Auto Loan after Repo

Anonymous · ‎01-29-2017

Hi! Ok so I had a car that was voluntary repo'd in 2013. Since then I've gotten another car (in 2015) and have been paying my car on time for the past couple of years. However it's with a subprime lender with the interest rate at 23%. I'm looking to refinance with Navy Fed (been a member since 2010) but I'm kind of nervous that I will get turned down. Has anyone had any luck refi a car with a repo on their credit? Oh, there is still a balance owed on the repo.

dabrian · ‎01-29-2017

What are your fico scores?

NFCU Sig Cash-20k/ Amex BCP-19.4k/ Amex Costco-1.2k/Chase Marriott-12k/CSP-13.4k/ Freedom-5.5k/ Discover IT-14k/NCSECU-5k/Walmart-10k/Lowes-25k

Anonymous · ‎01-29-2017

ash_ wrote:
Hi! Ok so I had a car that was voluntary repo'd in 2013. Since then I've gotten another car (in 2015) and have been paying my car on time for the past couple of years. However it's with a subprime lender with the interest rate at 23%. I'm looking to refinance with Navy Fed (been a member since 2010) but I'm kind of nervous that I will get turned down. Has anyone had any luck refi a car with a repo on their credit? Oh, there is still a balance owed on the repo.

I don't have a history if repo but I had an IRS lien and some charge offs from credit card, student loan lates etc but they still approved a refinance for me at 4.29%. To give you a guess we need to know your scores, debt to income and loan to value ratio on the car. If your scores are over 600 and you have a decent loan to value ratio you have a chance. The problem with many that bought cars with subprime loans is they tend to overpay because they don't have a lot of options and the dealers know that.

Anonymous · ‎01-30-2017

So I'm upside down in the loan. I owe about 11k and the car is worth 5k. I plan on paying 4k next week to get it down some. My scores are TU: 596 EX: 614 EQ: 577. I'm not sure about debt to income ratio but I make 70k and my uti is at 20%

Anonymous · ‎02-01-2017

Your best bet is a credit union. Call NFCU and ask if your scores are too low. Call other credit unions where you are eligible to join and ask them too. Some credit unions require at least 620 and some will go less than 620. I find that credit unions will tell you exactly what score is required and rate that corresponds to each score range. They often publish this on their websites. They will also tell you how much "upside down" is allowed for a re-fi approval

Anonymous · ‎02-02-2017

It is predatory loans like this that need to be banned. Not only does the buyer get clobbered in interest rates (23%?!!) but the trade line reported to the credit bureau as a consumer finance comoany actually hurts your credit! Even if you do not miss a payment. Yikes. These need to be banned. A credit report should read like a resume of accomplishments and having (even a paid) consumer finance trade line show is like seeing an attempted murder charge next to a BA from Harvard on someones job application.

Anonymous · ‎02-03-2017

@Anonymous wrote:
Your best bet is a credit union. Call NFCU and ask if your scores are too low. Call other credit unions where you are eligible to join and ask them too. Some credit unions require at least 620 and some will go less than 620. I find that credit unions will tell you exactly what score is required and rate that corresponds to each score range. They often publish this on their websites. They will also tell you how much "upside down" is allowed for a re-fi approval

Thank you. I think that's what I'm going to do. I'm going to try to wait until July since I'm 10 points away from 620 and will hopefully be there by then if I garden a bit