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Should i voluntarily repo my car, or how can i lower the interest rates on it?

April 26, 2017buying car cars interest rates lower repo Selling Transportation voluntarily

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Should i voluntarily repo my car, or how can i lower the interest rates on it?

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Once you turn in the car for repossession, you will never see 7.5 percent rates again. Your credit score will plummet and the only loans you will qualify for will be 12 percent and above — if you qualify at all. You’re stuck in this loan until you trade in the car or pay it off. Very few finance companies will refinance a car because cars are seldom worth what we owe on them due to interest/principle differences… and no bank is gonna take that kind of risk at a rate lower than the one they’re buying you out of… DO NOT voluntarily repo the car.