how do i get rid of my car?

Question

i owe more than its worth and i want to trade it in? anyone have any ideas? i just want to get rid of it!

my car is worth 11,000 and i owe a little less than 16,000! there is nothing wrong with it. its a buick lesabre "04. its just not me. when i first got it i was young and dumb , and i just dont like it i need something that fits me. please help me get rid of it! the interior looks great still and the outside has some minor scrapes..but nothing real noticable..its white

Answer 1

Push it off a cliff and collect insurance.

Or trade it in for a much cheaper car but the dealer will add the negative equity to your new loan.

Or just bite the bullet and keep it until you pay it off.

Answer 2

Getting rid of a car when you owe $5,000 more than it's worth simply because "it's not me" would certainly qualify as a "young and dumb" mistake in my books. This means that you are going to spend $5,000 - either in cash or through a loan - for the purpose of ridding yourself of a car so you can drive something more to your preference.

A dealer can finance the difference between what you owe and what your trade in is worth, and add this on top of your next car payment. This means that you will be in the same problem, only worse, because it's like buying a car with a negative down payment. So you will owe even more on this car over and above what it's worth. And if you want to trade that car in before you've paid off more than you owe... welcome to the car debt merry-go-round from hell!

A wiser choice would be to stick with this car a bit longer and pay extra until you are no longer upside down on the loan. That way you won't be throwing away nearly so much money. And if you have some decent equity in the trade-in and a decent down payment, you can arrange for a loan that will never have you owing more than the car is worth at any point.

Financially, the wisest choice of all would be to pay this off and then save up until you can buy the car you really want with just cash and the trade in, but sometimes that doesn't work out.

Remember, you don't have a choice about being young, but the "and dumb" part is completely optional.

Answer 3

Young and dumb...OK. Let's stop the dumb part NOW. Do NOT trade the car. Some hairball salesperson will only roll your negative equity into another car and you will be upsidedown TWICE as bad as before. Then someone plows into your parked car and it totals -- guess what? YOU have to pay the difference of market value (which dropped 20% when you bought it) and what you owe. Sell the car, get a loan for the difference (or get a part time job and save up the difference) and get it out of your life. If you don't break this madness now you are inviting disaster into your life. Always try to save and buy a decent used vehicle for cash and let the prior owner take the value hit. Trading is always a lose/lose situation (except for the dealer).

Answer 4

Did something similar once. Find yourself an old, reliable car that you can live with for a few years and then trade in the lesabre. It will be worth more and the dealer will make the cheque for the extra out to your creditor. Then just slap every extra cent on the loans.

Answer 5

auto trader? sometimes you have to just keep with the same and keep making payments until you are in a better position. buying a car is not a good investment but i guess it's like credit cards, we all make that mistake and then learn.
my first car was also a le sabre that turned out to be WAY too big for me. after that it was a camaro and then a civic.

Answer 6

Pay attention to sales where they'd payoff your loan...But be very wearly about that claim, as all they do is attach it to your next car loan. Good luck.

Answer 7

Give it to me!!!!!