Refinance help!

[cautioncones]

So in 2014 I purchased a vehicle with my mom. (the vehicle is for her, however, even with a 10k down payment they still needed my income, so I became #1 on the vehicle.) I am in the middle of getting a mortgage and being that i have my own auto loan, hers its effecting mine close to the point of it being an issue. my Loan Officer mentioned refinancing the loan with just her name on it. Here is my question, she is ontop of the vehicle and made perfect payments. She is also on Social Security only, she owes 9.5k left on a 2013 kia soul with very low miles. My question is, is she able to refinance it? and if so, what do you think her chances of approval would be? She has a low 600 score.

[Chris679]

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@cautioncones wrote:

So in 2014 I purchased a vehicle with my mom. (the vehicle is for her, however, even with a 10k down payment they still needed my income, so I became #1 on the vehicle.) I am in the middle of getting a mortgage and being that i have my own auto loan, hers its effecting mine close to the point of it being an issue. my Loan Officer mentioned refinancing the loan with just her name on it. Here is my question, she is ontop of the vehicle and made perfect payments. She is also on Social Security only, she owes 9.5k left on a 2013 kia soul with very low miles. My question is, is she able to refinance it? and if so, what do you think her chances of approval would be? She has a low 600 score.

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How can she still owe 9.5k on a Kia Soul if she put $10,000 down?  For those numbers to be correct the interest rate on her loan would have to be sky-high.  She may not have the best approval odds based on credit and income but it sounds to me like you need to try.  You need to get off the loan and she needs to find a better deal. 

[C7LT1]

I don't know what trim level or options are on the car but I just check NADA value and it looks like 9.5k will close enough to refin. I think with Social Security income and a low 600 score she will be in the same boat as she was when she brought it. My vote is to have her try it because your house depends on it.

[Creditaddict]

Id address what's keeping her scores down still.

check with DCU and if you have another local credit union that might be good option.

3rd choice and you can check pre-qual I believe is capital one auto refi.