Chance of refinancing auto loan
I was forced into Ch. 7 last summer and wish to refinance my auto loan now.
I have a 2001 Odyssey that is worth far more than the payoff, which now
stands at around $9000; my interest rate is around 7.5% (which was good in
2001 when the car was purchased).
It now seems that because of the bankruptcy I am trapped within this loan -
either pay it off early or fulfill the terms. Even USAA, which currently
provides my auto insurance won't refinance it; nor will my own credit union.
Am I stuck?
-Did you reaffirm the debt? If not you can probably surrender the vehicle
and have no further liability. Most people with a job can buy a car
immediately after the case closes. Try contacting the original creditor and
advise them if they won't