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Old 05-09-06 | 05:45 AM
  #14  
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cooker
Prefers Cicero
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Joined: Jul 2005
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From: Toronto

Bikes: 1984 Trek 520; 2007 Bike Friday NWT; misc others

In a way you have some leverage, because if you default on the loan and the bank seizes the car, they won't get their money back. I'm not suggesting you do that, but the bank might be worried that you will, since they've lent you money beyond the value of the collateral. So their objective is not to make you own a car you don't want, but merely to ensure you keep paying them interest.
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