How do I get out of a car finance contract without ruining my credit?

So recently my car broke down, and I was so panicked that I went out and financed a 16 year old car because it was the lowest possible payments I could get. I acted on an impulse which was not smart on my part. But the car is falling apart in everyway possible and I just barely made my second payment on it. Not to mention the car gets 15 miles to the gallon and we all know what gas prices are like. The car lot told me to lie to the finance company about my down payment, and they sold it to me without me realizing the headlights dont work properly. Does anyone know of any loop holes or anything to get me out of this contract??

How do I get out of a car finance contract without ruining my credit?
Well, don't take it out and crash it and then report it stolen. You'd most likely get caught and insurance fraud will cost you a lot more than whatever you have to pay for the car. I would try contacting the dealership. They have to disclose everything that is wrong with the car before they sell it to you. Broken headlights and all. They are required to inspect the cars carefully and have them checked by mechanics and tell you every detail. Go to them and let them know that you were not made aware of any of these problems. If they will not help you, and cannot afford a lawyer, I would contact some local media. In our area (SF Bay), we have a local news station that takes on stories and works on peoples behalf who have been ripped off. A lot of times, the company will take care of it to spare themselves the bad publicity.





Otherwise, you will have to chalk it all up to a lesson learned.
Reply:Don't crash it - that's insurance fraud. You'll make a poor situation a bad one - very bad, as in criminal record and maybe jail time. Take your lumps, pay off the car, or sell it and pay it off. You will probably get less than you paid for it. Think of the amount you lost as tuition for the School of Hard Knocks.





Next time, take any used car you're thinking of buying to a reputable mechanic and have it evaluated. A few bucks spent this way will save you a lot overall. You can find a good mechanic in your area at the cartalk website' "mechanics files" section.
Reply:yes, take the car out and crash it, really well. then go home and report it stolen. Hopefully you have full coverage.
Reply:i work for a finance comp. and i know ins and outs of contracts. depending on how long ago you bought the car, what state you bought the car in. you can report it to your finance comp. and they in-turn need to review and make note to see if anyone else reported same acts from that dealer. the finance comp can force the dealership to buy the car back from them. other than that i can only say try to sell it or trade it in for another car. if you owe more then its worth, dealers are willing to add on the balance to your new loan just to make a sell. that means more commission for them. ***DONT KNOW SURRENDER THE CAR, IT IS THE SAME AS A REPO ON YOUR CREDIT****

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