[lmoore1989]

I would definitely wait until it is paid off. There is no better feeling than not having a car payment. Also, it puts you in a much better position to either trade up to a new vehicle, sell it privately, or just drive it until the wheels fall off and save a bunch of money! 

[TRC_WA]

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@Anonymous wrote:

Since I had a really good trustee for my CH13 who gave me a lot of good advice and started rebuilding credit just days after plan confirmation, my scores were high when I was discharged and now I have all of my scores aroud the 660-700+ range. 

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To think that a trustee (who represents your creditors and is looking out for their best interests) would encourage you with advice and giving you the OK to rebuild while in a Ch 13 is just mind boggling.

My attorney told me no new credit without trustee permission.  I never asked because I just assumed that the guy who represents my creditors wouldn't give a flip about me and my rebuilding.

[Anonymous]

I had heard a lot of horror stories about trustees prior to going in for my 341, but I hit the lotto with mine and was grateful.  I don't know if other trustees do this or not, but he acutally held the predischarge couseling course...he signed me up during my 341 and it did not cost anything out of pocket.  It was a day long course and he stayed well after it was done to answer any questions or give advice.

[TRC_WA]

Ummmmm... yeah, you hit the jackpot with your trustee.

Mine definitely wasn't like that...  and in fact (according to my attorney) had a reputation for being a hard ass... which is one of the reasons I didn't do anything like petition for new credit.

Grats.