How do/Can I get out of my Car Finance?

[vamp1573]

I have had my vehicle for just over a year and in all with insurance the car cost me �600 a month. I have a house and my Girlfriend has now fallen pregnant. I can no longer afford the monthly payments and im am REALLY struggling to survive.

Could somebody please give me some advice as im getting rather depressed with the situation?

[Loosehead]

Get a settlement figure off the lender and then sell the car making it clear there is finance outstanding, then a buyer will pay off the finance first before giving you the change, if any. If the car is not worth what you owe you'll have to make up the difference.

[rachela500]

As said above, get a settlement figure. Then you could take out a loan with a bank (probably for less APR). The car would not have outstanding finance if you paid it off with a bank loan. Then you could sell the car and pay off the loan with the money (make sure you are not charged for paying off the loan early though).

Be prepared for the car to be of less value than what you owe on it though.

[thindog]

Hi, I had the same situation two years ago and also have worked in the car sales trade.I searched every option and the only thing that you can do mate is to work out exactly how much is half of the total payable and pay the money and give the car back to the to the financers.Otherwise you will never be able to finance anything again!