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How to get out of a Credit Acceptance car loan
I financed a car through Credit Acceptance back when my credit score was, to put it lightly, less than ideal. Now I am stuck with fairly high payments and what I think is an insanely high-interest rate considering my credit score has improved. I need to know how to get out of a Credit Acceptance car loan, please!
Michael Miserendino · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
You have two options to get out of your Credit Acceptance loan:
- Selling your current vehicle: If your loan balance is equal to or less than your car’s actual value, you can sell the car and use the proceeds to pay off the remaining balance. Once you’ve sold your car and paid off the Credit Acceptance loan, you can purchase a new vehicle with a traditionalcar loan.
- Refinancing your loan: If you want to keep your car, or you’re upside down in your loan, you canrefinance your current loanfrom a Credit Acceptance to a traditional car loan.
Whichever option you choose, you’ll be looking for a new loan with new terms to take the place of your Credit Acceptance loan. To make sure you get the most competitive rates, try the free
Jerry
app—you’ll be able to compare rates from multiple lenders without worrying about multiple hits to your credit history.View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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