Question for the board -- My car lease is up on Monday. I've got about 3K in equity on a trade in, or about 8k if I sell it private, based on what the residual is. I'm about to do a refi on my house, so I am very concerned about the impact on my fico scores. What does everyone think? Give back the car, and wait to get a new one (no fico impact) trade it in for a new lease, or get a loan, and buy the car and then sell it privately...my scores are as follows: EX 649 EQ 657 TU 585 (but should be at 640ish when dispute cycle closes) I was thinking about applying through Netbank since they only pull EQ. Love some advice here...
it should not really affect your fico at all. i know a mortgage broker that can get you an A paper loan 6.75% with no closing costs with the scores you have. if you want his number email me.. kev
Thanks! I appreciate it. It's a bit complicated since it's a jumbo mortgage, etc. I'm trying to close on a refi with the original lender at 5.85 on a 7year fixed going to an ARM, thinking I will have moved by then. At that rate, I get to combine my first and second, consolidate about $60K in CC debt, and wind up paying only $300 more each month. And that's before the tax savings!!! Right now I'm paying 7.25 on the first, and 8.95 on the second. I'm just trying to figure out how to deal with the car situation so I don't blow the mortgage refi. Thanks for responding. I find this board to be an amazing resource!
