Car Loan

[GasBrommer]

What is the name of your state (only U.S. law)? Florida

Hi,

I currently have a car loan with Drivetime (who is claiming they are
not a bank, for which they cannot refinance or modify my loan), I'm
paying an interest rate of 24.8%. Now after some research I found
that:

FLORIDA, the legal rate of interest is 12%; the general usury limit
is 18%. On loans above $ 500,000 the maximum rate is 25%.

What should be my next step in order to voluntary repossess my car and
void the contract without too much legal hassle (spending money on
hiring attorneys, …), what would you suggest?

Thanks

[Zigner]

Originally Posted by GasBrommer

What is the name of your state (only U.S. law)? Florida

Hi,

I currently have a car loan with Drivetime (who is claiming they are
not a bank, for which they cannot refinance or modify my loan), I'm
paying an interest rate of 24.8%. Now after some research I found
that:

FLORIDA, the legal rate of interest is 12%; the general usury limit
is 18%. On loans above $ 500,000 the maximum rate is 25%.

What should be my next step in order to voluntary repossess my car and
void the contract without too much legal hassle (spending money on
hiring attorneys, …), what would you suggest?

Thanks

Even IF the amount turns out to be usurious, voiding of the contract is not an available remedy.

[debtcollector`]

You and your wife need to start living within your means. You are paying 24.5 percent on your car loan and your wife is paying 30 percent on hers. You obviously couldn't afford the vehicles you bought. And you made poor choices with the financing.

For what you want to do, you are going to need a lawyer. And it is probably going to cost more than paying off your car(s). Also the repossession is going to affect your credit.

You might want to give your handling of this matter a bit more thought.

DC