Are these terminals on the back of your sub woofer driver? They're intended for use with much thinner wire than 12g. YES!
Was your 12g wire meant to go between the driver and terminals on the back of your cabinets? If so, a short length of 16g or smaller wire will work just fine. YES!
Like MrBoat says, heat the terminal posts until the solder melts, pull away the old wire and scrape the excess solder off. Have more wire with fresh tips ready and solder them on. Use thinner wire if you have it.