How do I get out of a car finance without hurting my credit or the co-signers ? ?

About a month and a half ago I went to carmax and financed a mustang thinking I could afford it turns out I really can’t the payments are through the roof and so is the insurance I really need help getting out of this without hurting my credit or my girlfriends she’s the co-signer we’re both in our early 20s and can’t afford to have bad credit at this point. Thank you for any advice ! 

8 Answers

  • 3 weeks ago

    You can't unless you crash it or set it on fire but then you'll be looking at Jail time.

  • 3 weeks ago

    Pay off the total balance in cash.

    How do morons not consider affordability BEFORE signing a contract ? Sheesh.

  • 4 weeks ago

    You can not really. They will go after you and the cosigners and credit of all of you gets a negative hit.

    About all you can do is sell it for what is owed on it since unless fully paid off it is not yours to sell. In a month and a half you probably can not get enough to pay it off.

    You can try discussing options with your parents.

  • 4 weeks ago

    CarMax actually gives you 5 days to change your mind. That was your buyers regret window. Enjoy your Mustang.

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  • Jason
    Lv 5
    4 weeks ago

    You should sell it for as much as you can, then pay off the negative equity.

  • Anonymous
    4 weeks ago

    Tap your heels together & wish.

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  • Scott
    Lv 6
    4 weeks ago

    The ONLY way is to pay off the loan. Anything else will negatively affect your credit. Find another job so you can afford it.

  • 4 weeks ago

    Here's your two options:

    1) Sell the vehicle for the amount of the payoff and pay off the loan in full. If you can't sell it for that amount, you'll need to come up with the difference in cash immediately so that the lender releases the lien and the buyer can proceed with registering the vehicle. 

    2) Find a way to pay off the loan through your savings, borrowing from a family member, etc. 

    There is no magic "right of rescission", no "buyer's remorse", nothing like that. Once you signed and drove off, it became yours. 

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