I bought a car one year ago in December. My monthly payments are almost $550. Refinancing was not possible because I couldn't get a better deal since the equity in the car was lacking. Can the car dealers buy the car back and allow me to get a less expensive one? I'll be able to pay it off quickly compared to the first loan if they bought the car back.
That would depend on the car dealer. From what I know here, car financing is handled by another company that is affiliated with the car dealer. What you are thinking is a trade-in, your old car for a new car of the same dealer. That is possible if the financing firm of your car dealer has a trade-in scheme otherwise your only choice is to sell your old car and let the buyer assume the balance. You can then use the cash to buy a cheaper car.
