I am currently in a car loan agreement with santander that i have been paying since june 2015. I make payments for $369 each month and still ower $12900 for a car that is only worth about $6000. My interest rate is astronomical, at 21.48%; at this rate i will be paying another 2 years. I have been conned into paying a $30k loan for a car that wasnt worth it then and isnt worth it now. I was approved through a “dealer” that preys upon people with low income/bad credit. At the time i was in college and making less than $20k a year and i am not sure how i was even approved. Honestly i am not even sure and dont recall my income being reviewed.
What would you like the company to do to fix the problem? (optional)
I want them to settle this account for a lesser amount so that i can get rid of this financial obligation, or consider this debt paid. I am unable to refinance the car loan because it financially doesnt make sense. I reached out to my credit union and they couldnt take it on as they would only refinance the value of the car and i would have to come up with the rest of the loan amount in cash , roughly $5k.