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Auto Loan Stinky Situation?

I bought a family car (2004 Buick Rainer) in my name payoff $21,000. KBB Private Sale is $15,000. My wife backed out of her half left me with a payment of $720 a month causing serious delinquencies on my credit now I can鈥檛 trade it in, I can鈥檛 refinance due to my affected credit score, I can鈥檛 sell coz the bank won鈥檛 release the title without full payoff.. I have thought of many options voluntary Repo being the last. How can I get out of this loan without hurting my credit? What are my options ? Please advice.

The only real solution to your problem is to increase your income. This means you are either going to have to get a second job, or find a way to get some overtime at your current job. If you find a part time job at $10 per hour and work 20 hours per week, that gives you an additional $800 per month before taxes. Even if taxes take half, it will cover the money your wife should be paying!

Good luck

It sounds like you already know the options. Typically, in situations like this, the best option is to simply keep the car and find a way to make payments. Any other option requires cash -- in your case, about $6000. Even if you could refinance, a loan company won't finance it for more than it's worth.

Voluntary repossession doesn't solve anything. You give the car back, they trash your credit rating, and sue you for the $6000. Actually, the amount they sue your for will be more than $6000 because they will sell your car at wholesale auction and bill you for the difference between that amount and your loan balance. And.....you won't have a car to drive.

Like I said, the best option is to find a way to keep the car and make the payments. There is no magic answer that will make this go away.
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