# EV rebate to negate an EXTREMELY underwater loan **URL:** \ **Category:** Buy/Finance\ **Tags:** pa\ **Created:** [December 2, 2024, 2:05pm UTC](https://forum.leasehackr.com/t/ev-rebate-to-negate-an-extremely-underwater-loan/623471 "2024-12-02T14:05:03Z")\ **Posts on this page:** 20\ **Page:** 2
**Author:** ![sarxworks](https://leasehackr.b-cdn.net/letter_avatar/sarxworks/32/5_5575768a8748004e209b776fc1b2916d.png) [@sarxworks](https://forum.leasehackr.com/u/sarxworks)\ **Post date:** [December 2, 2024, 6:19pm UTC](https://forum.leasehackr.com/t/ev-rebate-to-negate-an-extremely-underwater-loan/623471/21 "2024-12-02T18:19:00Z")
I believe it was 11% When I was in the call, I assume they expected the loan amount to be less as I went through Credit Karma and maybe they messed with the figures and they stated the LTV amount is too high for them to approve refinancing ---
**Author:** ![sarxworks](https://leasehackr.b-cdn.net/letter_avatar/sarxworks/32/5_5575768a8748004e209b776fc1b2916d.png) [@sarxworks](https://forum.leasehackr.com/u/sarxworks)\ **Post date:** [December 2, 2024, 6:20pm UTC](https://forum.leasehackr.com/t/ev-rebate-to-negate-an-extremely-underwater-loan/623471/22 "2024-12-02T18:20:03Z")
> [@Qbrozen](#): > > How many miles a year? ~100 miles ---
**Author:** ![Bluemkn57cars](https://leasehackr.b-cdn.net/letter_avatar/bluemkn57cars/32/5_5575768a8748004e209b776fc1b2916d.png) [@Bluemkn57cars](https://forum.leasehackr.com/u/Bluemkn57cars)\ **Post date:** [December 2, 2024, 6:20pm UTC](https://forum.leasehackr.com/t/ev-rebate-to-negate-an-extremely-underwater-loan/623471/23 "2024-12-02T18:20:43Z")
100 miles a week to and from work? ---
**Author:** ![sarxworks](https://leasehackr.b-cdn.net/letter_avatar/sarxworks/32/5_5575768a8748004e209b776fc1b2916d.png) [@sarxworks](https://forum.leasehackr.com/u/sarxworks)\ **Post date:** [December 2, 2024, 6:22pm UTC](https://forum.leasehackr.com/t/ev-rebate-to-negate-an-extremely-underwater-loan/623471/24 "2024-12-02T18:22:45Z")
Will definitely do, since I’m young (22m) I already have a feeling what that insurance might be off the top of my head, I already pay $250 alone for full coverage on this ---
**Author:** ![sarxworks](https://leasehackr.b-cdn.net/letter_avatar/sarxworks/32/5_5575768a8748004e209b776fc1b2916d.png) [@sarxworks](https://forum.leasehackr.com/u/sarxworks)\ **Post date:** [December 2, 2024, 6:23pm UTC](https://forum.leasehackr.com/t/ev-rebate-to-negate-an-extremely-underwater-loan/623471/25 "2024-12-02T18:23:40Z")
Yes, that’s 100 miles altogether if I go to my far job only twice that week which doesn’t always happen ---
**Author:** ![Bluemkn57cars](https://leasehackr.b-cdn.net/letter_avatar/bluemkn57cars/32/5_5575768a8748004e209b776fc1b2916d.png) [@Bluemkn57cars](https://forum.leasehackr.com/u/Bluemkn57cars)\ **Post date:** [December 2, 2024, 6:26pm UTC](https://forum.leasehackr.com/t/ev-rebate-to-negate-an-extremely-underwater-loan/623471/26 "2024-12-02T18:26:09Z")
That’s not too bad. So assume you could qualify for a decent lease on an EV, 10k miles/year would be more than enough. As far as your financial situation, there has been a lot of great advice shared here already. You had mentioned that you had to take out a personal loan to pay for some repairs. Is that loan paid off? If not how much $$ is remaining and what is the interest rate? ---
**Author:** ![sarxworks](https://leasehackr.b-cdn.net/letter_avatar/sarxworks/32/5_5575768a8748004e209b776fc1b2916d.png) [@sarxworks](https://forum.leasehackr.com/u/sarxworks)\ **Post date:** [December 2, 2024, 6:50pm UTC](https://forum.leasehackr.com/t/ev-rebate-to-negate-an-extremely-underwater-loan/623471/27 "2024-12-02T18:50:52Z")
Well this was a recent loan (about 2 months ago) so a principal of $3,800 at 19% ---
