Are there any ways to get out of a car loan? no longer want my car

Are there any ways to get out of a car loan? I no longer need or want my car because I've decided to use public transport as I attempt to shore up my finances. I took out the car loan on a SUV and the maintenance on the vehicle are draining me. Enough is enough and I want to get out of this car finance contract. There must be a way to get out of a car loan so please give me some ideas.

There is no real way to get out of a car loan without hurting your credit score. You could choose to default on the debt but that would make you delinquent on debt secured on property which means the repossession would stay on your credit file for 7 years.

You should speak to your car finance company to see if you can get out of the contract. You might need to pay a penalty but it might be worth it if you want to shore up your finances. You could sell the car with the car finance companies permission but the price you sell will almost certainly be less than the debt which means you'll continue to make a payment even without a car.

Have you thought about car pooling? If you share the vehicle with people you trust you could offset some of the costs or all of it and pay the car payments with other peoples money.

The only way would be a repossession so you become delinquent on the debt. I would advise against this because you wont get access to real credit for 7 years after which you will have to start building your credit score again.