Too Much For A Car Loan!

Discussion in Loans started by ptahm22 • Jan 26, 2017.

  1. ptahm22

    ptahm22Active Member

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    I bought a car one year ago in December. My monthly payments are almost $550. Refinancing was not possible because I couldn't get a better deal since the equity in the car was lacking. Can the car dealers buy the car back and allow me to get a less expensive one? I'll be able to pay it off quickly compared to the first loan if they bought the car back.
     
  2. Alexandoy

    AlexandoyWell-Known Member

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    That would depend on the car dealer. From what I know here, car financing is handled by another company that is affiliated with the car dealer. What you are thinking is a trade-in, your old car for a new car of the same dealer. That is possible if the financing firm of your car dealer has a trade-in scheme otherwise your only choice is to sell your old car and let the buyer assume the balance. You can then use the cash to buy a cheaper car.