**Author:** ![Bluemkn57cars](https://leasehackr.b-cdn.net/letter_avatar/bluemkn57cars/32/5_5575768a8748004e209b776fc1b2916d.png) [@Bluemkn57cars](https://forum.leasehackr.com/u/Bluemkn57cars)\ **Post date:** [December 2, 2024, 7:33pm UTC](https://forum.leasehackr.com/t/ev-rebate-to-negate-an-extremely-underwater-loan/623471/28 "2024-12-02T19:33:59Z")
> [@sarxworks](#): > > EXTREMELY long story short, the car has a rolled- back odometer (at 72k but is actually at 160k as I’m writing this) and all legal means have been exhausted, I can understand if you don’t want to go into too much details, but did your state’s Attorney General (AG) office get involved? If not, I would recommend contacting them. > [@douglashowitzer](#): > > So what I’d suggest is to figure out what a dealer will offer for your car vs. Carmax etc, then calculate if that gap exceeds the interest cost of a personal loan vs. rolling your negative equity into a lease Since OP mentioned they are currently paying off a personal loan at a rate of 19% off, it does not look like taking out another high interest personal will be a feasible option. ---
**Author:** ![TypeSH](https://leasehackr.b-cdn.net/user_avatar/forum.leasehackr.com/typesh/32/58696_2.png) [@TypeSH](https://forum.leasehackr.com/u/TypeSH)\ **Post date:** [December 2, 2024, 7:54pm UTC](https://forum.leasehackr.com/t/ev-rebate-to-negate-an-extremely-underwater-loan/623471/29 "2024-12-02T19:54:10Z")
The first thing you should be doing here is to check on refinancing rates. ---
**Author:** ![jeisensc](https://leasehackr.b-cdn.net/user_avatar/forum.leasehackr.com/jeisensc/32/224821_2.png) [@jeisensc](https://forum.leasehackr.com/u/jeisensc)\ **Post date:** [December 2, 2024, 7:58pm UTC](https://forum.leasehackr.com/t/ev-rebate-to-negate-an-extremely-underwater-loan/623471/30 "2024-12-02T19:58:37Z")
> [@sarxworks](#): > > Credit is hovering at 671 with FICO. > > Yes, I got insurance back on the car again the second I found out it was suspended. Since then it’s been insured. You will want Tier 1 financing to pull this off, being under ~720 on a FICO Auto score is going to severely limit which brands you can even target. This is still a great resource for learning about your credit score and how it affects leasing/insurance > [@The Credit Thread](https://forum.leasehackr.com/t/the-credit-thread/185605): > > Every month there is at least a handful of posts here that include erroneous perceptions, opinions or information about credit. This thread is intended to address questions and facilitate discussion about credit reporting, credit scoring, and any other general credit-related matters. All credit questions, and all informed opinions and answers, are welcome. To get the thread started, here are a couple of items that come up on LH from time to time. How does my income impact my credit score? I… > [@sarxworks](#): > > the car was financed at a principal of $17,426 with the 21% interest rate at purchase. > > As of right now the balance is $13,330 at the same interest however looking at their “payoff quote” via the bank’s app, they state if I pay it off today, it’s $13,528 and if I pay in let’s say 15 days, I now owe $13,628 Ok > [@sarxworks](#): > > I did try to refinance it like a month ago but again they weren’t liking the LTV value but I can try to shop again. If you don’t belong to a credit union, join one after checking their auto loan programs. > [@The Best Finance Rates & Hacks! Submit your CU recommendations!](https://forum.leasehackr.com/t/the-best-finance-rates-hacks-submit-your-cu-recommendations/419036/): > > Sometimes it can be better to finance a car rather than lease it! Some of the reasons this may be true include: Federal EV credit - some lease originators may not pass the full Federal EV credit or state credits. Through financing or balloon loans (another type of financing, you can take advantage of these credits if you have the tax liability) High Lease Money Factor - some lease originators have a very high money factor, higher than what it would cost to lend from another bank! Combined … > [@Auto Refinance loans - higher APR?](https://forum.leasehackr.com/t/auto-refinance-loans-higher-apr/322796/): > > Here’s the situation: Looking to purchase a 2021 Ford F-150. There is a $1,000 rebate if financed through Ford Credit. The rate offered through Ford Credit is higher than the rate offered by PenFed. However, there’s that $1,000 rebate. If I take the Ford Credit financing then refinance the truck (as soon as I can) will the refinanced APR be higher than a non refinance? For example, If Penfed is offering 2.99% on a brand new truck, if I go to refinance that truck with them 90 days later (is tru… You ideally want to refi this ASAP, if you had to bring a modest amount to get the LTV right to secure the refi, consider that. Give the new loan 60 days to report on time and see what happens to your score. > [@sarxworks](#): > > since I’m young (22m) I already have a feeling what that insurance might be off the top of my head You also can’t rush your search because whatever you insure will be worth more and likely cost to insure more. A high MSRP vehicle with lots of incentives can still cost a lot to insure (plenty of posts if you search). You need to check that each step of the way, and you can start shopping for the best coverage now: > [@Denied insurance](https://forum.leasehackr.com/t/denied-insurance/438946/30): > > (Work in insurance product/pricing) There is a pretty clear relationship between credit & likelihood of filing a claim, and it varies enough across the credit range that it’s not just a “if below xx then no, otherwise yes” - 550 vs 600 vs 650 vs 700 all show different claims frequency. It’s actually one of the most predictive variables. It’s also a controversial rating factor as you’d expect - not allowed to use it in California or Massachusetts, Washington tried banning it last year too, and… > [@How much has your car insurance changed since you last checked? (lease/finance)](https://forum.leasehackr.com/t/how-much-has-your-car-insurance-changed-since-you-last-checked-lease-finance/430297/): > > Just curious how much car insurance has changed for most people since the car supply shortage/covid/electronic shortage/inflation/something else > [@Struggling to find CAR Insurance!](https://forum.leasehackr.com/t/struggling-to-find-car-insurance/519198/): > > Hi, Can someone please help me and recommend me some Insurance companies for leased cars? I was about to leave the country and go on a trip and all my plans got cancelled before I left and I cancelled my policy for my previous car and it was pointless keeping it and making payments without having the car. I’m struggling to find auto insurance companies, I’m trying to lease a brand new car and they’re asking for proof of insurance, I can’t even get the lease without the insurance. What am I s… > [@Geico is terminating my insurance after a not at fault accident](https://forum.leasehackr.com/t/geico-is-terminating-my-insurance-after-a-not-at-fault-accident/506980): > > Hello, I live in Brooklyn, NY and leased a Volvo XC40 6 weeks ago. I have Geico auto insurance and I pay $170/month. Someone rear ended my car a month ago. They admitted their fault and paid for the damages of my car. At the same time, Geico flagged my account as suspicious and requested copies of my driver license, registration and two utility bills. They are making things extremely difficult. They don’t accept email and I have to mail these documents to their PO box. It’s been over 2 weeks I… I understand not wanting to put more into this car, but if it’s not imminently going to incur a multi-thousand repair I would ride it until your credit can fully support whatever replaces it. ---
