auto refi 120%

[Anonymous]

i bough this car with an open chapter 7,  i cancelled the warranty  and gap insurance once i learned they really are not required by the bank. I have been paying extra every month. and have gotten the pay off down signifiicantly.  current rate is 17.39% retail value is 16k and the pay off is 19.1k.  i have been thinking about trying NFCU or maybe PENFED.  what do you think?  or should i suck it up and pay it down a few more months.  300 goes to princiapal every month.  thanks.

[Anonymous]

Being a loan counselor for a credit union, I suggest getting it down to a maximum of 105% LTV before attempting refinance. You could possibly succeed in some places with higher LTVs, but I'd say the 105% if possible, 110% maximum for personal preference.

[texasraj]

to calculate ltv ratio which is no used by banks/crunions. Is it retail or trade in . KBB Or NADA?

[Anonymous]

You might be ok with Penfed, NFCU or DCU but given your credit history I would want to be as close to 100-110% as possible to ensure approval and the best rate.  What year is the car and how many miles?  They definetly approach newer cars differently than cars that are more than a year or so old. If the car is new you might be able to get it done at 120% fairly easy.

[Anonymous]

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@texasraj wrote:

to calculate ltv ratio which is no used by banks/crunions. Is it retail or trade in . KBB Or NADA?

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They all do something a little different.  They look at fair market value, it seems that Edmunds is the best way to get that number, at least from my experience.

[DeeBee78]

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@Anonymous wrote:

i bough this car with an open chapter 7,  i cancelled the warranty  and gap insurance once i learned they really are not required by the bank. I have been paying extra every month. and have gotten the pay off down signifiicantly.  current rate is 17.39% retail value is 16k and the pay off is 19.1k.  i have been thinking about trying NFCU or maybe PENFED.  what do you think?  or should i suck it up and pay it down a few more months.  300 goes to princiapal every month.  thanks.

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DCU is your best bet. I have a 2012 VW Eos that had $18k left on the loan, and was worth about $16.5K at NADA retail value, which is what DCU will use to figure your car's value. They approved me up to 21.5K on the car refi, which is 130% Loan to value (LTV). 

[Anonymous]

i called a few local CU's to get an idea of what 100% value would be on the car. and 16 was the answer i got at all 4 i called.  which matches NADA retail for my area.  KBB and Edmunds were slightly lower but not much.

the car is a 2012 Toyota Camry SE V6 with every option availible. and it has 70k miles on it. 

i belong to NFCU.  and have looked at PENFED.  i will look into DCU.  and i think i will let me scores get a little better over the next couple of months.  I could  even up my payment the next 2 or 3 to get the principal knocked down a little more.

sorry it took so long for me to get back, i didn't have my notification settings set up properly

[Anonymous]

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@Anonymous wrote:

i called a few local CU's to get an idea of what 100% value would be on the car. and 16 was the answer i got at all 4 i called.  which matches NADA retail for my area.  KBB and Edmunds were slightly lower but not much.

the car is a 2012 Toyota Camry SE V6 with every option availible. and it has 70k miles on it. 

i belong to NFCU.  and have looked at PENFED.  i will look into DCU.  and i think i will let me scores get a little better over the next couple of months.  I could  even up my payment the next 2 or 3 to get the principal knocked down a little more.

sorry it took so long for me to get back, i didn't have my notification settings set up properly

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Thanks for reporting back.  Hit that principle with some extra payments and I think you will be set.  You stand to save thousands by refinancing so its well worth doing.  

Best of luck