My question involves a consumer law issue in the State of: Massachusetts
3/06. I purchased a vehicle where citi financial was the lender and the purchase price was $25,546.90 with a 15.99% interest rate for 72 months. The loan was acquired by Santander when purchased Citi.
A few months into ownership, I lost my job and was struggling the keep the car financially. I was making payments late (but eventually making them) Basically, I was always late on the payment, sometimes 30 days, sometimes 60, a few times 90, but always paid.
A few years of this going on, they agreed to "restructure" my loan. Essentially I Thought they were keeping the term the same and reducing the interest rate. In actuality, they went back to the initial origination date and made it based on 95 months instead of 72!
As of today, I owe 12,450 on a car, with a trade in value of 3,000. It's failing inspections and will cost over 8,000 to make all the repairs. I attempted to negotiate a settlement amount with Santander refusing. I cannot trade in the car, unless I put down 9,000 out of pocket which I do not have.
Am I S.O.L ?