Should I keep trying to refinance my auto loan(if possible) or file bankruptcy?
Ok,I’m 25 and I just got a 04 Pontiac Grand Prix with 112,109 miles on it,for ,000 but got slammed with a 21% interest rate. I tried before hand to get a lender/bank/credit union going in but No one would fiance me because I have 540 credit score. I had to take the deal because the truck I had was a gas hog and was falling apart and I need a way to get to work, so I sold that to get the down payment for the Pontiac.Here the issue,I have had it for 3 months and I have no problem paying the car note(1-a month) but when the economy shot 2 year ago and my job gave pick slips to me and hundred of people,unfortunately I had lost my home and voluntary returned a 02 Monte Carlo to the bank.As you may know now I have a for-closer and an repossession on my credit which is the reason for the low score. I currently have had a job now for the past two years so I making it even tho it get ruff at times with other things like college and apartment bills. I cant find any lender on the net to refinance a car with that many miles and it doest help that my credit score is so low. I was told that since I’m still young I should file bankruptcy to clear my dept and start over now. The only issue I have is I want to keep the car I just got but is there a way in the bankruptcy that I can keep the car and get the lender/bank to lower the interest rate so I can keep it?Or do I have to give it back or keep it out of the filing altogether? I’m a perfect example of bad thing happening to good people because I held a job all life and payed bills on time but you know what the say "sh** happens" Please provide me with some good meaningful advice .on what the best possible decision Thanks!!!