I need to refinance my vehicle!?

Question

I have a lot of negative equity , I have a 2003 Chevy trailblazer and I owe 23,500 on it and I am told trade in value is on 13,255 so this leaves me in the hole a lot! Can anyone out there tell me how to get this refinanced at a decent rate, I am paying 567.00 monthly. I do have bankruptcy in the past .. but is has been over two yeears and I was able to get approved and buy a house last month.I have already tried Wells Fargo, Capital One, and LendingTree, I currently have it through HSBC.....

Answer 1

Machelle,

I don't want you to take this the wrong way, but honey, you need to slow your roll.

Watch your actions, they become habit.
Watch your habits, they become character.
Watch your character, it becomes destiny.

You filed for bankruptcy for a reason.

Stop living beyond your means. You didn't luck up on a car where you owe $10,000 MORE than the trade in value. $567 a month is rent on a one-bedroom aparment in the South!

There is nothing shameful about leaving below your means.

Refinancing is not an option in your situation. You are upside down. Why would a finance company want to pay your loan off at $23,500 when the value of the car is $10,000 less than the loan? The collateral is inadequate.

If you don't pay the refinancer, they have a net loss of $10,000 when they repossess your car from your work place parking lot..

I think you need to return the car to the dealer, take the hit on your credit report, and start riding the bus. I can NOT believe that you filed for bankruptcy and thought it was cool to pay $567 for a gas-guzzling SUV after you discharged your debts..

You got the bruise, but didn't learn the lesson.

Your credit is an extension of your character and it is time that you take inventory of your character.

You are NOT your car. Who are you flossing for?

Get a used Honda hooptie and make life easier for yourself.

Answer 2

Sell the car and pay whatever you get for it on the loan. If you get $20,000 for it, you'll only owe $3,500, instead of $23,500. Only problem is, the bank will want the money now (since you don't own the collateral anymore). If you can pay $567/month, you can afford to pay off the loan quickly and get something smaller and cheaper (think old and beat up).

Save some money every month (say, $150-200) and at the end of one year, you'll have around $2000 available to pay CASH for a used car. Keep saving the same $150 and in another year, trade in your old car for a newer one. Keep doing this and in just a few years, you'll be driving a late model car with NO PAYMENTS!

Never, EVER buy a new vehicle. As you have learned, they depreciate very quickly and you NEVER get your money back out of them.

Answer 3

Why do you need a big car like that? Can you afford the gas? If you can get away with driving Hyndai, Saturn, trade in. The savings on gas alone is huge. The car depreciate as time goes by. Trade in while it's still worth something. A lot of times, people have to sell stocks at loss. Don't feel bad about it.

Answer 4

You're in trouble again. You don't need to refinance the vehicle -- you need to sell it and take the bus. Quit looking for an easy way out. Be responsible. You'll like yourself a lot more than you do now!

Answer 5

The question is why do you want to refi? If you are half through the loan, you paid about 70% of the interest. Plus the fact you'll be starting all over again as if I was a new loan.

Answer 6

you could try the link on my profile they don't mind giving people second chances with bad credit
i think your main problem isn't your credit but the value of the vehicle versus the loan amount

Answer 7

Good luck. You should have tried to finance the vehicle in with your mortgage.

Answer 8

if you have a bankruptcy this is what happens
your loans will be a very high interest

Answer 9

sell your car and save your money! - take public transportation!!!

Answer 10

Have a look here.