To make a long story short I made a huge mistake, I financed a used 2006 vehicle in October of 2017 at 26.13% interest the price was $20,000 as the vehicle stands it currently values at $15,000 according to KBB.
I don't know what came over me and why I signed the papers. I'm not even sure why the loan office approved me in the first place how can they expect someone to pay that much interest and not default?
So at this point I am wondering if it's even possible for me refinance for a lower rate? Worst case scenario if I decide to do a voluntary repossession can I be sued, or can I just ignore the harassing calls and letters and live in squalor the rest of my life, I doubt I'll ever be able to buy or rent a house if I do that. I don't know what to do.
Can I go back to One Main Financial and persuade them to give me a lower interest rate? 26% is legitimate robbery when I heard that I didn't understand how APR was calculated so I'm basically paying $19,000 to finance a $20,000 vehicle.