Auto Loans Lead into a bad auto deal.

[OrangeK1977]

10/28/2010 we got into a auto loan for $26,313. Paying $699.00 a month at #21 payment out of 72. Current balance $24,000 as of 12/2/2012. We feel that we have been ripped off and put into a situation that we cannot get out of. They told us in the beginning that if we make our payments on time for 1 year, that we would be able to go back and refinance for lower payments. We did go back and they denied saying what they said about refinancing. That the old manager no longer works there. Our payments are hurting us and we want to get out of this bad deal. What can we do, or are we screwed.

 

[disagreeable]

If you have made your payment on time and have not incurred other bad credit over the same time period, you may be able to refinance at a significantly lower rate. I suggest you research local lenders, pick one and request they review you for a refinance of the auto.

 

[army judge]

10/28/2010 we got into a auto loan for $26,313. Paying $699.00 a month at #21 payment out of 72. Current balance $24,000 as of 12/2/2012. We feel that we have been ripped off and put into a situation that we cannot get out of. They told us in the beginning that if we make our payments on time for 1 year, that we would be able to go back and refinance for lower payments. We did go back and they denied saying what they said about refinancing. That the old manager no longer works there. Our payments are hurting us and we want to get out of this bad deal. What can we do, or are we screwed.

No, you're not screwed.
You agreed to this loan two years ago.
You can file bankruptcy and give the care back.
Or, you can call the lender and tell them to get the car.
But, you'll be on the hook for the balance (less what they get for selling the car).
You knew 24 months ago the payment was $700.
Why is that a shock to you today?
Sorry, you didn't have to sign the contract then, but you did, because you wanted the car.
Choice shave consequences, even after 24 months!