How can I get out of my car payment? HELP!?

Question

I am paying 462.00 a month for a Loaded Grand Prix 2006 with 42,000 on it. I have 3 more years to go. I would love to get out of it. Should I crash it and take the loss? I have full coverage insurance......just a thought.

Answer 1

well, thats not a good idea
you could hurt yourself or someone else and a car is not worth you life or someone else's.

try to get someone you know
mom, dad, uncle,cousin to take over the payments if possible
or try to refinance it through your insurance company for a lower payment.

also according to these folks no one here has GAP insurance besides me.

if i crask my truck and my insurance pays but, not enough to pay it off my GAP insurance pays the rest so i no longer owe on said vehicle.

also that would constitute as fraud and you could go to prison.

Answer 2

It is what the industry call's, being "Upside down on your loan" which is when the loan is more then the value of the vehicle... and trying to sell it you will take a loss and that $462. plus the rate of insurance is a very large financial burden...

You need to make a decision that the next car you buy will be one that you can afford and not what the salesman thinks you can afford. ie, an older car and learn to work on said vehicle so you can put money in the bank and not in payments too the fat bankers making money off your inflated car loan...

any way... make a decision... possibly just bite the bullet, sell it, pay off balance etc...

Answer 3

No I think the responsible thing to do would be either sell it for what you owe on it, or trade it in for a cheaper car.

That's a pretty high car payment. That's about what I was paying on my Volvo.

If you couldn't handle the payments why in the world did you buy it. Don't risk getting busted for insurance fraud. And if you are willing to take a "loss" then wouldn't it be smarter to just get as much as you can for it, and take the loss that way.

Answer 4

Have you heard of insurance fraud .. b/c that's what this is?

Besides, most standard insurances will only cover the blue book value of the car, NOT what you owe. Considering you still have 3 years on a loan for a 1 year old car with 42,000 miles on it - you probably owe more than the car is worth.

Answer 5

Huh? How will that help? There is no way your car is worth what you still owe on it so you will STILL have to pay thousands to the bank after the total loss settlement, not to mention you will be out a deductible, your rates will soar and there is a good possibility you will found out, your claim denied and all of your insurance CANCELED.

Answer 6

Why not just sell it for what you can get and pay the loan off and buy something less expensive and live with it until you can afford to pay cash for the next one? Just a thought. You'll be money ahead.

good luck.

Answer 7

If you were going to do that asking a question on here was the best decision. Only way you could get out of it cleanly would be to trade it in on something else or sell it.

Answer 8

If you want to get convicted of insurance fraud, a felony that carries a fine bigger then your car note.

Really, why do people think insurance adjusters aren't good at figuring this stuff out? They do. And then they convict you.

It's people like you that make my insurance rates higher.

Answer 9

Sell it or just refinance it to make the note cheaper. Insurance will only cover what it's worth, not what you owe.

Answer 10

cowboy pretty much said all that needs to be said on it,if you did do this you,d probably get caught,id just sell it ,and hope for the best amount i could get out of it,you never get away with things like this,good luck.