I don't want my car anymore but it is financed, what do I do?

Question

I financed my care 09/2005 and it was 15000 with all the fees , etc. I lost my job a few moths later and I qualifies to have my payments waived. I am having big $$$ issue s and the interest is kicking my butt. I am behind on payments again.
Can't I do VOLUNTARY REPO OR SOMETHING

Answer 1

DO NOT let this car get Reposessed. That takes you out of control of what they sell your car for. Your car may be worth $11,000 and they may sell it for $6,000 and you still owe the difference AND they will trash your credit rating. If you did not put a LARGE down payment on this car most likely you are upside down on the loan. You need to sell this car immediately. Talk to your lender about taking a personal loan for the difference between what you sell the car for and what you owe them. 99% of the time they will do this because if your car is not worth what you owe on it, they are already undercollateralized and trusting you for the difference. Call the payments after the car is gone your 'Stupid Tax' hehe...We have all been there at one time or another and had to pay $$$ for being stupid!

Give the car a really good bath, clean out all your stuff out of the trunk and the backseat, Take a good color photo and list it for sale with a color photo in the local Auto Album/Step Saver type paper in your Area. Cant find one? Check with 'American Classifieds'

This is the paper that is usually given out for free by the door to most supermarkets etc...

Look up your car on www.edmunds.com to see what your car is ACTUALLY worth.

Finally, Now that you have learned the lesson of why you should NEVER borrow money to buy a car, go get yourself a little older Ford Escort for about $1500.00 cash to drive yourself around in while you clean up this mess you made. Get a job NOW!!! I dont care if it is washing dishes, cleaning Hotel Rooms, or delivering newspapers...Everybody has to work to pay their bills. Do something productive everyday. Get on a written budget and stick with it!

YOU CAN DO THIS!!! It will be hard, but nobody said life would be easy...But I KNOW that you can get through this! Get yourself the book 'The Total Money Makeover' by Dave Ramsey. He has dedicated his life to helping people in the same situation you are in! Good Luck!!!

Answer 2

I take it you did not take out fee safety coverage. Have you requested them for a cost determine to pay it off as traditionally it's going to be radically lower than the complete fee with curiosity. Apart from that, all you'll do is talk to the finance manufacturer and ask if to aid you out they are going to scale down the per month repayments. However doing with the intention to expand the duration of time you'll be paying the finance off for.

Answer 3

Again, DO NOT REPO the car. It will hurt your credit greatly, it will be too hard to buy another car. An insurance scam is risky, and the reason my rates are so high, so don't do that either its illegal. You'll need to put the car up for sale on the retail market, and suck up the loss. I feel for your situation, and wish i had an easier solution for you, but that's really the only way.

Answer 4

Yuk. That's not fun. You can work out an agreement to sell to someone you know and trust through a notary. I did that. Then he crashed the car, and I got insurance money.

Answer 5

you can do a voluntary repo but it will reflect in your credit report. you might want to try to find a buyer first. you can try placing an add in your local newspaper or local community bulletin board.

Answer 6

If it is insured for more than you bought it for or around the same mark, have you considered doing an insurance scam?

I'd never do it ;) but you might want to consider writing the car off or have it disappear.....

Answer 7

Sure, but when they sell it at a distressed price you will have to pay the deficiency. Find a buyer yourself.

Answer 8

Trade it in on a newer car

Answer 9

I want to know about this too! Good question!