I have had this car for almost 2 years now. A family member took over the payments of the car about a year ago but now the payments are 3 months behind. I have no one else to take over payments and I don't know what else to do. I have the car up for sale but no one is interested in buying the car. I need some major help on this one. Is there anyway to negotiate your way out of an auto loan???
2007-12-18 07:35:57 · 13 answers · asked by SoCalChick 1 in Business & Finance ➔ Personal Finance
I'd like to keep my good credit good if at all possible. I know thats pretty impossible with the situation at hand. I'm just holding onto hope that someone can help me I guess.
2007-12-18 07:44:12 · update #1
No, there is no way to negotiate your way out of a auto loan. you can file against the person that was making payments..but you are stuck.
2007-12-18 07:38:50 · answer #1 · answered by junebug 3 · 0⤊ 0⤋
Probably when you tried to sell the car you were asking for more than it's worth, or at least more than 'other people' think it's worth. Lower your expectations. Lower the price and get the best price you can for it. Use the money to pay on the loan. Go to the lender and explain your predicament. Don't expect a lender to forgive the loan - they won't let you off the hook - but many lenders will work with you to make new payment arrangements. I know you'd prefer to dump the loan altogether, but you have the good vision to see that it's going to affect your credit rating if you do that. So you really do have to bite the bullet and pay the loan back. And when it's all over, you've learned a valuable financial lesson and hopefully you preserved your credit for one day making a better investment. That's the way I see it.
2007-12-18 07:50:53 · answer #2 · answered by nothing 6 · 0⤊ 0⤋
You can do a voluntary repossession, where you actually give the car back to the bank who financed it, Make sure you take care of everything on paper before doing it. There is a difference on your credit if it is voluntary vs. them coming after you for it. This is the only advice I have if you don't have any means to pay for it. Unfortunately you will still be responsible for any amount left owed from your original loan once they sell it at an auction. Maybe they will also work with you on a settlement balance once the vehicle is sold, if you come up with a solid payment plan. A lot of banks will work with you if you were a good customer previously and are just having a hard financial time right now. I was previously a collections specialist, and the bank I worked for attempted to assist when possible to people who really tried and kept their word.
2007-12-18 07:46:26 · answer #3 · answered by Nolan's Mommy 3 · 0⤊ 1⤋
You said that a family member took over the payments did they do this with the finance comapny or was this a side deal between kin??
If the loan was changed over to your family member than it is their problem not yours.
If this was a side deal because you were trying to help out your kin than you could very well be screwed. I would call the finance company see if they have any suggestions. THe sooner you get rid of the car either via selling it or voluntary repo the better it will be for your credit.
2007-12-18 07:55:27 · answer #4 · answered by georgia3673 2 · 0⤊ 0⤋
Hi,
There are auto dealers whom will buy the car off of you and get you out of the debt to the finance co. You will lose money though! there may be a negative equity situation that you will have to sort out, but its an option. Auto dealers want to make money on cars.
2007-12-18 08:18:38 · answer #5 · answered by Latin Techie 7 · 0⤊ 0⤋
You signed on the dotted line to the loan terms. Aside from selling it there is no way out of it. The responsible thing is to own up to your actions and pay for it.
2007-12-18 07:39:43 · answer #6 · answered by BuckeyeGirl 2 · 0⤊ 0⤋
no, because it's probably worth less than the loan balance until you have about 15 months left - if you do a repo, they will sell it at auction for well under its real value and then add lots of fees to the unpaid balance and come after you to pay that balance
2007-12-18 07:45:16 · answer #7 · answered by Anonymous · 0⤊ 0⤋
You will find very useful this site for finding the best option for you WWW.CREDIT-SOLUTIONS.INFO
RE:Is there any way to get out of an autoloan?
2014-07-14 20:03:46 · answer #8 · answered by Anonymous · 0⤊ 0⤋
EASY as cake
Put the car on a flatbed tow truck and return the car to the finance company address obtained by calling the phone number of the finance company.
2007-12-18 07:39:49 · answer #9 · answered by god knows and sees else Yahoo 6 · 0⤊ 0⤋
Trade it in on another car.
2007-12-18 07:40:27 · answer #10 · answered by Darth Vader 6 · 0⤊ 0⤋