How can I get rid a car which I still own money on it? I don't want it anymore, can I get it repo?

Answer 1

sell it, pay off the loan balance

if you have it repo'd you may not be able to get another car for a looong time..at least not on credit

Answer 2

Sell the car for the balance of your loan and add 5% to that amount. Be certain to check out Kelly Blue Book www.kbb.com to find out what you can fairly ask for your car. It may be much more than what I suggested.

Another option is to find a buyer that is willing to assume the payments. This will require speaking to your lender and having the buyer being approved by the lender instead of a straight cash sale. Save this for plan "B" as you want to make a small profit from the sale... I get the feeling that the bank has probably made enough on the car already.

Keep the car as clean as you can until you sell it. If you smoke in your car... STOP. You need to make the vehicle as attractive to as many people as possible for a sale.

FOR THE LOVE OF GOD..... DO NOT LET THE CAR BE REPO'D EITHER a voluntary repossesion or the kind where the cops and tow truck driver show up at 3:00am, you will RUIN YOUR CREDIT RATING for up to 7 YEARS!!!!!!! If you are totally upside down (meaning you owe more $$ than the car is worth) stick it out until you gain equity in the car (cash in = total worth of car+depreciation) and then maybe try for a trade in.

It is a tough spot to be in, and I had been there once trading in a truck that I was upside down in for a lease truck... that cost me $470 a month for 5 YEARS, so I learned the hard way myself on the topic. Hope this helps, good luck :-)

Answer 3

I would sell it if I didn't want the car anymore. Try to stay away from getting it repoed. You can volunteer to have it repoed, but that goes on your credit. Not as bad as if the bank forces you to give it back, but none the less, looks bad on your credit.

Answer 4

Why on earth would you do that???? Sell it or trade it in for another car. If it is repo'd, you don't get a single penny for it, plus a huge hit on your credit.

Answer 5

Repo stays on your credit, you will ruin yourself that way.

Answer 6

sure you can have it repo'd but it will destroy your credit for a good portion of your life.

sell it off and pay off the difference on the loan...only way out.

Answer 7

if u still owed money 4 this car which u don't want u still have to settle it with ur finance company,otherwise they w'd sue u in court.