Refinancing on our Truck - Where is the best place to go?

[Tujunga1]

Hi,

A year ago we bought a Ford F150 and got 13.55% interest rate from AmeriCredit.  We have never missed a payment, and since we bought it, I've paid off all of our extra debts - except this one. The truck was $34K, we financed  $29K and owe around $26K.  Would love to just trade it but know we're probably about $8K upside down in it so am thinking to refi.  With the payment of $600 for 72 months plus gas at $4.19/gallon and insurance at $95/mo we're drowning!  We make about $32K per year between us.

We've had health problems and a BK hence the high interest rate.  Of course AmeriCredit refused to refi, and I don't know where to go.  I have improved both of our scores (don't even know what they were last year as I was too depressed to check.)  I did check this year, and have seen them go up.

We don't belong to a credit union, but are considering that route.  Anyone have suggestions on what to do?  Anything is appreciated!

My Scores:  TU: 611, EQ:  650, EX: 687

His Scores:  TU: 673, EQ:  665, EX:  687

Message Edited by Tujunga1 on 06-19-2008 12:18 PM

[Anonymous]

Unfortunately you aren't going to find someone to refinance a car with it $8k upside down.  When refinancing they look at the resale value of a vehicle and can refinance that amount or sometimes up to 120% of the fair market value.

You would need to come up with the difference to refinance the loan.

[Anonymous]

I agree with Mel. Also wanted to add, last night on the news they were interviewing dealership's regarding gas guzzlers trucks, hummers & larger suv's etc. Said that for anyone thinking of trading in one of these vehicles to try and sell it on your own before trading it in because they were not paying no where near the blue book values and the gas prices have killed the value on these vehicle types. You will have to come up with the difference to refi. Don't want to add insult to injury but there was an article about a month or so ago about trucks being way over priced and Ford F150 & Dodge were at the top of that list. So depending on if you were upside down if you traded a vehicle in on the truck your probably more upside down than 8k. But I do wish you luck with getting some type of relief. Everythings, going up and were all seeing an increase to daily living expenses.