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    skalford's Avatar
    skalford Posts: 1, Reputation: 1
    New Member
     
    #1

    Feb 10, 2008, 07:32 PM
    How to exit an auto loan from a bank.
    Am no longer able to afford my auto loan. Between jobs. Balance on loan exceeds value of SUV. What options do I have.

    :o
    slowandeasy's Avatar
    slowandeasy Posts: 353, Reputation: 14
    Full Member
     
    #2

    Feb 12, 2008, 01:33 PM
    Hello Skalford

    If you can no longer afford the payments, try selling the suv.if you let them repo or if you turn it in it will be sold and you will be responsible for the balance if it sells for less then what is owed
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
     
    #3

    Feb 12, 2008, 01:38 PM
    You have very few options. You can try refinancing. You can try selling, maybe getting someone to take over payments. You can sell for cash, hand that over to payoff as much of the balance as you can, then enter into a settlement for the balance. You can defualt and have them repo which will leave you even in greater debt.

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