What would you do?

[rabid_nerd]

Poll question: What would you do?

Backstory:

Went from welfare in rural NW Pennsylvania (outside Meadville) to a $40K dot-com in Florida in a boat of a vehicle my father in law put together from the junkyard he works at.

Needed vehicle desperately, had horrible credit history (utility bills, student loan...) got stuck getting a van (I had twin one year olds.. The side door is easier to get kids out of a car seat) at 18.8% for 60 months at $470 month. But I had to have my father-in-law co-sign from back in PA.

They threw me a bone and I took it.

Three years later, I've got 24 months left and I've improved but not cleaned my credit completely, plus the dot-com bombing caused me to end up back in PA, now in South Central PA for a toy manufacturer.

I get a refinance pre-approval letter from the bank where I have my one very low limit credit card through.

I've already tried to refinance through my bank and others before, so the idea of lowering my payments is very alluring.

I fill out the form and submit. I get the email saying "preliminarily approved".

I call, hoping they'd lower the rate their "typical 3%", but the guy says, sorry - looks like it would be 2 points higher than you have now.

I say "never mind" and hang up.

I tell my mother about it (my wife watching TV) and while talking, we both realize it was an opportunity to get the loan in MY name.

After we get my wife's attention, we all agree - do it!

Plus, since it needs to run for 3 years, the payments actually go down almost $100 a month. I end up paying around $2K more, but A. the payment is lowered and B. I'll get the sole credit for the payments!

What would you have done?

[ima_sinnic]

1. hi rabid

good story--I can sympathize.