Do I have any options? Help!

[Anonymous]

Long story but here it is short version, September 2014 decided to trade my car in which it had negative equity of about 7k, purchased a 2015 Ford Fusion loan was approved with GM financial at an awful 19% interest rate so totaling 27k roughly and I bet you can imagine the payment that I have every month! And we were also required to put down 3k. we also bought the gap insurance. Our scores are increasingly getting better DH is mid 600's and mine are not to far behind. Just wondering if there are any refinancing option that would be a good deal for us or anything at all? The interest rate is killing us we've paid a total of 1k in almost months. If I had only know about this site before I signed my life away!
Thanks in advance for any advice.

[Anonymous]

The best place to start is the Credit Union as they have good deals on auto loans..

[SamsungHDTV]

Really all you can do is work on bringing down the principle as fast as possible. When / if  you can get your LTV to about 110% is the acceptable range most places will refinance you. What is the book value of your fusion?

[Anonymous]

According to KBB the Trade in value is $16,582... Yikes That is about 10k under of what we owe. We are already paying 640 per month not sure how much more I can squeeze out of our budget to pay more to principal.  

[Anonymous]

By doing the LTV ration I would be at about 161%? Does this sound about right?

[SamsungHDTV]

---

@Anonymous wrote:

By doing the LTV ration I would be at about 161%? Does this sound about right?

---

Yeah that's about right.

LTV = Loan amount / car value

Keep in mind that the KBB value will likely not match whatever value the lender will be using. But its a good baseline. Its going to be hard for you to get out of the hole, but dont get discouraged. Find a way to make it happen. Good thing you got GAP insurance, hint*.

[Anonymous]

I was thinking the same thing last night about the Gap insurance.... If only haha But thanks very much for your advice

[0REDSOX7]

most credit unions in my area will use the "CLEAN RETAIL" cost of the NADA price.  Might want to try that and see what they say for your car...

[Anonymous]

When inquiring about the 'Clean Retail' cost with the CU in my area they will know what I am talking about? Please correct me if I am wrong but that would be like buying off the lot price?

[0REDSOX7]

go to NADA dot com and do used vehicle pricing.  Enter your car details and then look at the clean retail price.  That is the max most credit unions will refinance...