car note not worth it???

Question

my car note is 472 a month for a 2005 taurus
i dont want the car anymore i cant afford it and i dont think it worth
it now
wells fargo told my to try and sell it i went to carmax they offered
me 10000 that is the payoff amount for my car but i will still owe wells fargo 10000 interest rate or somethin
so even if i give the car back because I CANT AFFORD IT they still
want me to pay 472 for a car i am not driving isnt that stupid i giving it back cause i cant afford it anymore... i can pay half of it a month but not all wells fargo said i still have to pay the whole 472

Answer 1

Either I'm not understanding what you're saying or you're not understanding what you are told. There is only one payoff amount for the car and you should get that from your finance company, presumably Wells Fargo. After that, you see what you can get for it from, perhaps, Carmax. Once you get money from Carmax, you turn around and give it to Wells Fargo. If, by chance, that amount does not cover the whole outstanding note, then, indeed, you do have to continue to make your regular payments until the note is settled.

Did I get the facts correct? If not, please try to clarify your situation.

Answer 2

Just because you don't want the car anymore does NOT release you from the contract you signed in good faith. You owe money for a car you purchased. If you don't pay, you will be sued, any assets seized and pay check deductions will be taken through the court. This will also tank your credit, although that will probably be a good thing for you. Carmax is only offering you TRADE-IN or slightly above for your car. They have to be able to make a profit on resale. You need to sell the car through Autotrader, local newspaper, bulletin board notices, anything. Wells Fargo will probably finance the remainder of the pay-off if it sells for less than you owe. You will still be better off owing $900.00 vs $10,000.00! Remember, Wells Fargo doesn't want your Taurus so surrendering it is no option as you will still have to honor your contract.
How did you get into this mess?

Answer 3

Regardless whether you sell the car or keep it you are obligated for the principal balance amount. Try refinancing the note with another lender. But do that before you get behind on your payments and it negatively impacts your file. You can lower the payment by extending the term.

Your other option if the car is a lemon is to trade it in for a more suitable car. Again, if the trade in amount is less than the payoff then the negative equity will be added to your new loan. I suspect that is what happened to you to begin with. Did you trade a car in when you bought the Taurus?

Answer 4

I believe that people are usually better off paying CASH for a less expensive, several-years-older car. The problem is that we've become so credit oriented and getting into something pleasant and new more easily, to the delight of scummy salesmen.

I assure you, this is what has contributed to inflation more than anything, and especially the ridiculously high prices of cars.People actually have come to believe that buying a car is like buying a house, and "credit is the way to go." If people had to pay cash, there's no way that prices would be that high and the piper would not be catching up with people to get paid.

Answer 5

Keep up the payments. You will ruin your credit if you don't. Don't try to sell anything through Car Max. Put an ad in the paper. Sell it on ebay. You can't give the car back. They would consider that a repossession.

Answer 6

Too bad, you should have thought of that before you signed on the dotted line! Welcome to the adult world.