I bought a family car (2004 Buick Rainer) in my name payoff $21,000. KBB Private Sale is $15,000. My wife backed out of her half left me with a payment of $720 a month causing serious delinquencies on my credit now I can?t trade it in, I can?t refinance due to my affected credit score, I can?t sell coz the bank won?t release the title without full payoff.. I have thought of many options voluntary Repo being the last. How can I get out of this loan without hurting my credit? What are my options ? Please advice.
The only real solution to your problem is to increase your income. This means you are either going to have to get a second job, or find a way to get some overtime at your current job. If you find a part time job at $10 per hour and work 20 hours per week, that gives you an additional $800 per month before taxes. Even if taxes take half, it will cover the money your wife should be paying.
I've bookmarked this site to go back to next time I need a loan...
http://www.knowledged.info/go.php?link=a…
Best of luck to you.
You can't get out of this loan, without affecting your credit. Your BEST option, is to sell it for the $15K, after you find some way to scrape up the $6K difference - it's not going UP in value as it gets older, ya know.