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Dear Terry,
We owe $17,379.40 on our auto loan. We have already purchased a smaller vehicle that gets better gas mileage and
has a slightly lower monthly payment. You said to give back the original car to the dealer or the finance company
only as a last resort. Help.
-- Gregory Merkel
Dear Gregory,
If you simply turn the old vehicle back to the finance company without paying off the balance, it will damage your
credit score the same as a repossession. Try selling the old vehicle. Since I assume you owe more than it's worth,
try to find the cash to cover the shortfall.
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