How the h*ll can I get rid of this Ford Taurus!!!?

Question

I traded in a older car for a 06' Taurus SE, and was dooped by a car dealership (owned by the company I work for none the less) into buying it and financing $17k. We are expecting an addition to our family and need a larger vehicle (pref. an SUV) but the car has depreciated so much its only worth $9k now. I have almost $8k in negative equity. What can I do? The other side of it is that I have limited credit history which was why I bought it in the first place through my place of work. That said, I hate the car to death and desperately want out of it. What can I do?

Answer 1

You may be able to reduce what you owe by canceling 'extras' that you may have purchased with the car such as extended service contracts, life, disability, and gap insurance. Check your contracts and call the providers of these products (if any were purchased). Then you could possibly find a buyer for your car somewhere in the low teens. If you value any 'extras' do NOT cancel them until you have found a buyer! Otherwise you may be stuck with your car and no protection. Because of your limited credit history, you may still need $$ down to pay off the balance or put it in the loan of the next vehicle (you will have to work with a Reputable dealer to do this, possibly by finding a buyer and then having them sell it to the buyer so you can treat it as a trade-in and save sales tax on that transanction).

Answer 2

try www.cars.com you can sell it but will not get the deprecation back. Look at the Chevy Tahoe for an SUV. Last year Toyota had the most recalls, but the media "failed" to notice since millions would stand against them because of thier reputation. These days reputation is nothing, technology advances so fast it cant keep up. For ex: three years ago GM was one of the worst companies, now they have the most top-rated vehicles, and the quality/reliability surpasses Toyota. Honda is still on top of the reliability ratings. Ford also had more recalls than GM and DaimlerChrysler combined, for reasons like exploding engines and wheels falling off. Here is a quote from the Washington Posts review of the Toyota CAmry "one of which is the Chevrolet Malibu, which in my real-world driving experience has been every bit as good and reliable as the much-ballyhooed Camry but has been maligned primarily because it is a Chevrolet". Oddly enough that was an '04 Malibu VS the totally redisigned '07 Camry. Common problems with Toyotas are plastic rattling until it falls off. People then complain that when they take it to the dealer to be fixed they just say "The cars are made with so much plastic its practically impossible to fix" GM is also the worlds fastest growing manufacturer, and that dosent happen by accident.

Answer 3

I just looked on KBB and at 13K retail is 13950, at 25K is 12925. it will depreciate but you are upside down and if you trade it in you will get less but the dealer will be more than happy to pay off the car and then roll that into your "new" loan just get a low rate and live with the decision. do you have More than 2 kids already, A Taurus is fine and then before the new little one gets big enough the Taurus will be paid off then unload it. Why exactly do you need an SUV, the kid can't see out the windows, a Taurus is a fine safe good mileage vehicle. Learn by the mistake and suck it up.

Answer 4

unfortunate as it is domestics depreciate really poorly. You may be able to re-coup some of your equity by trading it in a more popular car that has a demand in the resale market. Unfortunately the only dealers that will offer you any value on a trade are the domestic ones. Try trading it in a entry model caravan, $17000.00 you will get an added bonus of the tax savings as the trade value is removed pretax........better bite the bullet soon as the car will continue depreciating heavily until you unload it. Next time ask to see what the residual value would be if you leased the vehicle for 4 years. The remaining value will give you an idea on how much the car is actually going to cost you if you need to get rid of it....

Answer 5

you will never get out what you paid ,you didn't say if it was new on the floor or a new trade in miles? if you bought a used 06 off the used car lot for 17000 you learned two valuble lessons one do the home work before you buy and two now you know about the company you work for..how did it drop to 9000..typicly it drops 3000 as soon as you drive a brand new car off the lot..start shoping other dealers/brands they all want you in their brand/// a great man once said if i could have a monopoly on the parts i would give the cars away

Answer 6

Legally you are stuck. If you can swing the eight grand of negative equity added to the price of an SUV, you will end up even further upside down. Just wait until the value of the car is the same or less than the payoff.

Answer 7

Ford is a good car, Ford; Found Off Road Dead, keep it on the road and you'll do fine. However, in your case I would suggest using two quarter sticks of dynamite, 5 gallons of gasoline, and a half used kerosene tank. (use a long fuse man, this ones gunna be big!)

Answer 8

Sell it yourself. If it's an 06 and not beat up, It has to be worth more than 9k. Have you checked KBB or NADA? I bet it's still worth a good 12k

Answer 9

Chalk it up to a lesson learned. Next time, go HONDA, which have the highest residual values of any make on the market, making it highly unlikely of ever being in a negative equity situation.

Answer 10

Take it to a used car lot and trade down.