I finaced a truck for a close friend, with the agreement that they where going to pay the monthly payments on it. It has been over 4 months and after the 2 month grace period, no payment has been made on the account. I need to get rid of this car, I do not want it in my name any longer. I need help, because I cannot afford the truck myself.

progunr

Kinda makes you wonder just how close this friend was huh?

You have few options. You could try to sell it, I'm guessing that you are way upside down on the loan balance vs. value of the vehicle.

To sell it, especially if you have to sell it short, you would have to be able to come up with the difference between the selling price and the loan balance in order to get the title. Also, the buyer would have to trust you to pay off the loan, and wait for the title. Most people want the title in their hand if they pay cash. No one will finance the vehicle for a buyer while there is a lien on the title and it can't be presented.

The only other option is to pay for it, or have it repossessed. If it gets repossessed, you will really have problems. It will have to be sold at auction, and flagged as a repossession so it won't bring anywhere near it's value. After sold, and proceeds applied to the loan balance, you will be responsible for the difference, along with all late fees and repo costs.

Try to sell it, pay for it, or have it get repossessed.

That is what you have to work with.