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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...

sidelko

sidelko

Brain (3,055)

I agree, you need to sell your car. you can't just give the car back to the bank.

craigslist or ebay are two places you could sell it. or the local paper.

the only thing is, after a month you might be upside down in your loan and might end up owing more then what you would get for selling it.

 

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