Okay…I have a Dodge Neon that I purchased in June of last year. When I bought the car…the dealer told me that the interest rate was 11.99%….fair I thought considering I had a chapter 13 about 7 years ago. Well I just called the loan company and discovered that my interest is 16.99% Way too much than I am willing to pay for any automobile…I asked what my options were and they told me either refinance through another company or surrender.
1) I called around and no company will refinance because the amount owed is higher than the actual value of the auto.
2) I can write a letter of surrender and when they come get the automobile, they will auction it off and I just pay the difference between the auction price and what is left.
I would like for someone to help me write the surrender letter (I searched the web already)…examples would be great!
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