Refi 2.49% loan for lower payment?

[NewbieReed]

Hi all, 

I have a 2014 Mazda 6. Balance owed: $28793  (total loan financed: ~$34K)

I think I'm really upside down -  had an older Mazda 3, my ex thought it was too small, yadda yadda- we traded it in for a Mazda 6 while we owed quite a bit of money on that car. The loan that I had before was like 15% interest from a subprime lender. We refinanced to JPM Chase - my Monthly payment is now $514  including GAP, etc  but I've never paid less than $545 a month.  Never late or missed. 

Its just me on the loan, income $65K

I want to lower my monthly payment beneath $400 but dont want to mess with the low interest rate. Is it possible?!

Curent interest rate is 2.49% (even though the guy at the dealership quote us at 1%)

My credit is better than it ever was, but I just dont even want to try if its not possible to ReFi to a lower payment at the same/better rate.  Or better yet get out of the loan altogether to get into a cheaper car. Ugh. 

Advice? 

The things we get ourselves into. Live and Learn!!

[0REDSOX7]

What's the NADA on your current car?

[Creditaddict]

Is DCU still offering 1.24% with direct deposit... I don't know to much out there in way of refi to get much better than 1.74-1.99 otherwise.

You have any credit union relationships currently?

[sccredit]

You can buy a brand new, fully loaded Mazda6 for $28k.  I suspect you are right about being upside down, you need to figure out by how much.  Some credit unions will go 110% of NADA Retail value.  

FYI Mazda's finance arm is Chase, hence why it went through them.  

[NewbieReed]

Thanks for your responses, guys. 

I just checked my KBB - it's estimated at 19K 

I am not with DCU, but I am with NFCU and an employee credit union based in MA. (I live in TX now though.)

Yea, I think I started the loan upside down by like 9-11K. 

I financed through Chase since I started banking with them just before my trade-in/re-fi. 

110% of retail value is probably like $21K. Which is better than nothing, but UGH. I'd hate to be stuck in this loan, but I just dont know what to do. 

[Creditaddict]

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@NewbieReed wrote:

Thanks for your responses, guys. 

I just checked my KBB - it's estimated at 19K 

I am not with DCU, but I am with NFCU and an employee credit union based in MA. (I live in TX now though.)

Yea, I think I started the loan upside down by like 9-11K. 

I financed through Chase since I started banking with them just before my trade-in/re-fi. 

110% of retail value is probably like $21K. Which is better than nothing, but UGH. I'd hate to be stuck in this loan, but I just dont know what to do. 

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You are STUCK unless you are going to pay down a chunk of that upside down... at least you are stuck at 2.49 (not a bad rate to be stuck at!) just hope the car lasts as long as the loan