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Re-fi with negative equity?

darrello
Regular Contributor

Re-fi with negative equity?

I am trying to refinance my car with my CU. Will they refinance if I owe more than it's worth?
Message 1 of 3
2 REPLIES 2
Schoolbuskid
Valued Contributor

Re: Re-fi with negative equity?



darrello wrote:
I am trying to refinance my car with my CU. Will they refinance if I owe more than it's worth?



The car is already financed with the CU  right? How much negative equity do you have? I imagine they would refi based on whatever balance you currently have. If they have the lien on the vehicle already i dont think would care to much about the car's negative equity because you still have to pay the balance.
Rebuilding and Reducing Debt, is my game plan.
Message 2 of 3
1111mel
Valued Contributor

Re: Re-fi with negative equity?

It depends....Most won't refinance for more than wholesale value, some go by the retail value, some do 120% of the wholesale value etc.

I would think a CU is going to be more lenient, but a phone call to any CSR should give you the answer.
Mortgage Lenders Mid-Score 778 I AM A HOMEOWNER!!!!! 30 Year 5% Fixed Rate, closed on 3/18/09
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