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dredee0

Got to SUCK IT UP!!!!

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I got approved Feb 21 fo 2017 Ford Fusion Hybrid Titanium.  Originally told $1000, but only had to put $200 down. Not mad at the high interest rate.  Got my Experian Fako up to 648, FICO said 604.  Cant refi.  Got preapproved, but the repo from June 2018, I assume, is REALLY hurting me.  Paying off old debts less than two years and just rebuilding.  Decided to double my income and pay it off early.  Yes, its high, but with two repos from June 2018 to January 2019...,  Sometimes we just have to SUCK IT UP!!!!  

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Don't forget, the fako you are quoting is likely a vanilla score, not auto enhanced.  With your auto history, I am not surprised at the lower score.

 

28% interest rate is insane.  Even though you are accelerating repayment (which is a very good idea) I would be looking to re-fi that ASAP.  I would bet after 12 months you can refi that to something slightly less usurous.  You may want to establish a relationship with a CU now, maybe with a secured card, and build a relationship to go for the refi early next year.  

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38 minutes ago, DollarDog said:

2 bankruptcies, 4 repo's, and multiple 25%+ car loans say a refi is unlikely.

 

They also say that a $3K used vehicle in decent shape would have been the best bet for you and also the wisest use of funds.  And yes, plenty of decent used vehicles exist in that price range. 

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20 minutes ago, centex said:

They also say that a $3K used vehicle in decent shape would have been the best bet for you and also the wisest use of funds.  And yes, plenty of decent used vehicles exist in that price range. 

 

Agree wholly, however the horse is already out of the barn as he/she has already purchased the vehicle.  Trying to trade out of it at this point would likely be a very expensive endeavor.

 

 

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35 minutes ago, DollarDog said:

2 bankruptcies, 4 repo's, and multiple 25%+ car loans say a refi is unlikely.

 

 

Thus my suggestion of a CU...may be more likely to play ball even with that profile.  Even a refi to 15% would be a huge savings...plus a year of on time payments would certainly help.  Obviously this all goes out the window should history repeat itself.

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American Credit Acceptance - OP better make sure to keep a file folder of ALL correspondence with that company, and maybe even record any phone calls with them* if possible.

 

 

 

 

* If its legal to record phone calls in OP's state of course

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On 6/1/2019 at 3:44 PM, CTSoxFan said:

 

Agree wholly, however the horse is already out of the barn as he/she has already purchased the vehicle.  Trying to trade out of it at this point would likely be a very expensive endeavor.

True, but it COULD help someone else coming down the figurative road...many responses on CB are of a nature that is designed to keep someone else at some future date from saddling the wrong horse ;)

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