Primarily, it's illegal to void a car loan. if you're not sure what they're asking, be certain to ask before answering the question. a common question they may have is how to get an auto loan with bad credit or financing for a vehicle that doesn't exist anymore.
the best way is to speak with your lender or lending company about refinancing your obligation in order to lower the payments on your car payments. this will allow you during tough times in exchange for payments at a later date so be cautious of this practice because once again, it's illegal. you don't want any surprise tickets from local law enforcement officers showing up at your door because illegally removing yourself from paying for something you legally
how do you get rid of a car loan you can't afford?
first, remember that a car loan is a reasonable choice. most people don't have the cash to purchase their next automobile outright. the monthly payments are typically less than the daily cost of renting cars for all members of your household so it can be done without breaking your budget.
if you've fallen behind in making the payments, use this calculator to determine whether using one or more of these options will help create an affordable payment plan based on expected income and expenses over time.
pursue one-time sources of funding to cover overdue or current debt balances, ideally while maintaining or seeking employment with steady income streams. speak with lenders about modifying loans that are burdensome at current interest rates, often resulting in lower levels of
can you give your car back to the loan company?
even if you are behind in your payments, you might be able to get the car back if you have an experienced bankruptcy lawyer. you can file chapter 13 bankruptcy but state law differs when it comes to repossessing a vehicle if someone is still making their loan payments even though they are behind on them. depending where in the united states you are located, there may be different rules for how long someone has before the car is taken away by the lender or unless there is equity in it then that owner can agree with the lender that they take over payments. different states have these types of laws depending on what kind of debtors attorney handles your case for payment assistance. the best way to find out whether or not this option would work
how do you forfeit a car loan?
most lenders require a written request, including the lender's name and address, the identification number of the vehicle loan account, and a signed copy of that document.
a lender who receives a valid notice to terminate an auto loan should reach out to any dependent persons who should be informed about their responsibilities with regard to certain aspects of it. if you have any questions about our policies or other matters relating to your contract with us please contact us immediately by phone at 1-877-660-1250 monday – friday 8 am – 10 pm est or send an email through this website.
what is a predatory car loan?
predatory car loans are interest rates that are set at a higher point than they should be. this is because the lender assumes that the person will not be able to repay the loan, and they will end up repossessing the vehicle or suing for full payment anyways. this type of lending is dangerous because it can lead to bankruptcy if you do not have enough money left over to cover your other bills most months after paying for your mortgage, student loans, credit card debts, etc. it also gives lenders virtually unlimited expenses due to these exorbitant interest rates.
