Auto Loan FAQ: How do I cancel an auto loan transaction and return my vehicle?

The only way to end an auto loan and give up your vehicle is to sell it. Check out this article on selling your car with an existing loan.

If your loan is less than three months old, consider returning your vehicle for another. We can't cancel the purchase as the dealer controls any changes once funds are disbursed. Contact the dealership for return or exchange options, and consult your financial coach for guidance on local regulations.

If your loan is over three months old and you're looking to buy another vehicle, please consider these 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're sorry to hear you want to cancel your auto loan. However, we can't release the title or forgive the loan balance until it's fully repaid, as those funds help others in need. If you still wish to cancel, please let us know how you'd like to proceed, and we'll assist you.