Auto Finance question..?

Question

So I have my car financed through Wells Fargo Finance and was just wondering what I would have to do to get out of it.

Like, I don't want to pay for the loan anymore..

I can't afford it.

I still owe like $4,000+ and just want out!

I know it'll mess up my credit score which at this point.. I don't really care.

How can I do it and what other effects will follow???

And no.. I don't expect to keep the car.

Answer 1

You can give the car back and they will cancel the contract. If both the purchaser and seller agree, you can return a car with no problem. The decision will depend on what the seller thinks of the condition. The car is obviously not in the same condition as it was when you purchased it.

Answer 2

It's simple, call and explain you can no longer afford the car and you would like to do a "voluntary repossession".  

Answer 3

claim it stollen...

and have it burnt 2 a crisp !

Answer 4

Seeing you just got some pretty lame answers...here's the deal...You voluntarily repo...they sue you, garnish your wages for the balance that is owed, and/or attach to your bank account until the balance is paid in full..For 4K, I'd pay it and get it over with. You cannot get out of a garnishment unless you filing for a bankruptcy...which stays on your credit report for 10 years and the debts for 7 years.  

Answer 5

Consider getting a temporary part time job and use that salary to pay the car off faster.  If you do that , you will probably make the $4000. in 10months or less.  That way the car loan is paid off and you still have the car. Otherwise:

1. Sell the car

2. If the car sells for less than $4000. you will still have to pay the difference.

3.  If you don't have the extra that you need, go to your credit union and see of you can get a short term personal loan for the difference.

Whatever you so, do NOT let the car be repossessed.  If they take it, it will be sold at auction for a fraction of the amount that you owe and you will still owe the difference between the auction price and $4000.00.  I have seen repossessed  cars sell for as little as $100.00.  If that happened, you would still owe $3900.00

Answer 6

You can either find someone to buy your car and take over your payments which you'd then just have to go to your bank and have the balance be transfered to the other person, or you can tell the bank your situation and do the "voluntary reposession" thing though I'm not quite sure how that works. But just put a For Sale sign in it and try to get a buyer to take over payments and you'll be fine w/out damaging your credit. Good luck! Side note- many people would love a new car for only 4,000!! :)