car loan

Submitted by ERykahtaye on Sat, 04/17/2010 - 22:42
Forums
Credit repair

Anyone know about any tricks of the trade to get a car out of your name in hopes to lower a finance charge on terms of loan?

Not sure how to go about selling to a third party while tied to (2yrs remaining) a loan with the dealership. Credit score is still weak and high finance charge is killing me.

Feeling Trapped.

e.

sdchargers_63

From reading your post (please correct me if I'm wrong), you have a car loan in your name. Well.....I don't see how you can remove your name if the loan isn't paid off yet. I DO know you can't sell the car if you still owe payments on it. Can you explain your situation a bit more, please?

Sun, 04/18/2010 - 12:14 Permalink
Aaron

Hi Ery,

sdchargers is right. If you don't pay off the loan, you won't be able to sell your car. As you are facing problems due to the finance charges, you can try to negotiate a repayment plan or request a loan modification with the lender.

For a sample loan modification letter you can refer http://www.creditmagic.org/letters/loan-modification.html . Send the letter through certified mail, requesting a return receipt.

Thanks,

Aaron

Mon, 04/19/2010 - 06:42 Permalink
cinnamngrl

There is a lien against the car so technically you don't own this car.

Mon, 04/19/2010 - 13:34 Permalink