How do you walk away from a car loan? | Jerry
Sorry to hear about your car loan and money issues; with everything going on in the world, you are definitely not alone. The good news, though, is that you have several options, even if none of them are walking away free and clear.
If you can’t pay for your loan, consider one of these:
Selling your car and using the proceeds to pay off the loan
Refinancing the loan to extend the term for lower monthly payments or a lower interest rate
The first two options are better choices, of course, as they won’t hurt your credit score and you’ll be able to retain the vehicle. If you can’t find a way to refinance or you’re upside down on your car loan, then you may have to surrender it.
If you decide to refinance, you should definitely consider looking for car insurance as well. To do this easily, check out the Jerry app—we’ll get you personalized quotes from top-of-the-line providers, so that all you need to do is pick the plan that works best for you.
Best of luck, and hopefully your financial situation improves soon!