Jenny22 Posted March 15, 2007 Report Share Posted March 15, 2007 I've had my car for about 4 years now - almost paid off but not yet. Its not paid off yet because the interest rate is so high and its a 60 month loan. And because its a high interest loan, my payments are so high and its killing me. This was not the case when I purchased the car because I was in a different position. I live in a different state, am married, my husband is in school and I have a different job and higher rent.I just don't know what to do...they won't refinance me to help me lower my payments. I need to have a lot of maintenance done, the back window tint replaced, etc., which is going to be costly. I don't know what to do, I would like to try to trade it in and get a slightly newer, larger car, and have lower payments. But if my own loan company won't refinance me, I don't see how I could even begin to think about trading it in and getting into something else with lower payments. I am not upside down, but the equity is not very much. Any guidance here would be very much appreciated. Link to comment Share on other sites More sharing options...
skyfox2020 Posted March 15, 2007 Report Share Posted March 15, 2007 How many loan companies have you gone too? You should shop around. What are your FICO scores? Why didn't your finance company give you the refi? Link to comment Share on other sites More sharing options...
mzsyd Posted March 15, 2007 Report Share Posted March 15, 2007 I'm not sure about this...but I went to NACA a counseling session this Tuesday they told me NACA is expanding to auto loans and credit cards as well. They believe that not only are there predatory mortgages but also high interest auto loans and credit cards as well. They don't look at your credit score. It is a new thing...and I didnt ask about it but you may want to contact NACA if they are in your area. Link to comment Share on other sites More sharing options...
direred Posted March 15, 2007 Report Share Posted March 15, 2007 Have you tried getting a refi through HSBC or Cap1? You can apply online. Link to comment Share on other sites More sharing options...
Jenny22 Posted March 28, 2007 Author Report Share Posted March 28, 2007 I posted about this not too long ago - my car loan with Wells Fargo. The interest rate is killing me and I can't afford the payments. I've tried twice to refinance with them and they refused. I've explained to them that if I could get a new loan with a lower rate I could make my payments on time. Still denied. Noone else will refinance me because of my credit, which I'm desparately trying to clean up. They call me non-stop at home and at work. I've resorted to sitting here crying at work. I have severe neck pain from the stress of this. I'm cornered, I don't know what to do. Is there anything I can do? Where do I go for help??? I just can't deal with this anymore. Link to comment Share on other sites More sharing options...
thomassl Posted March 28, 2007 Report Share Posted March 28, 2007 We have all been there are one point or another! One way you can alleviate your stress is to have the creditors no longer call you at work. All you have to say is that your employer does not want personal calls at work and wish them to cease! Usually after being told this, they possibly may call once more but it should cease entirely. Even though you are getting the calls at home, it's your choice as to how you want to handle it. I personally never get any calls at my residence! The only creditor who has my home number is the telephone company and for obvious reasons! I have an unlisted number and when my phone rings, it's someone I want to talk to. If they need a number, they get my cell phone as many people use these phones for their home numbers and do not have land lines anymore. Sometimes just changing your phone number add peace of mind! As far as your car, I have a car I would like to refinance but the company, HSBC does not refinance their own cars!! Had I known this initially, I would have went through another company. I'm not sure what other debt you have but maybe if you post it from your credit report, we might be able to assist you in eliminating some of it. Link to comment Share on other sites More sharing options...
Jenny22 Posted March 28, 2007 Author Report Share Posted March 28, 2007 thank you...my husband & I have a studen loan out for him - he's in aviation school, so its a pretty large loan. I have a lot of lates and a few CC charge offs. Nothing huge - no repos (not yet anyway, unless I get this settled with WF!) and no BK. I was able to avoid an IRS levy and am now on a payment plan with them. I know for these reasons WF won't refinance me, but considering I've had this loan for 4 years I just don't understand why they wouldn't at least look beyond my late payments with them especially when I'm trying to get a lower rate so I won't be late on my payments. I just don't know what to do. Link to comment Share on other sites More sharing options...
direred Posted March 28, 2007 Report Share Posted March 28, 2007 Wells Fargo is an EXTREMELY conservative lender. Link to comment Share on other sites More sharing options...
someonesomewhere Posted March 28, 2007 Report Share Posted March 28, 2007 SWMBO and I bought a new Saturn van in '05. Our scores were probably slightly worse than they are today. Got 3.9% on the loan from GMAC, and we put zip down. As I think about it now, maybe we put $500 down on a $30K van, but dat waz it.You might go shop around the dealers. See what kinda financing incentives they are offering and what they'd give ya on your car in trade. Might try to get past the front line sales guys and get in to talk with someone in finance. Explain your situation, and trust me, there ain't nothing they haven't seen on a CR before.Before they pull your credit, ask 'em straight out, "What can you do if my FICO scores are X?"Can't hurt, but just talk to 'em and see what they can do. Don't let 'em pull your credit until you like the deal. Link to comment Share on other sites More sharing options...
someonesomewhere Posted March 28, 2007 Report Share Posted March 28, 2007 As thomassl said, tell 'em you cannot take calls at work. I presume your phone system at work has voicemail, and there's a thousand and one features complete with a reference manual. Ours has a button that when pressed allows the phone to ring once, and then it automatically goes to voicemail. No fuss, no muss.If there's Caller ID, you know who's calling before you answer. You can always lift the receiver from the hook and then promptly hang up.If the ringer volume can be turned completely off, do so. Voicemail lights up a light when it arrives, right?If they don't get the hint, send 'em a letter CMRRR stating, "This is to inform you that my employer does not permit personal phone calls at work. I have been warned, and I ask that you comply and respect my employer's wishes. If you need to contact me, please do so in writing or contact me at home."If they persist, you are laying the groundwork to be able to sue the CAs for violating FDCPA.Most will get the hint that you are implying, "If you dummies keep calling, I'll lose my job and then you'll never get paid." Link to comment Share on other sites More sharing options...
Recommended Posts