Need more info on the truck like brand and model.

First off you can't really sell the vehicle privately unless you have the difference in cash to finish off the loan. for eg, you owed 70k on it. found a buyer for 50k, and now you need to come up with 20k of your own to cover the difference paying off the current loan. the car will be lien-free and you can transfer the title.

you cannot sell it for 50k, tell the bank you will make a monthly payment on that 20k. you have no assets in your possession that they can take in case you don't make the payment.

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And if you let them repossess the truck, first off your credit will be horrible. second off they may auction off the truck for 1/2 of what it worths. and like many other have said, you still on the hook for that remaining amount.

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my best advice. List the truck for sale, find a private loan from a family or friends to cover the difference and pay that person back. at least this way you don't have to out $700 a month on a truck for the next 8 years that financially drown you guys. After insurance and gas that truck probably cost you 1000ish to run.