I have an 02 Mitsubishi Eclipse GS, in very good shape...87,000 miles on it - runs perfect. Here's my issue: I still owe close to $10,000 on it...still have 2.5 years left on the loan - pay $310 a month. Want to buy a house w/ fiance...need to get rid of car. How can I do this?
2007-02-13 05:07:36 · 7 answers · asked by Swaygirl27 4 in Cars & Transportation ➔ Buying & Selling
Your car is worth $6,000 wholesale, assuming it is in good condition. You could probably retail it for around $8,000 top. Unfortunately, the miles are pretty hight for a 2002 model. Try placing an ad on cars.com or ebay with detailed photos and a price of $10,000 or best offer. See who is willing to put the most money into it. You would have to pay off the balance.
2007-02-13 05:25:18 · answer #1 · answered by Texas Horns 37 2 · 0⤊ 0⤋
i was in the same position as you were so i feel for you.The best thing for you to do is just finish paying off the car.If you get ride of it you will have negitive equity(you will still owe money for the car).Theres really no other choice.Or you could loan some money from freinds and pay off the 3500 and sell it.But either way if you get ride of the car will you be in a hole.Dont get yourself any deeper than you are right now because from here on if you get ride of the car it will only get worse!
Hopes this helps!
Good luck!
2007-02-13 13:23:26 · answer #2 · answered by vlady88 1 · 0⤊ 0⤋
You are in a real bind. Wholesale (ebay) value on the car is between 6000-6500 depending on options. You could probably sell it for 7000-7500 if you listed it privately. So to answer your question you would need 3-4 thousand cash to get out of this loan.
2007-02-13 13:13:14 · answer #3 · answered by mattbehney 1 · 0⤊ 0⤋
If you financed it with a bank ask them how it can be done.
Can you refinance it and lower your payments and still get approved for a home loan?
You need to find a banker or other financial institution to help.
This similar situation happened to a friend some time ago. Her mother transferred the loan to her name, the daughter paid her mom when possible and she was able to get financed for a house.
2007-02-13 13:20:04 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Find someone to take over the payments. But, unless you are able to change everything over in to their name, your name is still going to be listed as the responsible party, so if they miss any payments..........................
2007-02-13 13:28:19 · answer #5 · answered by john y 3 · 0⤊ 0⤋
lol good question. i dont really know myself. maybe somebody else does. then we can both find out..... ^_^
hmmm although i know houses need cars. its such a pity the poor cant have both. :(
good luck to u...
2007-02-13 13:25:55 · answer #6 · answered by ryseesdg 1 · 0⤊ 0⤋
Sure
2007-02-13 13:11:02 · answer #7 · answered by w00t 3 · 0⤊ 0⤋