2006-07-23 10:06:49 · 9 answers · asked by arashed30 1 in Cars & Transportation ➔ Buying & Selling
You will need to find a way to pay off the difference between what you owe and what you can sell, or trade the car for. You may be able to trade the car in, and roll the balance into a new loan, you may be able to sell the car, and get a personal loan for the difference.
The best thing to do is to keep the vehicle, if possible, and pay on the balance.
As to the idea of wrecking the car, the insurance will only pay the value of the vehicle, not the payoff. Unless you have GAP insurance, you would be in worse shape then, and to purposefully wreck is insurance fraud!!!
2006-07-23 10:42:11 · answer #1 · answered by fire4511 7 · 3⤊ 0⤋
If you are looking to get a new vehicle you may have to roll the amount of negative equity over into the new vehicle. The only other way is to save up enough money to pay off the difference of the amount owed versus the amount you can get for selling it. It is a tough position to be in. The determining factor in what to do is usually what is the reason you are getting rid of the car.
2006-07-23 17:12:00 · answer #2 · answered by dahublaz 4 · 0⤊ 0⤋
Sell it, but make sure you have the sale money plus the difference on hand when the bank come knocking.
OR - wait for a car sale where the lot offers to pay the rest of your loan off if you trade the old car in for the new one. I always hear on TV or the radio, "We'll pay your loan off...no matter how much you owe!" So, just wait, then trade it in on one of those sales.
2006-07-23 17:13:13 · answer #3 · answered by RQ1227 3 · 0⤊ 0⤋
total it by crashing into a tree. say that a cat ran infront of the car. finance companies require you to have full coverage, so the insurance will pay the car off. try to hit the passenger side at an angle at..... i donno....25 or 30. wear your seat belt.
2006-07-23 17:34:49 · answer #4 · answered by Pat F 1 · 0⤊ 0⤋
Well, if you don't intend to use the doors, how about smashing the windscreen and getting out that way?
2006-07-23 17:13:41 · answer #5 · answered by kittybriton 5 · 0⤊ 0⤋
Sell it for the loan payoff amount.
2006-07-23 17:10:22 · answer #6 · answered by fireman_4_69 4 · 0⤊ 0⤋
keep paying for it
or try and sell private party for your pay off
2006-07-23 17:19:09 · answer #7 · answered by mommy2savannah51405 6 · 0⤊ 0⤋
Just keep paying for it.
2006-07-23 17:09:42 · answer #8 · answered by miketorse 5 · 0⤊ 0⤋
find someone who is stupid enough to pay more than they should
2006-07-23 17:46:46 · answer #9 · answered by Bridgets Blind 4 · 0⤊ 0⤋