New Member
js3210
Posts: 1
Registered: ‎01-22-2013
High Loan to Value Companies

My wife and I filed a Chapter 7 BK in January of 2011.  Six months after the BK, we were financed through Cap1 for 20k @ 22.8% leaving us paying 565+ a month.  We have religiously paid on this note as well as acquired other forms of credit.  We have reached a point where we would like to purchase a house, but this car note is killing our DTI.  We would like to refinance but currently the LTV is 120%.  We tried the local CU but they declined us due to having too high a DTI due to our current rent and student loans(supposed to be deferred as we are in school, yet they are reporting a repayment date of this year).  We just recently paid off most our credit cards, leaving a small balance (less than 10%) on one to reap the benefits of low usage. 

 

We are feeling stuck in a rut because we have worked our tails off to raise our scores but can't seem to get out from underneath this car loan.

 

Is there any company that could help us by refinancing this loan?  According to the CU, I had a 642 and the wife had a 619. 

 

We also tried the dealers without pulling credit, but all they seem to want is cash to settle the LTV.  I have heard that some companies will allow you to roll the balance over to the new loan, but who are they for our range of scores?

 

Retail price we are 3k above what the car is worth.  Trade-in wise we are 6k.

 

Any suggestions or recommendations would definitely be appreciated.  Thanks.