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How do I get out from under the loan on I car where I owe more than the car is worth?

Full question:

I cannot afford payments on car. I owe more than it is worth. I would like to get out from under the loan.

Answer:

Depending on the terms of the lender, you may be able to transfer the loan if you sell the car.

This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.

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FAQs

If you can't afford your car, consider selling it. You can sell the car and use the proceeds to pay off the loan. If the sale price is less than what you owe, you may need to work with your lender to settle the remaining balance. Alternatively, you might explore options like refinancing or transferring the loan to another party.

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