Refinance Help

[Anonymous]

I have been on the road to recovery for the past 18 months. Was able to get approve for a car loan in August 2014, with my dad as a cosigner (his credit was fair at the time). They listed him as the primary and me as the co and it was with Regional Acceptance Corporation with a 21.5% rate. I was desperate for a car and had to jump on it. Since then my scores have all risen over 100pts and my profile has gotten better, whereas the opposite has happened to my dad. He got into some trouble and almost lost his car, which is in recovery, and all his scores have dropped substantially. My dad initially wanted me to get the car refi as quickly as I could, thinking it was going to do more harm than good for him being on the loan, but now it is one of the shinning things on his credit as it is being reported positively every month.

I have been trying to refi my car trying every 3-4 months with 3-4 lenders and have not been approved by myself and keep being told I need a cosigner. I obviously don't think my dad's credit is good enough to help so I have been talking to my soon-to-be wife and she is willing to cosign and her credit is good. So my question is this a good idea to refi a loan that has one cosigner with a different loan with a different cosigner and will there be any issues with that? Thanks!

[Anonymous]

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@Anonymous wrote:

I have been on the road to recovery for the past 18 months. Was able to get approve for a car loan in August 2014, with my dad as a cosigner (his credit was fair at the time). They listed him as the primary and me as the co and it was with Regional Acceptance Corporation with a 21.5% rate. I was desperate for a car and had to jump on it. Since then my scores have all risen over 100pts and my profile has gotten better, whereas the opposite has happened to my dad. He got into some trouble and almost lost his car, which is in recovery, and all his scores have dropped substantially. My dad initially wanted me to get the car refi as quickly as I could, thinking it was going to do more harm than good for him being on the loan, but now it is one of the shinning things on his credit as it is being reported positively every month.

I have been trying to refi my car trying every 3-4 months with 3-4 lenders and have not been approved by myself and keep being told I need a cosigner. I obviously don't think my dad's credit is good enough to help so I have been talking to my soon-to-be wife and she is willing to cosign and her credit is good. So my question is this a good idea to refi a loan that has one cosigner with a different loan with a different cosigner and will there be any issues with that? Thanks!

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Base on your scores and credits. it is really hard for you to get the car loan alone. You might need to build it up more. I think regarding your question, it is possible as long  as your dad sign that you are refinancing the loan with another co-signer, so your dad would be free from that obligation.

[Anonymous]

Hello, I am in a similar situation which I find to be dire as I am trapped in poverty to maintain a 500.00 a month auto loan financed through Regional Acceptance Corporation. After three and a half years, my balance for a Ford Fusion SEL (not a Mercedes-Benz GLK) is pretty much the same at approximately 19,000. Moreover, I have paid a total of almost 19,000 and counting. While I made this unfortunate decision to stay employed I honestly thought my credit score world rise from a mere 640. However with 3.5 years of on time payments it has dropped 41 points. My question is how can this be legal?

RAC preys on people in their most vulnerable moments; then TRAP YOU. Trapped as one doesn't want to have what is really a 'rent a car' repossessed thus what can an individual do- but refinance, which isn't an option as the credit score will never rise because of the debt to income ratio. Furthermore if refinancing is an option; how much longer do we pay on a loan for a car that depreciated in value once off the lot? Trying for another vehicle is also out; the upside down balance is too high.

Hopefully or you were able to get help, if so please share. Also if there is anyone in finance who can help victims with these disgusting loans please advise us.

IF YOU ARE A PERSON LIKE I WAS 3.5 YEARS AGO AND YOUR, CAR DIES & YOU NEED A CAR TO GET TO YOUR JOB; QUIT BEFORE ENTERTAINING REGIONAL ACCEPTANCE CORPORATION.

[fltireguy]

Obviously, you have other issues that are holding your score down. Dont blame RAC for your scores

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@Anonymous wrote:

Hello, I am in a similar situation which I find to be dire as I am trapped in poverty to maintain a 500.00 a month auto loan financed through Regional Acceptance Corporation. After three and a half years, my balance for a Ford Fusion SEL (not a Mercedes-Benz GLK) is pretty much the same at approximately 19,000. Moreover, I have paid a total of almost 19,000 and counting. While I made this unfortunate decision to stay employed I honestly thought my credit score world rise from a mere 640. However with 3.5 years of on time payments it has dropped 41 points. My question is how can this be legal?

RAC preys on people in their most vulnerable moments; then TRAP YOU. Trapped as one doesn't want to have what is really a 'rent a car' repossessed thus what can an individual do- but refinance, which isn't an option as the credit score will never rise because of the debt to income ratio. Furthermore if refinancing is an option; how much longer do we pay on a loan for a car that depreciated in value once off the lot? Trying for another vehicle is also out; the upside down balance is too high.

Hopefully or you were able to get help, if so please share. Also if there is anyone in finance who can help victims with these disgusting loans please advise us.

IF YOU ARE A PERSON LIKE I WAS 3.5 YEARS AGO AND YOUR, CAR DIES & YOU NEED A CAR TO GET TO YOUR JOB; QUIT BEFORE ENTERTAINING REGIONAL ACCEPTANCE CORPORATION.

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[Anonymous]

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@fltireguy wrote:

Obviously, you have other issues that are holding your score down. Dont blame RAC for your scores

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@Anonymous wrote:

Hello, I am in a similar situation which I find to be dire as I am trapped in poverty to maintain a 500.00 a month auto loan financed through Regional Acceptance Corporation. After three and a half years, my balance for a Ford Fusion SEL (not a Mercedes-Benz GLK) is pretty much the same at approximately 19,000. Moreover, I have paid a total of almost 19,000 and counting. While I made this unfortunate decision to stay employed I honestly thought my credit score world rise from a mere 640. However with 3.5 years of on time payments it has dropped 41 points. My question is how can this be legal?

RAC preys on people in their most vulnerable moments; then TRAP YOU. Trapped as one doesn't want to have what is really a 'rent a car' repossessed thus what can an individual do- but refinance, which isn't an option as the credit score will never rise because of the debt to income ratio. Furthermore if refinancing is an option; how much longer do we pay on a loan for a car that depreciated in value once off the lot? Trying for another vehicle is also out; the upside down balance is too high.

Hopefully or you were able to get help, if so please share. Also if there is anyone in finance who can help victims with these disgusting loans please advise us.

IF YOU ARE A PERSON LIKE I WAS 3.5 YEARS AGO AND YOUR, CAR DIES & YOU NEED A CAR TO GET TO YOUR JOB; QUIT BEFORE ENTERTAINING REGIONAL ACCEPTANCE CORPORATION.

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Score goes up as debt is being paid down and on time payment. Sound like ur debt is still pretty same as when u got loan but with 3.5 years of payment it should be lower even if interest is 20%. So might be something else on report like collections reporting