Can I use military deployment as an excuse to get out of a car loan?
There's a possibility that I could be relocated sometime in the next few years. If this happens, can I get out of my car loan?
“If you receive a permanent change of station (PCS) order that transfers you outside of the country, you can get excused from your car loan, provided that your deployment or stationing is for a minimum of 180 days. This courtesy is afforded by the Servicemembers Civil Relief Act. But it won’t happen automatically.
To get excused from your car loan, you’ll need to take a few steps:
- Provide a written letter of termination to your lender. This must be delivered in person or via certified mail. An email is not an acceptable way to deliver this message.
- Give your lender a copy of your military orders or deployment orders.
- Return the vehicle within 15 days of delivery of the written notice.
After you’ve completed these steps, make sure that you receive some sort of written documentation that you’re no longer responsible for the loan. And for the next few months, check your credit report (if possible) to ensure that you’re not receiving negative credit marks for the loan you’ve been excused from. “
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