My car is worth about 6000 and the note is at about 10k!
2006-12-06 05:10:28 · 4 answers · asked by thomasevensen2 1 in Cars & Transportation ➔ Buying & Selling
If your credit is strong enough, you could trade for a new vehicle with a decent rebate (to help with the negative equity) and lease it to keep the payments low. Drive the new car a few years. Once the lease is up, you walk away from the car free and clear.
2006-12-06 14:13:24 · answer #1 · answered by Kelly 2 · 1⤊ 0⤋
If you can't sell it or have someone assume the payments, call your creditor (FMC, GMAC, etc) and tell them you wish to voluntarily return the car to them. On your credit report it will show up as a "Voluntary Repossession".
As a former loan officer, I respected individuals who made a mistake and made it right. NEVER take the attitude "They can just come and get the car." If your creditor repo's your car it will look 1000 times worse than if you returned it yourself.
This is an arrangement between you and your creditor, not between you and your car dealer.
Best of luck.
2006-12-06 05:20:11 · answer #2 · answered by love4wf 2 · 0⤊ 1⤋
Sell the car for market value and make up the difference out of pocket.
2006-12-06 05:31:40 · answer #3 · answered by Trackerrrr 4 · 0⤊ 1⤋
There is no way, you owe more then you can get for it. Get a 2nd or third job and pay down the loan and don't get upside down on your next car.
2006-12-06 05:23:21 · answer #4 · answered by tallbrian1000 5 · 0⤊ 1⤋