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Posted in Auto Loans
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Question By
ffohr

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0 People Helped
How to get out from under a car payment you cannot afford anymore due to loss of wages
I am trying to do the right thing to have only one car payment as my income has dropped and I cannot afford the second car payment, however it is very difficult because the negative equity on the car is about $6,000 and I was told to sale it to a dealership but would have to write them a check for the difference and if I had that much money for the difference I would not be needing to so what I can to get out of this second car loan.

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Unwanted car loan

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I wish i had a better answer, but there really is no way to get out from under a car loan short of a repossesion , you could turn it back into to the bank and have a voluntary repession on your credit but either way it will be a repossesion. It takes about 8 years for it wash out of your credit.

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