I have a high car loan payment and i'm lokkng at ways to get rid of the payment. So if I can get rid of the car that would be nice. What are some option I have?
2007-01-19 08:28:15 · 10 answers · asked by Anonymous in Cars & Transportation ➔ Buying & Selling
You have to sell the car for more money than you still owe on the loan. Or.................win the lottery.
2007-01-19 08:31:12 · answer #1 · answered by starbrite 2 · 0⤊ 0⤋
17% Interest, where did you go a buy here pay here? You signed a contract, you have a legal obligation to pay. The only thing you can do is try and sell it for what you owe, which is probably not going to happen. If you let the car get repossessed, they will sell it at auction get and only a few thousand dollars of what they sell it for will go towards what you owe they will still come after you for the rest of the money that is owed. They can file legal action and garnish your wages. Do whatever you can to not let that happen, it will follow you around for at least 7 years. Edit: If the bank has the title, you have to be able to sell it for what you owe or make up the difference. The buyer will need you to sign the title over to them. Another option, which is really not appealing and I would not recommended if you can help it. Try and get someone co-sign on the refinance. It is awful to put someone in that situation. You likely still owe close to what you bought the car for and base case scenario with refinancing at a reasonable rate 4% or so. You would lower your payments by about $100 a month.
2016-05-23 22:24:41 · answer #2 · answered by ? 4 · 0⤊ 0⤋
About the only option you have is to sell the car or pay it off. If you just stop paying, the bank will take the car, sell it and you'll pay the difference of the selling price and what you owe on it.
2007-01-19 08:31:44 · answer #3 · answered by capnemo 5 · 0⤊ 0⤋
You can get financed for a better car loan and then trade this one in
2007-01-19 08:39:08 · answer #4 · answered by kellie_new_mom25 2 · 0⤊ 0⤋
sell your car and pay off your loan, maybe u can get more then what you paid for, or just buy another cheaper car
2007-01-19 08:31:48 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Go trade it or sell it and pay your car loan.
2007-01-19 08:31:07 · answer #6 · answered by j13 3 · 0⤊ 0⤋
sell the car and pay off the loan.
trade in the car for a cheaper one.
2007-01-19 08:35:27 · answer #7 · answered by Sufi 7 · 0⤊ 0⤋
this is great place to get quotes for a car loan, it only takes a minute and it's free.
2007-01-19 19:31:20 · answer #8 · answered by sick a 1 · 0⤊ 0⤋
You have three options....
1.) Sell the car
2.) Refinance
3.) Have the repoman come get and kill your credit :)
2007-01-19 08:31:39 · answer #9 · answered by duhryan3 2 · 1⤊ 0⤋
best way is to sell it yourself and then pay it off, if you trade it in they will take you to the cleaners.
2007-01-19 13:20:42 · answer #10 · answered by mister ss 7 · 0⤊ 0⤋