Refi now or not?

[Info Hungry]

I had a bankruptcy that was discharged in 3/05.

 

I have a 2004 Jetta GLI I bought in 4/06 for $21,000 with a 19.5% rate for 72 months and my payment is $555/mo. My avg FICO at the time was around 575 and I've never been late on a payment. I haven't checked my FICO lately but earlier this year the avg was around 620.

 

I currently owe $19,000 on the loan and the NADA CRV is $17,000. My monthly gross is $7500.

 

I'm thinking about listing it for sale and I'm wondering if it would be worth it to refinance if I can get a good rate with my bank (PNC) or if I should just wait and see if I can sell it over the next 1-2 months. Tough time off year to sell a car like this though since it's winter in the northeast. I'm assuming it wouldn't be a good idea since it would be an inquiry on my CR, but I just wanted to get an opinion. The only reason I though about doing it was to try to pay down as much of the principal as possible prior to the sale so I would have less out of pocket to cover the difference.

 

Also, what score does GMAC switch over to Tier 2, Tier 3? I'm thinking about leasing with them after I sell my car, but I'm curious what approx rate I might be able to get.

 

Thanks!

[MarvBear]

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[MarvBear]

GMAC has an internal scorecard that is not driven by FICO scores.

 

As to refinancing your present vehicle, I believe you will find that to establish a value, most lenders will use NADA Trade Value to calculate your Loan To Value ratio.