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I'm contemplating either refinancing my current used vehicle and see what chances I have, at this point, to actually trade up to a new vehicle. That said, here goes:

 

Your Age? 52

 

Per MyFICO:

 

Your Equifax Credit Score? 655

Your Experian Credit Score? 641

Your TransUnion Credit Score? 625

 

How many years have you been on file with Equifax? 30

How many years have you been on file with Experian? 30

How many years have you been on file with TransUnion? 30

 

YOUR PREVIOUS AUTOMOTIVE CREDIT HISTORY

 

Do you have an open auto loan? Yes

Will this open auto loan be a trade-in? Yes

How many late pays within the last 12 months on the currently open loan? 0

How many late pays within the last 13-24 months on the currently open loan? 0

Your current open auto loan is financed with? Capital One Auto Finance

Your current open auto loan payment is? $399.99

Estimated amount you may be upside down in this vehicle? I have no idea. I bought it in 4/2016. The current balance is $15,107.76

Rate your payment history on this open auto loan from 1-10 (1=poor:10=Best) Never late on a payment (10) 10

YOUR REVOLVING CREDIT HISTORY

Total number of revolving account(s) you have? 6

Total percentage utilized overall? 25%

How many of your revolving accounts are store cards? 3

How many of your revolving accounts are major credit cards? (i.e. Amex, MC, Visa) 3

How many of your revolving accounts are known subprime credit cards (i.e. Aspire, 1st Premier) 2

 

YOUR PERSONAL INFORMATION

How long at your current residence? 2 yrs

Do you Rent or have a Mortgage, or Live w/Relative or Other? Rent

Your Monthly Rent or Mortgage payment? $550

How long have you held your current job? 2 years

Your total provable monthly gross income is? $3,075

Your provable monthly income is provable via what method? Paystub or tax return

Is there additional monthly income? I wish

Describe the source.

Is the additional monthly income provable? N/A

 

 

YOUR DOWNPAYMENT

Please tell me your exact down payment in cash? (rebates and trade equity are not considered, please input a dollar value only.) $0

Does any credit repository contain any public record? NO

If yes, please very briefly describe. N/A

Does any credit repository contain any Collection Account(s)?Yes

If yes, please very briefly describe. 1 repo on all all three CRs that will age off in 2019, four COs on EQ and TU that will age off in 2018, 1 med collection on EQ that I'm currently working on removing and 2-3 collections on EX and TU that will fall off in the next four years

 

Please rate your overall creditworthiness on a scale of 1-10 (1=poor, 10= best) 8

Please rate your Installment credit history on a scale of 1-10 (1=poor, 10=best) 7

Please rate your Revolving credit history on a scale of 1-10 (1=poor, 10=best) 7

 

New or Used vehicle you are considering: Please very briefly describe.

Refinance current vehicle (2012 Chevy Equinox with 78K miles), or trade for new 2016 or 2017 Chevy Equinox, which from my research sells for $30-$35K, but with the Fall coming up (and the time when car dealerships are trying to move out the current year models for the new ones), I might be able to get a bargain if I'm creditworthy enough.

 

I thank you for your time.

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Since I am not familiar with the trim level of your vehicle and the options, please look it up on NADA dot com, and post back here average trade value

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Since I am not familiar with the trim level of your vehicle and the options, please look it up on NADA dot com, and post back here average trade value

 

Sorry about that. :blush:

 

The average trade value is $8,250.

Edited by Emperess

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If your numbers are accurate, then it would appear to me you need a LTV of 1.83% to refinance. That will be difficult to come by. Looks like you are about 7k upside down.

 

Sent from my SM-P580 using Tapatalk

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I saw your edit. Perhaps you could trade the vehicle if you could find a new vehicle you like that had a lot of consumer cash.

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I saw your edit. Perhaps you could trade the vehicle if you could find a new vehicle you like that had a lot of consumer cash.

 

I'm glad you saw my edit because I was considering trading my vehicle for a newer one. "Consumer cash" is a term I'm not familiar with. Are you referring to rebates?

 

And what would be my chances of being approved with my current scores?

 

Thanks in advance!

Edited by Emperess

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Yes that means rebates. I think your chances are reasonably good. Just remember when you carry that much negative equity it may affect the rate and certainly the payment will be higher because if the amount of negative equity.

 

Sent from my SM-N910V using Tapatalk

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Yes that means rebates. I think your chances are reasonably good. Just remember when you carry that much negative equity it may affect the rate and certainly the payment will be higher because if the amount of negative equity.

