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A contract is a binding legal agreement, and you cannot cancel the contract. If you fail to make your payments on time they will repossess the vehicle. They will then sell the vehicle for whatever it will bring, and you will be required to pay the difference in the selling price of the vehicle and the balance on the loan. You will also pay all repossession fees. Your credit will be ruined for 7 years due to this action.

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Q: What happens if I cancel my car contract that financed for 5 years for personal reason and its been a year and a half that I have paying the fees?
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Related questions

What can you do if an automobile dealer cancels the contract after ten days?

Generally, an automobile dealer cannot cancel a financed contract after ten days. If this happens to you, you should contact a lawyer.

When can sellers cancel a car dealership financed contract is it true they have 10 days to cancel?

There is not a specific rule when you can cancel a contract. Usually, you have at least 3 business days. However, read the fine print, each contract will be different.

What happens to the down payment if you cancel your contract?

READ the contract you signed. Most possibilities are covered in the contract. the only way I know of to "cancel" a contract is if it was started at you home(usually door to door sales) or default by one party and usually involves legal action.

Can you cancel a contract for a new vehicle if you have not taken possession of the car?

Of course one can cancel the contract but this will involve some penalty charges. Although dealers don't charge you any penalty in case the reasons are not personal, for example cancellation of loan etc.

Can employee cancel employment?

Yes, an employee can cancel employment as long as there was no contract for that employment. If there was a contract, the employee can be sued for breech of contract.

How do I cancel my directv?

You call them and cancel. If you signed a contract, review the contract for any early termination requirements.

What happens if you've just got a new phone on contract but you don't like the phone can you cancel it?

That's what contracts are for. What does the contract say? Whatever you agreed to, that's how it goes.

In the state of Idaho can you cancel a car contract after 2 days?

In the state of Idaho you have 72 hours to cancel an automobile contract. You should be able to cancel the contract before the 72 hours is up.

Can I cancel a contract that I signed if it is within 72 hours?

A contract is legally binding and in general you cannot cancel it. The only exception is if the contract states there is a period of time to cancel it. Many people have the wrong information on this topic.

Can you cancel a mobile contract?

Yes, you can cancel a contract with you service provider, but you will most likely be charged with an early termination fee. And this will depend on the stipulations on the contract.

Is there a law in MA for a time frame to cancel a signed contract?

Massachusetts does not have a cooling off period in which you can cancel a signed contract.

how do i cancel directv?

Call customer service and tell them that you want to cancel your service.