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What is the best way to get out of a costly auto loan and avoid repossesion? |
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Contact the lender and explain the situation. They may be able to rearrange the loan so that you can make the payments. You could also sell the car and pay off the loan. If you are upside down on the loan, ie owe more than it is worth, you may be able to sell the car, give the lender the amount it brings, and take out a personnel loan for the balance. Bottom line is do all in your power to avoid having the car repossessed. If they repo the car you will be responsible for not only the difference in what they sell the car for and the balance on the note, but also the repo fees. Your credit will also be ruined for 7 years. Don't let it happen. Talk to the lender, ASAP.
First answer by Clay. Last edit by Clay. Contributor trust: 3565 [recommend contributor]. Question popularity: 26 [recommend question]
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