How can to get out of a car loan?

Unfortunately, I broke my wrist a while ago from turning and falling into a dip in the road that I didn’t see while walking. I now have a lot of expensive medical bills and my car loan is making it difficult. I won’t be driving for a long time; is there any way to get out of my car loan?

Answer
I’m so sorry to hear about your wrist! If you can, reach out to your lender and ask them how much you still owe on your car loan. If you explain the situation, they may be willing to help. Or you can try one of the following with their permission:
Selling your car can feel like a loss, but depending on how much you owe on your car, you may be able to sell it and still get some money to pocket and put towards your medical bills. Selling at a dealership or trading in for a cheaper car is easy, but you will make more money selling it on your own via a private sale.
Refinancing your loan is essentially changing your loan terms in the hopes of getting a shorter loan term, with a smaller interest rate (APR). These options should save you money in the long run. You can check with the Jerry app to see if we can help you get a better deal on your car loan. You can also save money by comparing car insurance quotes from the top providers. The average Jerry driver saves $879 a year on car insurance!
Surrendering the car is usually a last resort and people only go for this one if they are missing multiple payments and are looking at an impending repossession. Be careful with this option. Reach out to your lender and see if they can work with you, due to your injury they might be able to put a pause on your billing for the time being or rework your deal.
I hope your wrist heals soon!
Lauren Smith
Answered on Oct 26, 2021
Lauren has written for World Nomads, the Matador Network, Korvia Consulting, and once upon a time Three Fates Games. She graduated from Columbia College of Chicago with a BFA in Creative Writing. After graduating, she moved overseas and lived in South Korea where she spent her free time traveling and going on road trips with friends. She misses the rest stop potatoes and is trying to figure out how to recreate them at home. She's now based outside of Chicago and when she's not writing she spends her free time reading, playing video games, and exploring whenever she can.
thumb-up

Did this answer help you?

Ask us a question by email and we will respond within a few days.
thumb-up

Have a different question?

You can meet us at our office and discuss the details of your question.
Let Jerry’s experts help you find savings on your car insurance!
No long forms or spam · Get quotes from 40+ carriers
Find insurance savings (100% Free)
rating primary
4.7/5 Rating on App Store