When should I refinance?

[js0319]

The SOL is 4 years, and repo's happened in 12/2007, but as I said they are reporting the repo's in 3/2008. I believe SOL is, or is almost, over. Should I try to GW repo's starting next month since it's absolutely past the 4 year SOL?

[pizzadude]

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@js0319 wrote:

The SOL is 4 years, and repo's happened in 12/2007, but as I said they are reporting the repo's in 3/2008. I believe SOL is, or is almost, over. Should I try to GW repo's starting next month since it's absolutely past the 4 year SOL?

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Nothing wrong with sending GWs, but IMO it is much harder to succed when you haven't paid.   Instead, you might consider sending a combined GW/PFD request whereby you pay them something at least.

And the CU or a CA can still come after you for the unpaid debt even when it is past SOL.   SOL is just your defense in court should they file a lawsuit against you.

[Anonymous]

Just refinanced my car two days ago.

Originally had a loan from Chase bank with APR 9.15 ( that was my first ever auto loan) and my credit history was only 4 years old built by credit cards.

The other day I received an offer from local CU about refinancing my car, I usually throw out these offers, but for some (or no) reason I kept it and applied online. I was approved and got my car refinanced by next day.

Now I have 4.45% and $55 less on my car loan.

I would suggest to keep your current loan for a year and refinance after year, that case you will avoid penlty fees if your bank has one also your credit history will be much solid and chances of approval is higher.

Don't pay more for your loans, refinance if you can.

[marty56]

CUs are a great place to find good refi rates so I would also check a local CU in your area.

[js0319]

Update:

I refinanced both mine and DW's car with a local CU.

I was paying $430/mo. (@ 20%), now I pay $437/mo. (@ 8.74%) - but the car will be paid off 16 months earlier. I was able to get a lower rate (as opposed to 10.74%) by shortening the term to 42 months. 

DW was paying $479/mo. (@ 15.83%), now it's $413/mo. (@ 10.74%) with 63 months remaining.

Together, we're saving over $9k in interest by refinancing!

[Anonymous]

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@js0319 wrote:

Update:

I refinanced both mine and DW's car with a local CU.

I was paying $430/mo. (@ 20%), now I pay $437/mo. (@ 8.74%) - but the car will be paid off 16 months earlier. I was able to get a lower rate (as opposed to 10.74%) by shortening the term to 42 months. 

DW was paying $479/mo. (@ 15.83%), now it's $413/mo. (@ 10.74%) with 63 months remaining.

Together, we're saving over $9k in interest by refinancing!

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That is just outstanding!  Congrats on the huge savings.

[iCoop]

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@js0319 wrote:

Update:

I refinanced both mine and DW's car with a local CU.

I was paying $430/mo. (@ 20%), now I pay $437/mo. (@ 8.74%) - but the car will be paid off 16 months earlier. I was able to get a lower rate (as opposed to 10.74%) by shortening the term to 42 months. 

DW was paying $479/mo. (@ 15.83%), now it's $413/mo. (@ 10.74%) with 63 months remaining.

Together, we're saving over $9k in interest by refinancing!

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That's great news!!! Post your refinance approval info in the approved thread as inspiration for others.