Purchasing the car outright. Also called “redemption,” the act of outright purchasing your vehicle with a lump sum is another way you can retain your unowned car. The sum due will be the current value of the car, meaning you don’t have to worry about the loan balance. If, for example, you owe $5,000 on your car loan but the existing value of your car is only $2,500, you will only owe the value. The interest or loan payments will be wiped away.