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Submitted 377 days ago...

monk28

monk28

New User (1)

How to get out of car loan?

I financed a used car through a bank, purchased about a month ago. I now have an opportunity to live in the country of Panama. So I want to know if I can just let the bank have the car and if I would then be totally free of the loan? I found that I can not take the car out of the country while it is being paid off. Thank you.

 
Answer
 

Submitted 377 days ago...

Jodi-Mesa

Jodi-Mesa

Brain (2,795)

Your best option will be to sell the car to someone else (be sure check clears first, before you give them the title :) but no, there is no return policy where the bank will give you the money back. You sell the car, collect the money, then write off the balance to loan.

Try craigslist.com - you have to be careful who you deal with, use common sense, make sure check clears before handing over the title and just be extra careful, but I have had great luck with posting things up there to sell quickly. Good luck!

 

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