Refi my vehicle possibility?

[Anonymous]

I have a 2008 Pontiac G6, Original loan was $18,156.11. Balance is $15,137.57 and the payoff is $15,417.40. Financed by Santander Consumer USA at 24% or $495 / month. This is what happens when you have bad credit coupled with my trade in being 30 days late for the last 6 months. (Long story, but basically missed $30 off a payment and never knew it. Always paid the bill through online bill pay from my bank and never paid attention to my car statements. Then 6 months later went to trade it in and found out about the 30 day late for the last 6 months.). NADA shows clean retail for my vehicle at $12,450. So my question is what is the max LTV lenders will do? I’ve heard 120 – 130%. My FICO’s are EQ 654 and TU 658 right now. Last late was a Credit card 1 year and 7 months ago for 30 days. 1 Collection for $1800 from Gold’s Gym on TU but not on EQ or EX.

[SCF]

Welcome to the forums!

With your scores where they are, I'm not sure you'll be able to refi for more than the car is worth.  You may be able to do some things to improve your score and increase your chances though.  Do you have the money to either pay the loan down to the car's current value and/or pay off that collection?  You should read the Rebuilding Your Credit forum and look for information about pay-for-deletes (PFD) to get that collection off your report.  Not being upside down on your loan would also be a big help.

While your in the Rebuilding Your Credit forum, looking for information about goodwill letters (GW) and look up any other baddies or other negative information you have on your reports.  With a few months of dedicated effort, you could improve your scores substantially and get yourself a refi that will save you more money in the long run.

Good luck! 

[Anonymous]

I am working on buying a house right now, so what money I do have in the bank will go towards the down payment. I am pre-qual'd for 300K and do have the good faith letter. The collection account is disputed and has been taken off EQ and EX, just cannot get it off my TU report, which odly is my highest score. I do pay an extra $30 a month towards the car, but thats getting me no where fast. At least not right now.

[Anonymous]

""So my question is what is the max LTV lenders will do? I’ve heard 120 – 130%.""

A credit Union will be your best bet to find one,, It appears that is going ot be a fairly short list,,  You can Google "  120% LTV vehicle refinance credit union" and see if you can join one that offers that kind of LTV,

It appears Bay Ridge FCU in NYC offers 120+ vehicle financing ....

Commercial banks are unlikely to offer that kind of LTV, 

Good luck,

[SCF]

You may also want to check in the Mortgage forum here to see if it is a good idea to be refinancing while in the process of getting approved for your home loan.  I have often heard people here encourage folks to hold off new CCs and loans until they have finished purchasing a home, but I don't know if that same advice applies to refis like this one.