Advice needed

[rebuildingcredit36]

I got a car from JD Byrider at an insane interest rate(24%). I know it was dumb but at the time I didn't have good credit and needed a vehicle right away, and really I didn't know any better. I still owe 10,300 on a 2007 pontiac torrent. I owe more than it is worth. I have had the car over a year now.Is it possible to trade the vehichle in or refinance in this situation? My TU per Walmart is 695. I don't have any lates or bads on my report. I disputed the two that were wrong and they have been removed. I wish I knew about this site before hand. Any advice is appreciated.

[Remember0]

So if your EQ score is close to your TU, you'd qualify at a CU like DCU for 1.99% for 65 months. I'd say with that TU it's definitely worthwhile to apply to a local bank/CU that pulls TU...Heck, even a bank like Cap One would reduce your APR GREATLY. Any baddies on EQ or EX? (You can get a FREE credit report (no need for score imo) to look for baddies at annualcreditreport.com ). Make sure you clean up EQ and EX too...

What's NADA retail on your car? (Go to their website and fill out the form with trim of model, miles, etc...no options though so like if you have running boards leave it out.)

[rebuildingcredit36]

Thanks for replying, I have pulled all 3 credit reports and EX is clean and EQ I have disputed the same 2 as TU just waiting for them to be removed. The dispute said it should be complete by 27th of this month. NADA shows the car is worth around 6,000. I applied at our local credit union today and I am just waiting to hear back from them that my membership is approved. If approved how long would I need to wait to try and get refinanced? I don't want to waste a lot of hard pulls if it's a lost cause.

[Remember0]

6000 retail? You sure? Does it have high miles by chance? Did you make sure to input AWD/FWD correctly, whichever that is for your car?

What bureau does your credit union pull/what did they pull? You have 2/3 clean, so hopefully they don't pull EQ. IMO apply immediately after getting in esp. if they don't pull EQ.

But with a deficiency of ~4.3k, can you bring that to the table as a down payment? Because the loan is not going to get refi'ed if we need to get ~172% LTV financed.

[rebuildingcredit36]

It has 133000 miles and it probably doesn't help that they don't make that model anymore. Not sure which report they pulled yet. It looks like we are screwed I guess it is a tough lesson, but boy oh boy it's a lesson we have learned.

[Johnoutofdebt]

from what I've read cap1 won't refi something with that many miles.....I just went thru this with harley davidsons eagle mark savings loan..... 9.9% they wouldn't refi....so I lost 4700$$ trading it in, thank god I got 2750$ in rebates to eat up some negative equity.....look for something giving hefty rebates might help you out!!

[Remember0]

---

@rebuildingcredit36 wrote:

It has 133000 miles and it probably doesn't help that they don't make that model anymore. Not sure which report they pulled yet. It looks like we are screwed I guess it is a tough lesson, but boy oh boy it's a lesson we have learned.

---

Sorry, buddy. I know it's tough to swallow 24% esp. when you're upside down. I still think it may be worth it to try with your local CU if they don't pull EQ or those get deleted in a few days off of EQ. If they don't check mileage (obviously be honest if they ask, but don't jump to tell them), there's a chance they'll use a value more akin to 9k (so you'd have to only come up with ~500-1k). I seriously think one app to refi with a small CU will be worthwhile
.

Do you have ANY down payment available? If the rest of the picture (DTI, Income) checks out, and you want a new car, it might be cheaper to buy something with a lot of incentives where the dealer can "hide" your negative equity. Of course, you'd have to pay on that loan, but if we can get you that loan at <5% (which I think is possible), the interest savings might allow you to enjoy a new vehicle for the same price as paying off your old one + interest.