Bought my mom a car 1 year ago this month, best I could get at the time was 18.8% for 4 years, now, 1 year later with my scores about 120 points higher, I got the refi done and I'm going to save almost $3k over the next 3 years.
Now THAT feels good!
Now THAT feels good!
Starting Score: 556
@Anonymous wrote:WTG! Are you using the same car financier or a different one?
Originally got the car through the dealer, Capital One Auto Financing... I tried to refi with them about 2 months ago and they said no way... I guess that makes sense though, why would they want to stop taking my money?
I applied for and got a refi through my credit union. I didn't have them back then but even if I did, I'm sure they would not have approved me with all of my outstanding collections at the time.
I didn't ask what they valued my car at, but I know they use NADA guides and by that my car would have been undervalued by just about 500 bucks, so I suppose it depends on how much you're upside down... can you use cash to cover the difference?
Thank you 
By the way, for all of you out there thinking about not paying your debts and collections just because it doesn't help your fico score, remember that not only does it make you feel better to pay them off (the legitimate debts that is)... credit unions (and possibly other lenders too that aren't based on computer approval systems) give that kind of thing a lot of weight... 3 months ago they didn't approve me with almost identical scores to what I have now... but back then I had about 12k more in unreconciled debt showing than I do now.
By the way, for all of you out there thinking about not paying your debts and collections just because it doesn't help your fico score, remember that not only does it make you feel better to pay them off (the legitimate debts that is)... credit unions (and possibly other lenders too that aren't based on computer approval systems) give that kind of thing a lot of weight... 3 months ago they didn't approve me with almost identical scores to what I have now... but back then I had about 12k more in unreconciled debt showing than I do now.
@Anonymous wrote:Great to hear! WOW that is big 18% to 8%. That means you are doing something right. Question, when you did the refi. did the mark the old loan as "PAID OFF" or as "CLOSED". ?
I don't know yet, right now the new loan is showing on EX as open along side the old loan. Both EQ and TU only have the old loan. Guess I'll find out in 30 days or so.