How do I get out of an Auto Loan?

I have a loan with my ex. She is hounding me to get her off it. I can't refinance without a co-signor and no one will help. I can't sell it because I need a car and can't pay the difference. Any auto salesmen out there who can give me some advice? Pretty much any option with me selling, paying, getting another loan, etc... is not an option. Will any dealers take it and trade it towards a different car. I found it's worth $6500 KBB for private sale($7500 at most) but would get up to $9500 at a dealer. I owe $8500.

How do I get out of an Auto Loan?
Auto finance is what I do for a living and I agree with Answerman except you are more like $3,000.00 to $3,500.00 upside down.





Tell you ex to pound sand.
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Reply:sell the car and buy a bike - go green !
Reply:You and She are what is called UPSIDE DOWN on this loan.





If the car is worth $6500 and you guys owe $8500, you have negative equity of $2000.





Ignore your EX WIFE.





She signed the loan papers, and she is ON it until it is paid OFF or until you refinance.





What is she going to do if you don't get her off the loan, Divorce You?





The fact is, the TWO of you owe $2000 more than the car is worth.





If you sold it, SHE should be liable for HALF of the difference, unless it was listed differently in the decree.





The car is worth more to you than to anyone else, so you might as well keep paying on it unless you can not afford it.





Even if you traded at a dealer, you would still need a new loan and you are going to have the same problem getting a new loan without a co signer that you are having trying to aget a new loan on the old car.





Next time your Ex brings it up, ask her SERIOUSLY what she WANTS you to do specifficly.


She will have no better ideas. Then she will understand the problem.
Reply:Your "ex" is trying to hound you for the end result, when she should be trying to help you improve your FICO score so you can get the auto loan on your own.





The reason you need a co-signor is because you are too much of a credit risk based on your past payment history with other creditors. The finance companies refuse to take a business risk on a loan with you exclusively unless somebody somewhere will agree to pay on the loan in case you don't.





Further, you are UPSIDE down on your auto-loan. You owe $8,500 on a car that is worth $6,500 and this probably is the result of a higher than usual interest rate on the car loan as well as possibly paying too much for the car at the time of purchase.





Anyways, you should tell your "ex" that this is classic example of why she shouldn't co-sign other people's loans because after the love is gone -- the loan payments are still due.





And the co-signor is likely to have the same impaired credit that he/she had when you first met them.
Reply:you need to sell if off
Reply:If its worth $7500 for private sale, you're sure not going to get $9500 from a dealer . . .
Reply:As long as you are making the payments she has no grounds to force you to refinance the loan. She signed for it and it is 50% her responsibility too. Who told you that you need a co-signer? I would investigate refinancing a bit more. If you've established a decent payment history with the vehicle then some bank will refinance you. The reason she is probably asking is that it affects her debt to income ratio because the car is a debt showing on her credit report. When going for another loan the bank will take her debt load into consideration.





If you must go the route of selling it then you will have to roll the negative equity into the new car which you will need another loan for. If you need a co-signer to refinance your exisiting auto, then you certainly need one to get a loan for a new vehicle purchase.





Just keep the car you have. Try to make a few extra payments over the next year so you won't be upside down and look into refinancing more.