How can I get a car loan fast?

I need legal advise. How can I get out of my car loan?

• Here's my situation: In September 2008, my partner and I decided to purchase a car due to our recent move to an area that lacked public transportation. At the time our credit was not so good therefore, I asked my mother to help me out on the loan. At the dealership, they advised me that my credit wasn't so good versus my mother's whose credit was in the 750 range. They suggested that my mother be the primary purchaser and I the cosigner. I have continued to make on time payments from time of purchase to present.. In may 2011, my mother filed for bankruptcy and during the process we decided to stay with the car.. Unfortunately, the lawyer failed to reaffirm the loan and we were told that any payments submitted post bankruptcy will be deemed as "optional payments ". I believe the car has been removed from my mothers credit however it has remained on mine. Although I understand why its still listed on my report, is there anything I can do return the car without it being a derogatory effect on my credit? I have been unemployed since September and despite my success in keeping it up to date thus far, I don't know how much longer I can continue making payments. As an Aside, the car is worth approximately 11,000 but i owe 13,000. To top it all off, if the car is voluntarily repo'd, it will be sold at a lower price, thus obligating me to come up with the rest. I can not have my credit further tainted because I will be needing the little bit I have to get Graduate plus loans. WHAT CAN I DO? Please HELP!!!!!!!

• Answer:

  OK, so here is the deal, Your mother was the primary and then filed bankruptcy, you were the co-signer so the legal responsibility now rests on your shoulders. Your mothers attorney did not file to reaffirm the debt because to do so would keep your mother legally responsible. The loan company has you to fall on so if payments were made which were optional, these payments were made prior to your mothers final bankruptcy decree. Your options are limited, if you let the car go back through repossession then the car will be sold at the wholesale value, the $11,000 that you think the car is worth is probably the retail value, wholesale will be much less so that means that the finance company will come after you for a deficiency balance. The deficiency balance is not just the difference between what they sold the car for and what you owe, they will also add in charges for repossession. The only way that you can get out from under this loan is to file for bankruptcy yourself. Since you are unemployed you probably have a better chance to get the car refinanced with a lower payment though the term (length) of the loan is likely to be extended. Finance companies do not like to repossess cars, it costs them money to do it and they end up losing even more when that person files bankruptcy on their own. It would be wise to go down, talk to the finance company and let them know what your situation is. See if they would be willing to refinance at the same interest rate as you are currently paying. Keep in mind that you are under no obligation to refinance, so if they want to keep from repossession then they will probably be willing to take that little added risk. Make sure that they know that even though the loan was in your mothers name, that you have been making the payments and they can see how well you have been doing. Good Luck @Never A voluntary repossession does not stop the repossession fee from being imposed. The finance company still has to do quite a bit of paperwork to get your name off of the title. Also Omar did not reaffirm the loan, Omar became legally bound because he was the co-signer. The loan was affirmed to him, legally, when his mother's bankruptcy was discharged.