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Submitted 694 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.

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Answer 1 / 5 - Submitted 694 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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Answer 2 / 5 - Submitted 694 days ago...

SpringTime

SpringTime

Contributor (102)

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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Answer 3 / 5 - Submitted 427 days ago...

ehickerson

ehickerson

New User (1)

My wife just lost her job and I am retired no job , can i turn my car back to gmc dealership . I need the money to keep the house and live

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Answer 4 / 5 - Submitted 367 days ago...

SpringTime

SpringTime

Contributor (102)

Nope, you can't just give it back.

you will need to sell the car and use that money to attempt to pay off your loan assuming you are not upside down in it.

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Answer 5 / 5 - Submitted 129 days ago...

dpirtle

dpirtle

New User (1)

I bought a car, and i owe $8500 more than it is worth, what can i do to get out of this car loan

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