How Can I Terminate My Car Loan?
A car loan is a legally binding debt. Once a contract is agreed to and signed, you are obligated to repay the car loan in its entirety, according to the terms spelled out, or face the consequences of default. Officially terminating a car loan (that is, rendering the contract null and void) is difficult and usually only allowed in special circumstances. However, there are other traditional methods to release the burden of a car loan. Attempt to terminate the car loan early, ideally before you’ve made your first payment. Lenders and auto dealers may be willing to terminate a loan account if it is only a few days old—especially if you simply wish to renegotiate terms or purchase a different vehicle. Contact your lender or dealer (if they are handling financing). Express your wish to terminate the agreement. You will need to be conciliatory and be prepared to compromise. There is no law governing the right to terminate an agreement after it is signed—it is purely up to the lender’s dis
