Legal Question in Consumer Law in California
should i let them reposses or should i do it myself
in a nut shell i made a dumb financial decision and financed a car through a major credit company at a ridiculous amount of finance charge and a high monthly payment based on a verbal agreement it could be re-fianced within 6-months to a year of steady payments, but the company now claims they don't refinance and i can't afford to keep paying $565.00 a month for this car. I don't know what would be the best thing to do? I've tried to sell it but other dealers will only pay a fraction of the cars value. I know i was foolish but i have paid over $8000.00 in the past year and one half and my priciple has only ben reduced by $2000.00 I am falling further in a whole each month.
2 Answers from Attorneys
Re: should i let them reposses or should i do it myself
If you give up the car, they will sell it for a song and you will owe the difference. Can you get a better loan elsewhere -- like a credit union -- to pay off the original and pay less each month that way if it's stretched out? That's probably the best you can do.
Re: should i let them reposses or should i do it myself
Try other financial institutions for a new loan. Try a credit union; they usually offer good deals.
What's the interest rate? How old are you?
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