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The Something Awful Forums > Discussion > Ask/Tell > Business, Finance, and Careers > Co-Signing to Refinance my wifes Auto Loan
 
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swenblack
Jan 14, 2004

suicide bi cop posted:

Current interest rate is 3.8%, she has a co-signer on the loan currently, but shes going to have to have them removed because of the way the title/loan is set up and the fact that were moving. Loan is 48 months, currently has 10 months of payments on it, plan on keepping the length the same or extending it to a new 48 month loan. Dont have a plan to pay it off early. Have a 5k emergency fund that im gradually increasing. Her credit score is 586, mine is 700/715.
Psl: Loan is from an american credit union and she stays in America.
Most new car loans are subsidized to some degree by the company that manufactured the car. 3.8% isn't the best out there, but it's well below the rates commonly available for used cars for people with decent (but not great) credit, which is what your refi loan will be. I'm guessing the reason she's refinancing is more E/N than BFC, and that's fine, but don't expect to come out ahead.

* # ¿ May 12, 2015 04:46
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# ¿ May 23, 2024 06:58
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swenblack
Jan 14, 2004

suicide bi cop posted:

She has to refinance because the current co signer is a friend of ours with really good credit, but were moving across the country and that combined with the way her title/loan is set up requires her to have the title signed over from said friend and refinanced in her name in order to make payments and not default on the loan. Didnt put it in the op because it sounds complicated and made up but the state were in is dumb about this kind of stuff, we (the friend and my wife) have both tried to talk to the bank about it, but theyve been less than helpful.
I've re-titled a jointly owned financed car after moving twice before, and there was no issue whatsoever. Also, the bank isn't going to put the loan into default as long as someone is paying it. People move all the time and banks just don't care. Quite frankly, this whole situation doesn't add up.

* # ¿ May 13, 2015 01:08
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The Something Awful Forums > Discussion > Ask/Tell > Business, Finance, and Careers > Co-Signing to Refinance my wifes Auto Loan