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It is possible if you are current on your car payments to reaffirm your note with the lienholder for the current value of the car. Often times they will negotiate a lower interest rate based on the amount of principal you have left on the note. However, it is up to the company. I have many companies that will not negotiate with debtors, others are happy to work with their customers. Some companies will take the value of the car and then apply an interest rate based on that amount because that is all the amount of "secured debt" they have. It will be up to your lender to make the final decision. If they don't work with you they know in the end you will just surrender the car and they will be faced with having to sell it, so there is incentive for them to work with you.