Input Needed

[Anonymous]

Hey all,

I currently have 2 auto loans that are both upside down and super high interest, 22-26% range and thousands of negative equity. Without going into detail, they were obtained out of necessity, one we've had for 3 years, the other for 2. The balance on both has only gone up. I spent the entire year last year working on derogs to get a mortgage, which we just closed on! Scores are mid-600s across the board but autoFico are worse because of past late payments and 2 voluntary repos that both occurred in 2017/18 time frame.

I still have 1 chargeoff from an old credit card reporting as well as one of the repos reporting monthly.

I've tried NavyFed, Penfed, Ford credit and none will take us on. Does anyone have any insight to being in a similar situation and trading out of the bad loan? I really don't want to have multiple dealers blast my credit out all over the place but feel that may be the only option... I also won't take on another high interest loan. Any hidden gem dealers or financial institutions that may make something happen? Or am I stuck and just work on trying to pay these off early? 

[Loquat]

With 2 auto loans reporting as such you're really going to have to work on getting under the ACV of those vehicle and then you're probably still going to need the help of a dealership to get it done.

The problem with app'ing online for a loan when one is in your situation is that you can't explain to the algorithm that decides your approval or denial, your situation.

As much as most hate having to be at the mercy of a dealership, you may need them to do some work for you initially to get it done once you've got the loans into positive equity.

They can make calls, call in favors, etc to get a deal done. Don't be afraid of the dealership because you can always refinance out of a vehicle as long as you don't take on another top heavy auto loan.