Santander

[kmayesaz]

Has anyone had any success negotiating a lower interest rate with Santander?

[Blossoms]

No, but my husband and I were able to refinance an auto loan from Americredit, with Santander (then HSBC) for a lower interest rate. Are you post bankruptcy? If so, why not try refinancing your vehicle with another lender for a lower rate?

[kmayesaz]

No, but my husband and I were able to refinance an auto loan from Americredit, with Santander (then HSBC) for a lower interest rate. Are you post bankruptcy? If so, why not try refinancing your vehicle with another lender for a lower rate?

Thank you for your advice and I do believe I will try after my bankruptcy is discharged. My 341 hearing is on Dec 23rd. I have indicated I will reaffirm my auto loan but the interest rate (10.34%) being offered by Santander is outrageous (I think).

[tobee43]

try cap one as well. they are actually fairly bk friendly. we just got a loan at 5% not great, but we are trying to pay it off asap.

[Blossoms]

Also try a local credit union. I wouldn't reaffirm. As long as you aren't behind on the payments, you can just keep making the payments like normal, to keep the vehicle. You shouldn't be required to sign a reaffirmation agreement.

[tobee43]

oh! i just realized your 341 is not even until dec 23th. you aren't discharged or closed yet. i don't know about who will refi you in this situation

[justbroke]

The first thing you should do is check your current APR. If it's in a nominal range, 0-9%, you may want to just "ride-through" (since I believe that Santander allows you to keep paying without reaffirming -- you will need to double check that). However, if you owe a lot more than the vehicle is worth, even if the APR is "low", a redemption may be a better option when there is a reaffirmation requirement.

There's no way to tell whether redemption is the better option without running the numbers and seeing which works better.

[kmayesaz]

Thank you all for your responses.