Car payment question?

[Freddy03]

What is the likelihood of re-negotiating a lower interest rate with MAC when reaffirming comes around?

I didn't realize I have a 9% interest rate with my car. I wish I paid better attention when I bought it b/c my credit was great and still not sure how I ended up with a high interest rate.

[ccsjoe]

Depends on each individual lender. I have a 5.9% with FMC and will try to negotiate a lower rate when dust settles. I'm not hopeful though, I think they have no incentive to do this especially once you reaffirm. But trying never hurt.

[mrskal]

What is the likelihood of re-negotiating a lower interest rate with MAC when reaffirming comes around?

I didn't realize I have a 9% interest rate with my car. I wish I paid better attention when I bought it b/c my credit was great and still not sure how I ended up with a high interest rate.

It also would depend on how far you are into paying it off and how much is still owed. I am in a similar situation with my work van. When I bought it, I had a good credit score, over 700 (which was great then, LOL). I was so excited to get it, and start my business, I never even cared about the 10% rate I had! DUH. My friend got her van within a year of me and got a 3.9% rate and I was not too happy. (from same company) When you are talking about a $67k vehicle, that is a lot to swallow. With the rate she got, I would have save about $200 a month, and god only knows how much for the life of the loan. Something I dont even want to calculate.........

[Freddy03]

I still have about 3 years left to pay and owe $14,000.

I'll wonder if after the bk if my credit score isn't too bad if I could re-fi with my credit union?