Anyone know how to get out of a car loan you no longer want?
January 5, 2006 12:13 PM Subscribe
How can my mom get rid of her car? It doesn't work, numerous attempts to repair it have been unsuccessful (long story), and she still owes money it. Is there some way to get rid of the car altogether without defaulting on her loan and ruining her credit?
posted by pikachulolita to travel & transportation (30 answers total)
The unnecessary expenses are really killing her; she's paying an amount equivalent to her rent, and she could get along fine on the bus. She's tried taking it into a couple of shops and while they fix what is immediately wrong, on her drive home another issue always crops up. Even if she were to get it fully repaired, I doubt she could get even close to enough for it to pay off her car loan.
I have heard of something called the "lemon law" covering chronically broke-ass cars and will look further into that, but I know she would need a bunch of documentation if it would even qualify and she really doesn't have the energy to sue over it or anything.
Is there a way out for my mom? If she didn't care about her credit, defaulted on the loan, and got the car repossessed, would she be released from the commitment? Is there any other way out?