Car loan in debt collection. How can I get out or rid of car?

I have a 05 nissan payments are 500 a month. I am currently behing 6 months and the car is in collections. I owe 20,000 and I recieve a letter stating that they'll settle the account for 16500. The car is maybe worth 10000. I need to fix my situation and either some how get rid of car or turn in or who know what I can do to fix my situation.
Car loan in debt collection. How can I get out or rid of car?
I recommend trying to privately sell your vehicle for the $16,500 they are asking for to settle the account. The late payments have already effected your credit rating. If you can only sell your vehicle for $10,000, try negotiating a lower payoff amount with the finance company, they would rather take what they can get at this point verses not receiving anything at all. Good Luck
Car loan in debt collection. How can I get out or rid of car?
Will speaks the truth. The other option is to talk to the finance company, and tell them you are selling the car. Ask them if they will let you finance any shortfall from the sale and release the car to the new buyer. In other words, if the car only brings 13,000 - let the buyer pay the bank 13000, and they spread the remaining 3500 over a year or so. Its not a great situation you are in, but the choices are few.
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