**Author:** ![sarxworks](https://leasehackr.b-cdn.net/letter_avatar/sarxworks/32/5_5575768a8748004e209b776fc1b2916d.png) [@sarxworks](https://forum.leasehackr.com/u/sarxworks)\ **Post date:** [December 2, 2024, 8:05pm UTC](https://forum.leasehackr.com/t/ev-rebate-to-negate-an-extremely-underwater-loan/623471/31 "2024-12-02T20:05:57Z")
> [@Bluemkn57cars](#): > > I can understand if you don’t want to go into too much details, but did your state’s Attorney General (AG) office get involved? If not, I would recommend contacting them. Oh believe me I’ve tried getting in contact with them but to no avail, I got a voicemail and left one with no response. I can try again. I already tried the DMV, opened a case for “Misuse of Vehicle Credentials” and when reaching out for any response they kicked me over to the State Police who kicked me back to the DMV who then kicked me over to the Vehicle Inspection Department who even agreed that the odometer is wrong based on previous inspections who then kicked me back to the State Police vise versa and now I’m stuck without any answers. Brought it to small claims and got absolutely obliterated since I had to represent myself since I couldn’t afford a lawyer. So believe me when I said to cut a extremely long story short lol. ---
**Author:** ![Bluemkn57cars](https://leasehackr.b-cdn.net/letter_avatar/bluemkn57cars/32/5_5575768a8748004e209b776fc1b2916d.png) [@Bluemkn57cars](https://forum.leasehackr.com/u/Bluemkn57cars)\ **Post date:** [December 2, 2024, 8:09pm UTC](https://forum.leasehackr.com/t/ev-rebate-to-negate-an-extremely-underwater-loan/623471/32 "2024-12-02T20:09:55Z")
> [@sarxworks](#): > > Oh believe me I’ve tried getting in contact with them but to no avail, I got a voicemail and left one with no response. I can try again. If I were in your shoes, I would keep calling them every day. Also if there is an email address, email them every day. I just did a quick Google search and found the following contact form. [https://www.attorneygeneral.gov/submit-a-complaint/consumer-complaint/](https://www.attorneygeneral.gov/submit-a-complaint/consumer-complaint/) I also found their general contact us form. [https://www.attorneygeneral.gov/contact/](https://www.attorneygeneral.gov/contact/) **EDIT** : Worse case, you can always contact your local news station. Some news stations have an investigative department that might be able to get some answers for you. ---
**Author:** ![BYGFEET](https://leasehackr.b-cdn.net/user_avatar/forum.leasehackr.com/bygfeet/32/14026_2.png) [@BYGFEET](https://forum.leasehackr.com/u/BYGFEET)\ **Post date:** [December 2, 2024, 8:15pm UTC](https://forum.leasehackr.com/t/ev-rebate-to-negate-an-extremely-underwater-loan/623471/33 "2024-12-02T20:15:48Z")
OP, maybe your parents can lend you some $$$ and try getting an extra side job if possible…to tackle that debt-maybe down the road in about 6mo-year try and refinance, otherwise your chances are slim for a lease… also if you have a CC and can do a 0% for 12 months cash advance, US Bank has some good cards lately… just a thought ---
**Author:** ![Bluemkn57cars](https://leasehackr.b-cdn.net/letter_avatar/bluemkn57cars/32/5_5575768a8748004e209b776fc1b2916d.png) [@Bluemkn57cars](https://forum.leasehackr.com/u/Bluemkn57cars)\ **Post date:** [December 2, 2024, 8:19pm UTC](https://forum.leasehackr.com/t/ev-rebate-to-negate-an-extremely-underwater-loan/623471/34 "2024-12-02T20:19:57Z")
> [@BYGFEET](#): > > try getting an extra side job if possible OP already has a second job. However, I totally get your point. As I stated, OP’s best option is to reach out to their AG’s office and contact their local TV station. I am sure they are not the first or last person to have been scammed by the dealer who sold them the car. > [@sarxworks](#): > > my second job is far already 👆 👆 ---
**Author:** ![jeisensc](https://leasehackr.b-cdn.net/user_avatar/forum.leasehackr.com/jeisensc/32/224821_2.png) [@jeisensc](https://forum.leasehackr.com/u/jeisensc)\ **Post date:** [December 2, 2024, 8:20pm UTC](https://forum.leasehackr.com/t/ev-rebate-to-negate-an-extremely-underwater-loan/623471/35 "2024-12-02T20:20:09Z")
> [@sarxworks](#): > > So believe me when I said to cut a extremely long story short lol. That is terrible and unfortunate and I’m sorry you went through all that. My question remains though, it’s shady past aside, what does the Ford full circle inspection on this 14 Taurus currently read like? Is the maintenance current? When was it last at a dealer for a $39 oil change (coupons ftw) where they could complete the 54 open recalls on it? Until it’s not your problem, it needs to stay in good working order for all this driving. ---
