text: is there a legal way to cancel a automobile finance contract? i cant afford my current vehicle due to loss of income. i am trying to figure out how to get out from under the contract. no.  you need to realize when you finance a car, the finance company in essence owns the car.  that is why they have the title to it and you don't.  what you need to do is as soon as possible call them and explain the situation.  most companies will work out something with you to help out for a few months while you look for new income. the only other options you have is to sell the car, or allow the bank to repossess it.  repossession is the last resort because it destroys your credit and the bank doesn't want the hassle of auctioning the car at a loss.