Before we married, my wife bought a van conversion to travel in. We still owe $43,000 on it and never use it. How do we get out from under this ;loan without ruining our credit history?
Well you'd end up going upside down on the loan, which is bad. So about the only thing you can do is offer it for sale and hope to get what you owe for it.
I've had good luck here...
http://auto.deal4-you.com
Best of luck to you.
Your only chance it to try and sell it or have someone take over the note. You may loose some money if the buyer pays less, but the main thing is it will show paid as agreed and your credit will be safe.
DON,T file bankruptcy, why pay thousands (and do not let anyone tell you it is cheap to file) when you can pay for a simple add in a newspaper or online.
Even if you turned it in voluntarily, the title holder does not want the vehicle, they want the money. They will sell it at auction, and you will have to repay any balance owed and it will show as a repossession on your credit report.
Believe me, here in Florida, thousands of repossessed vehicles are trucked in daily and they sell for pennies on the dollar at auctions.
Hope this helps answer your question.
If you can not sell it for the balance, then your only other option is file for bankruptcy. Do not surrender it to the dealer because all they'll do it get 3 bids on it and then go after you in court for the balance owed.
With the way that all loans seem a challenge to get these days. The websites places are good and often have easier approval sometimes.
Ive been told this site is good http://auto.deal4-you.com
sell it