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Hi everyone! Hope you all can help me out with this. To make a long story shorter I went through a very bad divorce. About 18 months ago I got approved for a car loan through Crescent Bank and Trust out of Louisiana. My interest is around 24% and I financed around $12k with $2k down. When I obtained the car loan my fico scores were in the upper 400's and thats where they still are currently as I am just starting to work on it. MY question is this: I know I am way upside in my car more than likely for only having it a short time but do you think I could trade it in and get more of a car and a lower interest rate? Like i said I have NEVER been late on any of the 19-19 payments so far! If I can get a better rate how much better do you think I can get based on my payment history? Thanks and please add any advice below as well. I also have a few thousand dollars I could use for my negative equity if it is absolutely REQUIRED!
I traded in my Mazda 3 with a remaining balance of $1850.00 to go towards the down payment on a 13' Chevy Cruze. Dealer took the trade and gave me an additional $1k in incentive cash to go towards the down and "help with financing". A week ago, I logged onto the Mazda's auto loan account with Chase and it still showed a balance due, as well as an increase in the amount of interest due as I traded the car on 2/24 and the last payment was made on 2/13 by me. So I contacted the sales manager (who seemed very concerned after we completed the sale about a survey we would get from GM) and let him know that Chase had not gotten the payoff. He said he'd check on it, and later told me it was taken care of. Today I get a call from Chase demanding payment of course, as I am 26 days past due. I call the dealership again, and he says the check was sent out Friday and I should give it a few days. So my concern is that the late pay may hit my credit if Chase doesn't process the check in time, even though I've notified them of the situation. If so, what is the best way to get the late scrubbed?