Hello, my aunt-in-law asked her savvy 20 year old wanna-be credit wizard (me) for some help on her car. She drives a 2001 Toyota Camry with one year left of her 3 year lease. She wants to purchase the car. Her lease payoff amount is $13,800 and she attempted to get the car refinanced with her employers credit union and they said they valued the car at $10k (trade in value they told her) so she would need to come up with 3,000+ dollars. She just wants to purchase the car instead of a lease and have a smaller car payment. I told her that if she can find a refi to take over the $13,800 and then spread that over 48 or 60 months, she would purchase the car and the payment would be smaller...she would just have a car payment for 5 more years and she said that is fine.... am I right? Should she apply for something like eloan or peoplefirst to do this type of operation?
Why not try refinancing with Toyota Motor Credit? If you qualify for a 4.9 APR for 48 months, your payment would be just shy of $316/mo with nothing down.
Try WFS. I just refinanced an auto loan with these guys and from application to close, it was done in less than a week. They are on the west coast and Im on the east coast. Btw, I refinanced an auto loan that I obtained during bankruptcy and pre-discharge. They lowered my rate my 19.9% (!!) to 7.4%. I'm 6 months post ch-7 discharge with fico's of 605 to 615 Here's their URL http://www.wfsfinancial.com/
