# How do I get out of this car loan? **URL:** \ **Category:** Factual Questions\ **Created:** [October 24, 2003, 7:54pm UTC](https://boards.straightdope.com/t/how-do-i-get-out-of-this-car-loan/209380 "2003-10-24T19:54:11Z")\ **Posts on this page:** 10\ **Page:** 1
**Author:** ![luxylady619](https://avatars.discourse-cdn.com/v4/letter/l/cc9497/32.png) [@luxylady619](https://boards.straightdope.com/u/luxylady619)\ **Post date:** [October 24, 2003, 7:54pm UTC](https://boards.straightdope.com/t/how-do-i-get-out-of-this-car-loan/209380/1 "2003-10-24T19:54:11Z")
So last week I bought an 1998 Acura 2.3CL and financed a little over $10,000. The interest rate sucks and now I come to find my insurance will forever be astrinomical. I have full insurance and gap insurance, so if I total the car or if it gets stolen my loan will be paid off and I will be back to zero. Anyone know about how to get out of a car loan fast and easy? ---
**Author:** ![mangeorge](https://avatars.discourse-cdn.com/v4/letter/m/d78d45/32.png) [@mangeorge](https://boards.straightdope.com/u/mangeorge)\ **Post date:** [October 24, 2003, 8:06pm UTC](https://boards.straightdope.com/t/how-do-i-get-out-of-this-car-loan/209380/2 "2003-10-24T20:06:11Z")
When you ask this kind of question, you have to mention where you are so the cops can… I _mean_ so the legal experts can give you an accurate answer. In CA, you’d be stuck. Unless you want to let them reposses it. Bad idea, generally. Sometimes the dealer will work with you rather than have you default. Good luck, and welcome to the SDMB. 🙂 Peace, mangeorge (Pretty cool car, anyway) ---
**Author:** ![mangeorge](https://avatars.discourse-cdn.com/v4/letter/m/d78d45/32.png) [@mangeorge](https://boards.straightdope.com/u/mangeorge)\ **Post date:** [October 24, 2003, 8:13pm UTC](https://boards.straightdope.com/t/how-do-i-get-out-of-this-car-loan/209380/3 "2003-10-24T20:13:11Z")
On third thought, you might want to ask the mods to help you get rid of this; > [@](#): > > I total the car or if it gets stolen Illegal stuff isn’t allowed here. Even when one is kidding. 😉 ---
**Author:** ![aahala](https://avatars.discourse-cdn.com/v4/letter/a/a88e4f/32.png) [@aahala](https://boards.straightdope.com/u/aahala)\ **Post date:** [October 24, 2003, 8:31pm UTC](https://boards.straightdope.com/t/how-do-i-get-out-of-this-car-loan/209380/4 "2003-10-24T20:31:11Z")
I presume the interest rate didn’t change from last week, so if it sucks now it must have sucked then. You apparently can’t afford the car, so you need to sell it. In the meantime, shop for cheaper insurance with the largest deductable and lowest coverage your loan company permits. ---
**Author:** ![FatBaldGuy](https://avatars.discourse-cdn.com/v4/letter/f/ecd19e/32.png) [@FatBaldGuy](https://boards.straightdope.com/u/FatBaldGuy)\ **Post date:** [October 24, 2003, 8:52pm UTC](https://boards.straightdope.com/t/how-do-i-get-out-of-this-car-loan/209380/5 "2003-10-24T20:52:43Z")
You might try going to your bank or credit union and see if you can refinance for a lower rate. You might also look at extending the loan for a longer term, so that the monthly payments will be lower. ---
**Author:** ![Matchka](https://avatars.discourse-cdn.com/v4/letter/m/77aa72/32.png) [@Matchka](https://boards.straightdope.com/u/Matchka)\ **Post date:** [October 24, 2003, 10:08pm UTC](https://boards.straightdope.com/t/how-do-i-get-out-of-this-car-loan/209380/6 "2003-10-24T22:08:50Z")
Lotta states have “buyer’s remorse” regs, wherein you cand take the car back within a certain period of time without penalty. **aahala** ’s insurance advice is to be heeded only if you feel comfortable pulling your pants down in a Castro bathhouse and bending over to pick up the granulated soap you just dropped in the shower. If you are tight on money, a large deductible will not be manageable for you if you have a wreck–then you won’t be able to get the car repaired AND you won’t be able to drive it. Low liability limits only means that the insurance company puts YOU on the hook a lot sooner if you cause a bad accident (and there is a reason they call 'em _accidents_ so don’t tell me you don’t plan on having any!) Look into the buyer’s remorse options, and see if you can sell the car on your own (maybe for a profit if you didn’t do the granulated soap thing at the dealership). ---
**Author:** ![Mr.Slant](https://avatars.discourse-cdn.com/v4/letter/m/c57346/32.png) [@Mr.Slant](https://boards.straightdope.com/u/Mr.Slant)\ **Post date:** [October 24, 2003, 11:35pm UTC](https://boards.straightdope.com/t/how-do-i-get-out-of-this-car-loan/209380/7 "2003-10-24T23:35:56Z")
Sell it for as much as you can get. If you overpaid for it (common when you buy from a dealer instead of a private seller) then the dealer may, may, may be willing to take it back and put you in something a little more affordable, or more insurable. Especially if they made a tidy profit on you and you’re willing to trade down to something where their profit is similar, but you are more capable of affording the vehicle. And for Christ’s sake, please don’t commit insurance fraud. You’ll only jack up my rates and get yourself in jail, and that will make both of us unhappy. Messing with people who have money is a good way to get on the wrong end of the criminal justice system… and insurance companies have money. ---
**Author:** ![whiterabbit](https://avatars.discourse-cdn.com/v4/letter/w/cab0a1/32.png) [@whiterabbit](https://boards.straightdope.com/u/whiterabbit)\ **Post date:** [October 25, 2003, 12:45am UTC](https://boards.straightdope.com/t/how-do-i-get-out-of-this-car-loan/209380/8 "2003-10-25T00:45:05Z")
And next time, check with your insurance company BEFORE you buy the car. Before I signed any paperwork on my last car I checked with them to see what it would do to my insurance. (Imagine my relief when it went DOWN.) If you can’t afford the car payments and the insurance, you can’t afford the car. And please don’t do anything illegal. ---
**Author:** ![mangeorge](https://avatars.discourse-cdn.com/v4/letter/m/d78d45/32.png) [@mangeorge](https://boards.straightdope.com/u/mangeorge)\ **Post date:** [October 25, 2003, 3:12am UTC](https://boards.straightdope.com/t/how-do-i-get-out-of-this-car-loan/209380/9 "2003-10-25T03:12:10Z")
Why is your insurance so high? ---
**Author:** ![handy](https://avatars.discourse-cdn.com/v4/letter/h/b5a626/32.png) [@handy](https://boards.straightdope.com/u/handy)\ **Post date:** [October 25, 2003, 1:44pm UTC](https://boards.straightdope.com/t/how-do-i-get-out-of-this-car-loan/209380/10 "2003-10-25T13:44:08Z")
More tips: [http://www.carbuyingtips.com/](http://www.carbuyingtips.com/)