anyone able to renegotiate loan balance on car?

[jribe]

Hi Everyone,
I'm thinking about just buying a decent used car from a place like carmax, because i owe about 10k over my current cars value. I have my car financed through toyota financial services; and was wondering if anyone had any luck with getting their loan company to just lower amount owed or interest rates? I figure that if they won't- and i can get a better deal; i might as well let my other car go. Then they're stuck with a depreciated car- and they wont even get KBB for it at auction. Any insight?

[jribe]

anyone?

[gem561]

Did you try 722 redemption? If your car is worth keeping, id look into it. I did, and financed my truck at 13730, but we owed 31000. The rest is written off in the bk. The interest rate is 24%, but in our case, it benefits us because we still had 5 years to pay the 31000, which in the long run is way more than 24% on 13000.

[drowningNdebt]

DO they go off of KBB trade in or retail value?