I financed it in 2006 and i decided to go back to school and now i find myself struggling to pay for it.. is there anyway i can sell it or something w.o paying a penalty? or am i screwed?
its a 2005 Honda Accord LX with 17,500 miles.
2007-01-23 02:06:42 · 7 answers · asked by Anonymous in Cars & Transportation ➔ Buying & Selling
Take the car to an independent used car dealer or to CarMax, and have them give you an offer for the vehicle. That will be about the wholesale value of your car.
Call the bank or finance company and get a payoff figure for your loan. This is the amount it would cost you to pay the car off at a certain date. This will be less than the total of payments due, because there is finance charges only for the time the loan is in effect!
Compare the payoff figure and the price you are offered for your car. If the payoff is less than the current value, you can sell the car, pay off the loan and pocket the difference! If you owe more than the value, you will have to come up with that amount in cash (you may be able to get a personal loan) before you can sell the vehicle.
You will get more for the car if you sell it yourself (retail) than if you sell it to a dealer. Use the wholesale value as a basis and add to that to get a retail price. If you are going to sell the car yourself, have all needed repairs and state inspections done. You may also want to have the car professionally detailed to make it look as good as you can!!
Good luck!
2007-01-23 02:44:39 · answer #1 · answered by fire4511 7 · 1⤊ 0⤋
You have had vehicle less than a year and unless you put a large chunk down payment you are way up-side down.
Here is how I would approch - phone the lender and get a payout from there go autotrader.com and enter your zip code type of vehicle and allow 100 miles distance, you will most likely find several vehicles listed like yours and you will have an idea where you stand.
Whatever you sell vehicle for you must pay the lender the amount owed, your only other avenue is a personal loan to pay the negative or asking lender for re-finance at a longer term to lower the payments.
Your last option is a repo and if you take that route your credit will be blemished for a very long time.
2007-01-23 11:04:42 · answer #2 · answered by Anonymous · 0⤊ 0⤋
You can try selling it for the amount you still owe on it. Some places will let you trade the vehicle in for a different one, maybe pick something cheaper? Used car perhaps? Worst comes to worst, if you have full coverage... ...you can always wreak it...
2007-01-23 10:18:40 · answer #3 · answered by Anonymous 3 · 0⤊ 0⤋
you can sell it and get out of the payments on it and you wont have to pay any penalty on it,id just set a good asking price ,and keep it real clean during the time you have it up for sale,because on one that new you never know when your going to have someone come and look at it,so always be prepared ,but you can get most of your money back on it,it has lost some of its value,but not a lot,so you wont loose a lot because you have drove it for a year,good luck,i hope this help,s.
2007-01-23 10:16:45 · answer #4 · answered by dodge man 7 · 1⤊ 2⤋
Your best bet, if you just want to get rid of it (and it's payments), it to advertise it either in a local paper or word of mouth. Price = take over payments (if your finance company will allow it. call them and see)
2007-01-23 10:20:13 · answer #5 · answered by Lonely One 2 · 0⤊ 0⤋
pay it with part of the Pell grant,
and the classes with the Standford
see if honda has student loand or scholard ship
2007-01-23 10:18:24 · answer #6 · answered by Anonymous · 0⤊ 0⤋
yes you are scarewwwd haha... no you can probly still sell it as long as you pay it off.
2007-01-23 10:10:53 · answer #7 · answered by Robert S 2 · 1⤊ 1⤋