Getting out of a credit union auto loan?

Tuesday, July 28th, 2009 at 02:43

Marissa asked:

I bought a car about 2 months ago since, my life has changed & the car no longer fits my needs...

Problem: I have an auto loan through my credit union... I'd like to get rid of the car.. if I sell it privately I doubt I will get as much as the loan amount...

What is the best way to get rid of this loan? If I can't sell it for the full amount what happens to the rest of the loan? do they convert it to a regular loan not an auto loan?

taking it to a dealer & trading it in... wont be nearly as much as my loan amount.. I've never done this, I have no idea what to do!

How bad does a repo look on your credit?

Thank You!

Reply:

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