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!
Full Version: Refi now or not?
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We have an Automotive FAQ (Frequently Asked Questions) section that should prove to be very helpful in your automotive knowledge quest.
In the Reading and Resource Section of this forum, which is a read only forum, you can look up information regarding Sales Tax by State, Lemon Laws by State, along with a number of industry specific topics very relevant from the dealership's perspective.
In the main section of this forum, there are two pinned topics both of which are read only topics. The first concerns Bank and Credit Union rates and tiers. You might find this useful in predicting an interest rate on your next vehicle purchase. The second is a general purpose credit application that you can use to get an idea if you might qualify for an automotive product loan based on an insider's perspective of the information you provide.
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We have an Automotive FAQ (Frequently Asked Questions) section that should prove to be very helpful in your automotive knowledge quest.
In the Reading and Resource Section of this forum, which is a read only forum, you can look up information regarding Sales Tax by State, Lemon Laws by State, along with a number of industry specific topics very relevant from the dealership's perspective.
In the main section of this forum, there are two pinned topics both of which are read only topics. The first concerns Bank and Credit Union rates and tiers. You might find this useful in predicting an interest rate on your next vehicle purchase. The second is a general purpose credit application that you can use to get an idea if you might qualify for an automotive product loan based on an insider's perspective of the information you provide.
You, as a consumer, have a unique advantage to "pick my brain"as I have been in the Automotive Industry since 1972. I will endeavor my utmost to give you up to the minute information and explain any insider workings you may question.
Due to time constraints on my part, I may not always be available to answer your question right away. Don't be discouraged, this is a very busy board. If some extended time goes by without a reply, feel free to reply to your own post by typing the word *bump*. This will *bump* your post back up to the top of the forum where it is more easily seen.
We make every effort to maintain a warm and friendly, and particularly non-judgmental attitude here on CreditBoards. If you find someone is discourteous to you, use the REPORT button located at the bottom of every post-that will ensure that either I or another moderator or Admin looks at the post and decides if it is against our TOS.
Off-topic posts should go in the General Forum. And if you are a credit newbie, take a glance at our Newbies Section.
Come get your new keys!
HAPPY
MOTORING
CB Admin: LKH, Pam, radi8, breeze
CB Mods: cotterpin, CargoJon, CramitCCCA's, fla-tan, MarvBear, psp, pryan67
Forum Leads: TeeSharice, orangecrush and Four20Nik
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.
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.
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