 

Sent from my SM-N910V using Tapatalk

 

I'll keep that under consideration. Thanks Marv!

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Almost a year later, I'm revisiting the option to trade in my current vehicle, so here goes (again):

 

Your Age? 53

 

Per MyFICO:

Your Equifax Credit Score? 666

Your Experian Credit Score? 671

Your TransUnion Credit Score? 658

 

How many years have you been on file with Equifax? 30

How many years have you been on file with Experian? 30

How many years have you been on file with TransUnion? 30

 

YOUR PREVIOUS AUTOMOTIVE CREDIT HISTORY

Do you have an open auto loan? Yes

Will this open auto loan be a trade-in? Yes

How many late pays within the last 12 months on the currently open loan? 0

How many late pays within the last 13-24 months on the currently open loan? 0

Your current open auto loan is financed with? Capital One Auto Finance

Your current open auto loan payment is? $399.99

Estimated amount you may be upside down in this vehicle? I believe I'm currently upside-down.  The current balance owed is $13,288.78, yet the vehicle's value, according to TRADEPENDING.com (a site affiliated with my current dealer), is between $7,969 to $8,835.  My dealer, however, is convinced the vehicle is worth a little more.

Rate your payment history on this open auto loan from 1-10 (1=poor:10=Best) Never late on a payment (10) 10

YOUR REVOLVING CREDIT HISTORY

Total number of revolving account(s) you have? 6

Total percentage utilized overall? 11%

How many of your revolving accounts are store cards? 3

How many of your revolving accounts are major credit cards? (i.e. Amex, MC, Visa) 4

How many of your revolving accounts are known subprime credit cards (i.e. Aspire, 1st Premier) 1

 

YOUR PERSONAL INFORMATION

How long at your current residence? 3 years

 

Your Monthly Rent or Mortgage payment? $550

How long have you held your current job? 2 years, 11 months

Your total provable monthly gross income is? $3,230

Your provable monthly income is provable via what method? Paystub or tax return

Is there additional monthly income? I wish

Describe the source.

Is the additional monthly income provable? N/A

 

 

YOUR DOWNPAYMENT

Please tell me your exact down payment in cash? (rebates and trade equity are not considered, please input a dollar value only.) $0

Does any credit repository contain any public record? NO

If yes, please very briefly describe. N/A

Does any credit repository contain any Collection Account(s)?Yes

If yes, please very briefly describe. 1 repo on all all three CRs that will age off in 2019, two COs on EQ and TU that will age off in 2-3 months, 1 collection on EQ that will fall off sometime between September or October this year.  One collection on EQ, TU and EX that will fall off in 2022.

Please rate your overall creditworthiness on a scale of 1-10 (1=poor, 10= best) 10

Please rate your Installment credit history on a scale of 1-10 (1=poor, 10=best) 7

Please rate your Revolving credit history on a scale of 1-10 (1=poor, 10=best) 7

New or Used vehicle you are considering: Please very briefly describe.

I'd like to trade my current vehicle for a used 2015, 2016 or 2017 Chevy Equinox, or perhaps a newer one.  

 

Just for the heck of it, I took advantage of an offer from Capital One to prequalify for an auto loan.  Surprisingly to me, I prequalified. However, the prequalification letter doesn't state a specific loan amount, just that I should select a vehicle priced at least $4,000, that is a 2006 or newer with less than 120,000 miles, and is at a participating dealer.

Also, the dealer where I got my current vehicle wants to talk to me about purchasing my vehicle and attempting to get me into a newer vehicle with lower payments as part of GM's buyback program. I'm not that optimistic about the lower payment thing considering my current upside-down status, but I'll listen to what he has to say and consider all options.  I need to take my vehicle in for servicing anyway to see why my "check engine" light is on.

Thank you for your time.

 

 

 

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You might could trade out on a new vehicle where the factory was offering a substantial amount of consumer cash.  When you are that much upside down, I don’t think it is realistic to expect a lower payment.   And you are probably going to some of your own money to help out with the downpayment.   It's all about the LTV.

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16 minutes ago, MarvBear said:

You might could trade out on a new vehicle where the factory was offering a substantial amount of consumer cash.  When you are that much upside down, I don’t think it is realistic to expect a lower payment.   And you are probably going to some of your own money to help out with the downpayment.   It's all about the LTV.

You pretty much summed up what I was afraid of, which is fine. It is what it is. 

However, I was more interested in finding out my approval chances with my current credit situation. 

And thanks a lot 🙂

 

Edited by Emperess

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