my car payments are to high they won't let me refianice and they told me to tell the bank that I dont want the car anymore and the bank will take it do I still have to pay the note?

The loan is separate from the car. The car has been used as collateral on the loan itself. You can ask to see what the payoff on the loan is and possibly refinance in that way, it depends upon different variables, of course. But even if you independently sell the car, you’re still responsible for the loan.

If the bank gets it, they will auction it off and you’ll have to pay the difference in what they get and what you owe.

if that was the case no one would ever have a reposession. Trust me I know I still owe12,000 on a car someone else is driving by now. The dealership was giving you a line of B S so they wouldn’t have to deal with you!

what does “refianice” mean?

@ issinoho Its basically renegotiating the current loan. Its used to lower a payment or interest rate.

I am not a lawyer,
If you paid $32,000 for a $15,000 car you might have some recourse with the New York City Department of Consumer Affairs. New York City and New York State have some of the strongest consumer protection laws in the country.

A very slight chance as your situation defies reality.

SRM

@ Randy, I was referring to the incorrect spelling!