**Author:** ![sarxworks](https://leasehackr.b-cdn.net/letter_avatar/sarxworks/32/5_5575768a8748004e209b776fc1b2916d.png) [@sarxworks](https://forum.leasehackr.com/u/sarxworks)\ **Post date:** [December 2, 2024, 8:46pm UTC](https://forum.leasehackr.com/t/ev-rebate-to-negate-an-extremely-underwater-loan/623471/36 "2024-12-02T20:46:04Z")
> [@jeisensc](#): > > That is terrible and unfortunate and I’m sorry you went through all that. It’s cool lol. I’ve accepted that at this point, I just submitted a request for the AG office, not that I’m expecting anything really from it at this point but fingers crossed. I haven’t had an inspection done recently on the car but I definitely will when I’m allowed to drive it again. The maintenance has been kept up, I wrench cars so I pretty much do all the maintenance. Attempting to fix it when it broke however…the engine doesn’t look too happy inside (rust, buildup of carbon, etc) as to why I’m very weary of driving it much There’s 54 recalls on the car? Dang I wasn’t aware. Definitely gonna check up on all this when I can drive it ---
**Author:** ![Bluemkn57cars](https://leasehackr.b-cdn.net/letter_avatar/bluemkn57cars/32/5_5575768a8748004e209b776fc1b2916d.png) [@Bluemkn57cars](https://forum.leasehackr.com/u/Bluemkn57cars)\ **Post date:** [December 2, 2024, 8:46pm UTC](https://forum.leasehackr.com/t/ev-rebate-to-negate-an-extremely-underwater-loan/623471/37 "2024-12-02T20:46:55Z")
> [@BYGFEET](#): > > also if you have a CC and can do a 0% for 12 months cash advance, US Bank has some good cards lately… just a thought Given OP’s credit score, car loan obligations, and $3800 personal loan, I would not recommend that they take on any additional debt at this time. ---
**Author:** ![jeisensc](https://leasehackr.b-cdn.net/user_avatar/forum.leasehackr.com/jeisensc/32/224821_2.png) [@jeisensc](https://forum.leasehackr.com/u/jeisensc)\ **Post date:** [December 2, 2024, 8:50pm UTC](https://forum.leasehackr.com/t/ev-rebate-to-negate-an-extremely-underwater-loan/623471/38 "2024-12-02T20:50:20Z")
I’m exaggerating but I leased 2 Fords, there are always recalls. Get a service coupon off the dealer website and get the oil changed there next time, they’ll check recalls/TSBs and usually do a full circle inspection (ask). ---
**Author:** ![Bluemkn57cars](https://leasehackr.b-cdn.net/letter_avatar/bluemkn57cars/32/5_5575768a8748004e209b776fc1b2916d.png) [@Bluemkn57cars](https://forum.leasehackr.com/u/Bluemkn57cars)\ **Post date:** [December 2, 2024, 8:50pm UTC](https://forum.leasehackr.com/t/ev-rebate-to-negate-an-extremely-underwater-loan/623471/39 "2024-12-02T20:50:52Z")
> [@sarxworks](#): > > I just submitted a request for the AG office, not that I’m expecting anything really from it at this point but fingers crossed. That’s a start. Keep your head up. > [@sarxworks](#): > > I haven’t had an inspection done recently on the car but I definitely will when I’m allowed to drive it again. Just to confirm, is the car drivable? > [@sarxworks](#): > > now sits in a garage until my suspension is lifted Or is this the case? ---
**Author:** ![sarxworks](https://leasehackr.b-cdn.net/letter_avatar/sarxworks/32/5_5575768a8748004e209b776fc1b2916d.png) [@sarxworks](https://forum.leasehackr.com/u/sarxworks)\ **Post date:** [December 2, 2024, 8:55pm UTC](https://forum.leasehackr.com/t/ev-rebate-to-negate-an-extremely-underwater-loan/623471/40 "2024-12-02T20:55:59Z")
> [@Bluemkn57cars](#): > > Just to confirm, is the car drivable? Yep car is drivable and fully operational! I just can’t DRIVE it until the registration suspension is lifted and that’s until next Tuesday. Besides that no other pressing problems that I’m aware of [Previous page](https://forum.leasehackr.com/t/ev-rebate-to-negate-an-extremely-underwater-loan/623471.md?page=1) [Next page](https://forum.leasehackr.com/t/ev-rebate-to-negate-an-extremely-underwater-loan/623471.md?page=3)