but it's working out very expensive for how often I actually use it. Is it true that once I've paid half of the term I can hand the car back?
2007-01-29 02:40:42 · 5 answers · asked by Shelley G 1 in Cars & Transportation ➔ Buying & Selling
No. The best bet would be to sell it. Have someone else get a loan and buy it and use the money to pay your loan off. Advertise in the newspaper. Or some car dealerships will sell it on consignment for you.
2007-01-29 02:47:12 · answer #1 · answered by bill a 5 · 1⤊ 0⤋
Whoever told you that is very very wrong. Go to http://www.kbb.com (Kelly Blue Book) and see what your vehicle is worth. Now get out your loan papers, and see what the current balance is. Or call them and ask for the pay off figure. If you owe more than the car is worth, you are probably out of luck unless you're prepared to take a loss. If not, perhaps you could sell it and get out from under it, but you'd have to have a buyer willing to pay off the loan company and wait for the lien release.
The other possibility is to find someone to take over your current loan. But the lender would have to agree to it to get your name off. Resist the temptation to leave it in your name until it's paid for. If the person decides to not pay and keep the car, they would come after you. He gets towed, or a ticket, they come after you...
2007-01-29 11:30:48 · answer #2 · answered by oklatom 7 · 0⤊ 0⤋
No, you have to pay the full amount, whether its a lease or a purchase. You may be able to sell the car and then payoff your loan or you may be able to trade the car in. If you want info on what your car may be worth, check out Kelley Blue Book at kbb.com, Edmunds.com and nada.com. Good luck
2007-01-29 10:48:40 · answer #3 · answered by Suzan 2 · 1⤊ 0⤋
I don't know who told you that.. but it is very very FALSE.
What you CAN do (usually around the 2 year mark) is investigate to see if you can sell the car at that point without losing too much money.
What car is it? What is your payoff amount?
If you ask that question, someone here will be able to answer it more accurately.
2007-01-29 10:46:20 · answer #4 · answered by rob1963man 5 · 0⤊ 0⤋
Your best bet would be to clean it up, and sell it for as much money as possible (don't take less than you owe, unless you are upside down on it).
2007-01-29 10:48:37 · answer #5 · answered by superfunkmasta 4 · 1⤊ 0⤋