Results 1 to 8 of 8
  1. 01-11-2012, 02:06 PM #1
    Prerunner06
    Prerunner06 is offline
    Registered User
    Join Date
    Sep 2011
    Age
    27
    Posts
    2
    Post Thanks / WTG / Hug
    Rep Power
    0

    Default getting out of a loan

    how if possible would it be to get out of a car loan with out damaging my credit... owe 13,500ish worth 11,500ish ideas?
    Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiTweet this Post!Share on FacebookSpurl this Post!Reddit!Wong this Post!
    Reply With Quote Reply With Quote
  3. 01-11-2012, 02:37 PM #2
    wanderlusting
    wanderlusting is offline
    Registered User wanderlusting's Avatar
    Join Date
    Sep 2006
    Location
    Germany via military
    Posts
    1,167
    Post Thanks / WTG / Hug
    Rep Power
    10

    Default

    I think the only way to get out of it without damaging your credit is to sell it and pay the difference on the loan.
    Wife to Air Force DH for 7 years.
    SAHM to twin boys, Samuel and David!
    Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiTweet this Post!Share on FacebookSpurl this Post!Reddit!Wong this Post!
    Reply With Quote Reply With Quote
  4. 01-11-2012, 03:21 PM #3
    MaryCarney
    MaryCarney is offline
    Registered User MaryCarney's Avatar
    Join Date
    Apr 2009
    Location
    Lebanon, Indiana
    Posts
    1,744
    Post Thanks / WTG / Hug
    Blog Entries
    7
    Rep Power
    19

    Default

    Yeah - if by 'get out of it' you mean not paying what you legally owe, it's not gonna happen.
    Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiTweet this Post!Share on FacebookSpurl this Post!Reddit!Wong this Post!
    Reply With Quote Reply With Quote
  5. 01-11-2012, 06:36 PM #4
    Prerunner06
    Prerunner06 is offline
    Registered User
    Join Date
    Sep 2011
    Age
    27
    Posts
    2
    Post Thanks / WTG / Hug
    Rep Power
    0

    Default

    No I full expect to pay what I owe just wondering if u guys have any other Ideas another thought was get a smaller loan pay it down and sell the car for what it's worth
    Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiTweet this Post!Share on FacebookSpurl this Post!Reddit!Wong this Post!
    Reply With Quote Reply With Quote
  6. 01-11-2012, 10:16 PM #5
    NikoSan999
    NikoSan999 is offline
    Registered User NikoSan999's Avatar
    Join Date
    May 2009
    Location
    Florida
    Posts
    6,599
    Post Thanks / WTG / Hug
    Rep Power
    40

    Default

    Quote Originally Posted by Prerunner06 View Post
    No I full expect to pay what I owe just wondering if u guys have any other Ideas another thought was get a smaller loan pay it down and sell the car for what it's worth
    Realizing of course, that if it dosen't sell for what it's "worth" then you'll have 2 payments. Not trying to be a smart a$$...just that IF it dosen't you could be in worse off shape. It's only worth $11,500 if someone is willing to pay $11,500.
    Bank of America is THE godfather of Hell with Wells Fargo running neck and neck. When the world ends the only things that will be left are cockroaches, Walmart, Wells Fargo and Bank of America. Not necessarily in that order. The order remains to be seen.

    Challenges
    Coupon Sales Challenge June
    $28.93

    Coupons for Year / $280.16

    June/ Grocery
    $96.34 /Goal $300 Total

    Groceries for Year
    $1118.51

    Eat Out No More June
    Goal 20
    Accomp/16

    No Spend Challenge
    Goal 15
    Accomp/12

    Change Jar
    $62.68

    Christmas Fund
    $40

    Emergency/Sinking
    $100
    Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiTweet this Post!Share on FacebookSpurl this Post!Reddit!Wong this Post!
    Reply With Quote Reply With Quote
  7. 01-12-2012, 02:10 AM #6
    MTS04
    MTS04 is offline
    Registered User MTS04's Avatar
    Join Date
    Sep 2006
    Posts
    732
    Post Thanks / WTG / Hug
    Blog Entries
    5
    Rep Power
    11

    Default

    How about refinancing the loan? You won't "get out of it", but it could make your payment smaller.

    Or sell it and pay the difference to the loan company.
    It is what it is.
    Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiTweet this Post!Share on FacebookSpurl this Post!Reddit!Wong this Post!
    Reply With Quote Reply With Quote
  8. 01-17-2012, 04:29 AM #7
    Shewillbemine
    Shewillbemine is offline
    Registered User
    Join Date
    Dec 2011
    Posts
    7
    Post Thanks / WTG / Hug
    Rep Power
    0

    Default

    Assuming you don't need to replace this vehicle with another one, you can get a personal loan from a credit union and use that money to pay the difference bet'n what you sell it for and the outstanding balance.

    In a few months, you should be out of the personal loan and car loan free.
    Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiTweet this Post!Share on FacebookSpurl this Post!Reddit!Wong this Post!
    Reply With Quote Reply With Quote
  9. 01-17-2012, 08:19 AM #8
    Greebo
    Greebo is offline
    Rude and Vile Master Greebo's Avatar
    Join Date
    May 2008
    Location
    Baltimore, Maryland
    Age
    44
    Posts
    8,479
    Post Thanks / WTG / Hug
    Rep Power
    74

    Default

    Quote Originally Posted by Shewillbemine View Post
    Assuming you don't need to replace this vehicle with another one, you can get a personal loan from a credit union and use that money to pay the difference bet'n what you sell it for and the outstanding balance.

    In a few months, you should be out of the personal loan and car loan free.
    And if you do need another vehicle, borrow a LITTLE more - about $1000 or so, and buy a "get me from point a to b beater" vehicle as well as paying off the bigger loan. You want to end up with much much less debt in the end, so if you owe 13 and its worth 11 borrow 3-4 TOPS, sell the old, buy a replacement for under 2 (ideally around 1) and you will be out of the old loan with no credit damage.
    If you could kick in the pants the person responsible for your problems, you wouldn't be able to sit for a month.

    Did you know that a 4 year student paying $20,000/year who finances their education graduates with over $103,000 in debt to start? But a student who works and pays cash and takes 6 years to graduate ends with $6,300 in their pocket! So much for "getting a head start by financing!"

    Greebo    (Nerd Spender): Loving and extremely patiently tolerated husband of ceashels.
     WARNING: Y Chromosome behind the keyboard. Adjust your listening filters appropriately!

    Three     Two mortgages, two one no car loans, one no credit cards, and a partridge in pear tree!
    Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiTweet this Post!Share on FacebookSpurl this Post!Reddit!Wong this Post!
    Reply With Quote Reply With Quote
« Previous Thread | Next Thread »

Similar Threads

  1. Car Loan
    By beas07 in forum Dave Ramsey
    Replies: 3
    Last Post: 08-17-2011, 11:54 AM
  2. Loan Went Bye Bye
    By Palooka in forum Success Stories
    Replies: 13
    Last Post: 03-10-2011, 03:13 PM
  3. Can someone help me with the math on a loan
    By Palooka in forum Debt Reduction & Money Management
    Replies: 5
    Last Post: 06-14-2010, 08:43 AM
  4. Took out a loan...
    By itsahumanzoo in forum Debt Reduction & Money Management
    Replies: 18
    Last Post: 07-03-2007, 11:15 PM
  5. ? on 401k loan
    By SheriH. in forum Debt Reduction & Money Management
    Replies: 4
    Last Post: 10-01-2006, 10:31 PM

Tags for this Thread

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  

Forum Rules