34 Answer s
Believe me, I’ve tried. I purchased a car with my then-boyfriend, and when he dumped me, he stuck me with the car since everything was in my name. I’m stuck paying for it.
Unless you can find a way to pay off the loan, or you get in with a dealer while they’re having a pay-off deal, you’re stuck.
You may not be able to get out of the loan, but if it’s a 5 year car loan, you may be able to get it refinanced to a 7 year. Personally, I would take the $17,000, buy a $2,000 used car, pay $15,000 on the car loan, refinance the $10,000 as a personal loan for 5 years, and chalk it up to “lessons learned” about how
to manage money. 1) Never buy a depreciable asset on credit. 2) Never buy a new car, unless you tend to keep a vehicle for 12 years or more. People who are impressed by the fact that you have a new car are really not worth impressing, IMHO
AlfredaPrufrock ( 9369 ) “Great Answer” ( 7
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you can 1. file bankruptcy or 2. let them repo the car and enter the 8k into a debt settlement program where you will pay back 50 cents on the dollar…
How many dollars is it worth to “save” your credit? The amortized pay back on $8000 could be as high as $24k depending on the term….what is 75 fico points worth to you.