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How can I get rid of my car loan?
So under my mom's name, I bought a car with a loan. I can no longer afford the payments but I still owe $17,000 on the car. I don't want to ruin my mom's credit. What can I do? I'm willing to get rid of it but I don't think that's possible. Any advice will be really helpful. Thanks.
Asked by
xemptynights
1 year ago
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You can't really get rid of the loan, have your thought about trying to sell the car and pay off the loan with the money you get from it?
tweetymac 1 year ago
It is unlikely you will be able to get $17k from most used cars. Unless you can find a way to pay off the debt in whole, other than making the payments, your mother's credit will be hurt. There is no way you can get rid of the loan without paying it off.
phnxangell 1 year ago
Park it in a bad area and hope you have gap insurance? jk but the best thing you can do is get help your moms credit is at risk perhaps she would be willing to help you until you can get it sold, or your financial situation improves.
SDobson22 1 year ago