Hello! This is my 1st post, I have been lurking for a while now but was too excited about my refi not to share!
Consumers CU (IL) approved my refi request on my 2020 Mitsubishi Outlander, will post DPs below. Chapter 7 BK, discharged 11/2019. Bought my Outlander 12/31/19, financed through Ally.
Ally Loan details:
Amount financed: $19,475
Term: 75 months
APR: 16.9%
Monthly payment: $425
Consumers CU Refi:
Amount financed: $20,256 (payoff to Ally was $19,664, that is MORE than the original amount financed through them, after making 8 payments and doing the COVID 4 month deferral they offered)
Term: 78 months
APR: 5.99% (Yay!!! I've never had this low of an interest rate! Blame it on my poor relationship/life choices, hence the BK lol)
Monthly payment: $329
14 months post discharge
TU Fico8 was 623 at the time of HP.
14 INQ (5/12, the other 9 were from the dealership when I bought the car)
Approx $76k in student loans
Annual income $48k
I had 67 payments left on my loan with Ally, I opted to do the 78 month term on the refi to get the lowest payment possible. This way I know I can make an extra payment each month for AT LEAST the $96/mo I'm saving. I'm hoping to pay even more than that to get it paid off a lot sooner!
