Defaulting on car loan

[shranger98]

What is the name of your state? Texas

I must default on a new car loan for a truck I purchased two months ago. I can no longer afford to payments.
What is the best way to approach this with the finance company? Will I have a repossession on my credit report now even if this is a voluntary repossession?

 

[averad]

The options I see:

1) Sell the car to someone else & pay all the money you receive to the loan. Then pay the lower monthly rate untill your mistake has been paid off.

2) Trade in the car for something you can afford. If your current loan is upside down (you owe more then the car is worth) the upside down potion will be added to your new affordable car.