How to get out of a car loan?

We have a 2012 ford Fusion and should have never committed to it. We've had it for two years now through capital one auto finance and if I remember correctly, it's not worth as much as we owe.

Anyhow the payment is 485 per month and that's ridiculous. We've tried to go with another car but those payments were even higher.

We've decided NOW that we want to get rid of it and buy a car outright. We need something bigger anyway since our family is expanding.

Any thing we can do besides blow it up? Just kidding hehe

< it's not worth as much as we owe >

Not an uncommon situation with car loans given how fast some cars depreciate.

How to get out of it? Sell it and either use that money to pay off the loan or add the additional money to pay off the loan. You can maybe roll the loan into another vehicle but that's going to make an even bigger payment.

< Anyhow the payment is 485 per month >

That's a lot of money each month on a fusion. What's the term of your loan? What is your credit like?

It may be the collision insurance that is making it so expensive.
Maybe there's a young driver on the insurance.
Maybe you just need to switch to geico.
Because it's on a loan it must have liability AND collision insurance.
Go back to where you bought it and ask them how to cut the insurance cost.
Very expensive insurance, "assigned risk", is normal for any driver without 3 years of insurance history. It's three times as expensive as normal.
3 years of being on an auto policy, (no big accident) helps a lot.
You get out of the "Assigned Risk" category.
Then over 25 years old, rates drop down to normal.

You knew the payments would be $485 per month before you signed the paperwork, obligating yourself to a long term financial commitment.

The only way out of the loan is to pay it off. There's no other option.

As Scott said, the only way out of the loan is to pay it off. In your case, you could sell the car and then add to that money the amount you need to pay off the loan.

The only other thing I can think of is to see if you can refinance the car at a lower interest rate which could lower your monthly payment. Also, if when refinancing you can extend the payments over a longer time period then what you have now that would also lower the payment, although you would end up paying more interest in the end because of a longer loan term.

Your best bet would to get it refinanced to a longer term and lower payment per month. Otherwise you'll have to pay the difference between what you owe on it and what it is worth if you sell it or trade it. Unfortunately, until it's paid off you're always going to owe more than it is worth.

Your only hope is to sell the car and apply the money towards the balance. If you need to, you may have to borrow the difference to clear the lien.

As you now know, NEVER borrow to buy a car. Always pay cash, it works 100% of the time.

Crash.