[USER]

I am selling my car and have to pay 8k$ on loan after the resale price. I am travelling outside the country and won’t need the car for 1.5 years. I thought about voluntary surrender but I have my sister as a cosigner and I don’t want her credit to be impacted. I was thinking of deferring payments by 6 months. I can afford to pay 8k but my heart doesn’t want to.!!! What are my options?

[Brian]

I know this is unpopular, but you signed for it. You should pay for it.

[Carla]

Did you look around for best sale price? Such as Carvana, Car max, or personal sale. You still may owe but maybe not as much.

[Christina]

For your sisters sake I would pay it off. Deferring payment will still likely impact both your credit.

[Michael]

Just pay it off and be done with it. Going to come back to bite you otherwise (and your sister).

[Dennis]

Your sister did you a favor for cosigning you for the car loan. Pay the car off before going overseas.

[Ami]

That would be a pretty crappy thing to do to your sister in my opinion. My stepdaughter did that to us after she wrecked the car and my husband’s credit was shot. You need to find a way to pay for the car.

[Aaron]

Bite the bullet and pay it, you signed the loan to purchase the car.

[Jenson]

Wow cars go down in value, You’ll have to pay the $8K or file bankruptcy, you don’t get a free $8k, I hope this helps you not finance new cars in the future

[Author]

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