"Do lenders ever forgive car loans? "
I've been having some trouble making my car loan payments. Is loan forgiveness possible?
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Answered on Apr 05, 2021
Johnny Puckett is a freelance writer and automotive expert. He has contributed content to a number of some of the largest online publications, aftermarket automotive manufacturers’ sites, and automotive informational sites. His experience in the automotive and information fields informs his writing at Jerry. His automotive interests bleed into his free time, where he enjoys modifying his favorite cars and woodworking.
“Some lenders will forgive auto loans, but this requires the borrower to voluntarily turn over the car. However, just because the lender takes back the car does not automatically mean the loan is forgiven. If this is your only option, you should call your lender to ask how they will work with you.
It would also be a good idea to request a written statement from your lender, which says that the loan is fully satisfied and they will not report the return of the car as a repossession. “
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