Board Topic: auto loans
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auto loans

Posted by: broc thomson May 6 2004, 09:24 PM
I have entered into a car loan for 4 months and now believe I am in over my head. Is there any way to get out of this loan?

Posted by: loanuniverse May 7 2004, 05:02 PM
Broc:

have entered into a car loan for 4 months and now believe I am in over my head. Is there any way to get out of this loan?

It would all depend on the lender or on finding a buyer {either a dealer or an individual} willing to take the car off your hands.

More than likely the lender that gave you the car loan will want to get paid, which is understandable. Even if you got the financing at the car dealer, chances are that your loan "paper" has been sold to a financing company. Whomever holds that loan just wants to get paid.

I think that the only way that you can get out of this loan is for you to sell this car. Looking up the value of the car in the internet and comparing that with the loan balance will give you an idea of the financial hit that you are about to take. You will most surely get hurt in the pocketbook unless your down payment was bigger than average.

Good luck
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