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Posted in Auto Loans
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Question By
Milyenet

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I have $7000 left to pay for my 2001 model car, how can I get out of this loan?
Bought my car from a credit restoration dealership. It has its perks but when I try to trade the car, other dealerships says I am upside down with the loan. What can I do? If I pay this car off, I would have paid over $15000 for a 2001 model car. Any advice?

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Top Contributor
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Sounds like you were taken for a ride!

You should never HAVE to Buy anything to rebuild your own credit. 

Sounds to me like you were taken advantage of.  Reality is that you signed a contract, so you owe the money.  The only one benifiting from that sale was the Dealer and the Lender. It may have helped your credit out at the moment, but you now realize what the true cost is.  I don't know of any way to get out from under the loan legally and you certainly don't want to walk away from it now as that would ruin your credit again.  You have to bite the bullet and figure out a way to pay off that loan.  

Good Luck

Top Contributor
3051 Contributions
2915 People Helped

Sorry, but sounds like you've learned a valuable lesson the hard way.  If you let them repo the car, your credit will suffer.  Next time review your loan paperwork more carefully before signing to avoid this situation.

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