Legal Question in Credit and Debt Law in Georgia

You don't get out of contracts simply because you entered into a bad deal. Note that bankruptcy will probably increase your borrowing costs for your next car, and that the damage was something you could have found out if you did the two things one must do with every used car purchase: (1) pay a mechanic to look over the car, and (2) check CarFax, etc.

I agree with Attorney Ashman. You never should have made a car loan at 30%. What were you thinking? And how did your credit score go from being in the dumper to a magical 700 that quick?

If that is the case, you should have gotten something that would run adequately that would cost less than $5000 and figured out a way to do this for less than 30%. That is ridiculous to pay that kind of interest.

As noted by Attorney Ashman, there is no way to "get out of" this rotten deal. You would be foolish to roll over the cost into a new car. If you let it go repo, then you will be back to having lousy credit. Bite the bullet and pay off the car and then you can do what you want with it and try and recoup some of your losses.

And as noted by Attorney Ashman, there is only one way to buy a used car. (1) Get a Car Fax report; its not perfect or fool proof but it eliminates obvious problems; and (2) pay the $100 to have the checked out by a professional car mechanic. They are trained to look for things that your best buddy is not. The $100 you spend is well worth it if it saves you from spending thousands on a costly mistake.