The only method to terminate an auto loan and relinquish ownership of your vehicle is to sell your car. We invite you to review this article on how to sell your car with an existing loan.
Alternatively, you may wish to consider returning your current vehicle in exchange for a different one. As your lender, we are unable to facilitate the cancellation of a vehicle purchase. Once funds have been disbursed to the dealer, any modifications to the transaction are at their discretion. We recommend that you contact the dealership or seller to inquire about potential returns or exchanges. Additionally, consider seeking the assistance of your financial coach to navigate local regulations and advocate on your behalf.
If your loan has been active for more than three months and you are interested in purchasing another vehicle, please consider the following options:
- Trade-In Option: You may trade in your vehicle at a dealership, which will settle the loan, allowing you to acquire a more affordable vehicle. Since these transactions occur between the same parties, the release of the title will not pose any complications. Please refer to this article for more information - Auto Loan FAQ: Vehicle trade-in options
- Private Sale Option: Alternatively, you may sell your vehicle to a private party, who may offer a higher price than a dealership. We can provide a letter to the buyer, indicating that we will release the title immediately upon the full repayment of the loan, thereby providing assurance in the transaction. Please refer to this article for more information - CEO Private Party Auto Sales - Friends & Family program
Additionally, we offer a personal loan option of up to $2,500. You may apply for this loan to assist with part of the new vehicle purchase with one of the option above.
We regret to learn that you must cancel your auto loan. However, we are unable to release the title prior to the complete repayment of the loan, nor can we forgive the loan balance, as the funds from the loan repayment are allocated to assist other individuals and families. Should you decide to proceed with the cancellation of your auto loan, please inform us of your preferred option, and we will provide support throughout the process.
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