Moderator Emeritus
Posts: 14,647
Registered: ‎12-30-2011
[ Edited ]

izach26 wrote:

refi the 2012 for a lower rate then wait till 11.2013 when the repo drops off and refi again?


my plan is to trade in the 2012 Camro get a 2013 something lower than 22.99% then re fi the 2013 Camaro 11/2013 when the repo drops off



If you really want the 2013 (financially I think it's a bad idea) then your course of action is legitimate and probably the best you can get; however, I don't think you're getting a single digit APR from what you've described.  You may not beat the ~23% you're sitting at now, or maybe you will... it's honestly tough to predict down in the deep subprime market.  


The other question is how much is left on the loan for the 2012 Camaro, and what it's tradein value happens to be.  You may be underwater currently on that loan, which is going to eat away at any downpayment you have for the 2013.  You're probably going to have to put 20% down again on the 2013, make sure you have enough resources to do it before pulling the trigger.  


If it were me trying to get this done, I'd see about just refinancing or trading in the 2012 in November/December instead.  You may be stuck with that as a fallback position depending on the current 2012's loan.  Might be able to refinance the 2012 earlier too, again that's tough to predict in the low 500's, but I think your time would be better spent correcting whatever else is hurting your score besides the repo.

Starting Score: EQ 04 561, TU 98 567, EX 98 599 (12/30/11)
Current Score: EQ 04 693, EQ 8 714, TU 8 710, EX 8 724 (05/27/16)
Goal Score: 700 on EQ 04 (01/01/17)

Take the myFICO Fitness Challenge