toyota credit questions

[YarisSedan]

I dont thikn he will be able to sell the car on his own though since he is not the leinholder. He has no other choices.

[MadMax]

Originally Posted by YarisSedan

I dont thikn he will be able to sell the car on his own though since he is not the leinholder. He has no other choices.

As long as he covers the lien, it wouldn't matter; he could sell the car and pay off the amount owed, plus any early payment penalties if they exist, thus clearing himself of the debt.

Or, as TG stated, finding someone who would take over the loan is an option; but as stated the loan amount is greater than the value of the car so that would be a tough one to do.

Either way he would lose not only the car but also the money he has "invested" in it (I say that in quotes as cars are not normally a good investment). I still think his best option would be to either as Toyota Credit about making partial payments until he gets back on his feet, or obtaining additional financing through a low-interest loan to cover his payments in the interim. That is why I suggested one of the debt-management organizations.

Either way, he doesn't default on the loan and he still has the car, which is what I believe his goals would be.

Cheers! M2