Originally Posted by
Artkansas
But as difficult as it may be, its easier to sell it and find some way of repaying the difference, than it is to crawl out of the credit hole of a repo.
You can't sell the car for less than it is worth (unless you have cash to cover the difference) because the car is collateral on the loan. You can't sell the collateral out from under the loan. You can't get the title to the car without paying off the loan, and you can't sell the car without the title.
I don't know if you could work something out with the bank or not to convert the car loan (with the car as collateral) to an unsecured personal loan. It seems like it would, in general, be a bad idea for the bank to do that sort of thing.