topic Re: Refi possibilites...NFCU? suggestions welcome and appreciated : ) in Auto Loans

Refi possibilites...NFCU? suggestions welcome and appreciated : )

Anonymous — Mon, 10 Aug 2009 06:39:22 GMT

Hello all. I would like to refi an '01 Pontiac Grand Am with about 90,000 miles. EQ is only 554. I have 1.5yrs of ontime payments with 6 other baddies (satisfied repo, charged off cc, and small medical collection accts) all from about five years ago. My students loans ($4,000) are deferred until I finish school. With a monthly income of about $1,300.00 and three years on the job what are my chances of approval with NFCU? I've called, but can't get a definate answer. Any other suggestions much appreciated. Thnx!

Re: Refi possibilites...NFCU? suggestions welcome and appreciated : )

Lyythine — Mon, 10 Aug 2009 11:42:02 GMT

hard to say, but I doubt NFCU will refi a car that old with that many miles - at best, according to KBB, your car, assuming EXCELLENT condition has a retail value of 5k. I cant say for sure, but if they do go for that part of the deal, the next issue is your credit, the repo is gonna kill you. Unless you have a great history with NFCU i doubt the chances are good but hey- if its your only option - Give it a shot, cant hurt except the inq.

Best of Luck!!

Re: Refi possibilites...NFCU? suggestions welcome and appreciated : )

Anonymous — Mon, 10 Aug 2009 11:44:58 GMT

@Anonymous wrote:
Hello all. I would like to refi an '01 Pontiac Grand Am with about 90,000 miles. EQ is only 554. I have 1.5yrs of ontime payments with 6 other baddies (satisfied repo, charged off cc, and small medical collection accts) all from about five years ago. My students loans ($4,000) are deferred until I finish school. With a monthly income of about $1,300.00 and three years on the job what are my chances of approval with NFCU? I've called, but can't get a definate answer. Any other suggestions much appreciated. Thnx!

OK:

1- How much do you owe on the car?

2- What is the current interest rate?

3- What is the current payment?

4- Are you a member of NFCU?

5- Are you former military?

Bad news:

1- An 01 vehicle with poor credit may not be a vehicle NFCU is willing to refi.

2- $1,300 income is not, for most institutions considered enough income to get a car loan.

3- A vehicle with 90K miles on it is a poor financing candidate for people with bad credit.

So if you answer the above questions we may be able to help you more.

Re: Refi possibilites...NFCU? suggestions welcome and appreciated : )

Anonymous — Wed, 12 Aug 2009 02:27:44 GMT

Currently I owe $6,500.00 on the loan (down for about $8,000) with a 22.9% interest rate. I pay $350.00 monthly and refinancing with the dealer is not an option per the dealer. I'm not former military, but I hve been a member of NFCU for about three years now. I purchased the car in a desperate hurry (stupid mistake) one week after a car accident I had in late 2007. I'm ultimately looking to lower my payment so that I can dedicate what little discretionary income I have to cleaning up my credit. I genuinely appreciate the honesty.

Thanks a bunch!

Rebuilding...

Re: Refi possibilites...NFCU? suggestions welcome and appreciated : )

Anonymous — Wed, 12 Aug 2009 04:08:18 GMT

@Anonymous wrote:
Currently I owe $6,500.00 on the loan (down for about $8,000) with a 22.9% interest rate. I pay $350.00 monthly and refinancing with the dealer is not an option per the dealer. I'm not former military, but I hve been a member of NFCU for about three years now. I purchased the car in a desperate hurry (stupid mistake) one week after a car accident I had in late 2007. I'm ultimately looking to lower my payment so that I can dedicate what little discretionary income I have to cleaning up my credit. I genuinely appreciate the honesty.

Thanks a bunch!

Rebuilding...

ok.

Assuming one year of employment with your current employer I would attempt online for a refi.

I would also expect them to reject it, as a car loan.

But i would ask for loan reconsideration and the possibility of a Personal loan or a LOC or something else that they could extend to you. Talk to the loan officers and state/plead your case

Even if they gave you a 14% rate you would see your payment drop to something in the twos.

Do not get caught in a loan extension trap. ie: you have 23 months left and you extend it to 36. You need to be out from under that car just as much as that payment.