Okay i bought this truck and now i realize that the notes are to much and i 'am about 5,000 upside down on the note what can i do about this and sale and clear my name on it it"s a 03"ford f150 ex ccab xlt red with sun roof in houston tx.
2006-06-13 18:24:18 · 4 answers · asked by lovlisuzy51880 1 in Cars & Transportation ➔ Buying & Selling
Your best bet is to find someone truly interested in the truck who may be willing to take over payments from you. The final transaction would constitute having the vehicle titled in the new owners name and your lien and payments transferred to them as well. The new owner may need to have a bank or finance company that would be willing to do this, seeing as how the vehicle value and the amount to be paid are so far off. Don't expect to get any money from this deal as the fact that you are already so far upside down that if the person is not truly interested that fact may become a deal breaker.
2006-06-13 19:47:51 · answer #1 · answered by ttsprez 1 · 0⤊ 0⤋
A car loan is not something you are ever in the right position on due to the fact that they depreciate so incredibly quickly. Some people buy vehicles like they are an investment and this is just not so. The only way to get out from under this is to sell the vehicle at the best price you can get for it on a private sale and eat the difference.If this is not the route you want to take you have to chalk it up to a learning experience.
2006-06-14 04:32:08 · answer #2 · answered by bigjimmyguy 4 · 0⤊ 0⤋
If you can't afford the payments, you got to get out ASAP. You have to sell the truck. Don't go to the dealer, you won't get much. You are going to have to sell it for as much as you can. Look up on the Kelly blue book site and see what price they give for the truck. Then find out what trucks go for in your area. Sell it for as much as you can get. Then give the bank whatever you get and make the monthly payments till you are clear. It would probably help if you somehow pick up an extra job. You are probably going to lose money on this deal but at least you will save your credit, and that's important for the next time you try and buy a car.
2006-06-14 04:37:14 · answer #3 · answered by Bobdog1 2 · 0⤊ 0⤋
unfortunatley the only way to get out is to sell privately for what you owe, trade it, or let it go back. BEWARE if you trade you will have a rollover of negative equity(wich will never go away), to make it even worse if you continue to pay on it you will be throwing money away....it will continue to depreciate faster then you will pay it off, it will continue to do so until it flat lines, somewhere around 3k-6k. My suggestion would be to trade it in on a LEASE, heres why: when you lease the manufacturer guarantees the value at lease end, meaning if its not worth what you can buy it for walk away. Most consumers believe that leases are bad...they are for some, but if you keep it in good condition and stay within mileage requirements, leases can be great. In your situation youre gonna pay the lease for 24-48 months and be able to walk away without paying youre 5000 in negative equity, and you get to drive a brand new car. GM and ford Guarantee their values at lease end, i would only look at them. hope this helps...best of luck
2006-06-14 09:42:50 · answer #4 · answered by Matt S 1 · 0⤊ 0⤋