How do I make out ok when selling something with negative equity?

Question

I have a car that I bought kind of recently and owe more than its worth and I have an older jet ski that I also owe on thats not worth very much. Im trying to move out and go to college but I have all this debt hanging over my shoulders. How do I get out of it w/o owing any or too much money so I can go to school and not have these huge bills? Thanks!

Answer 1

There is no easy way to fix your problems. My suggestion would be to sell your car for as much as you can get for eat and just pay the difference to the bank. I had a friend who owed $8,000 on her car that was only work $6,000. She sold it on Ebay for $5,000 and when the guy who bought the car came to pick it up they went to the bank that she owed the car loan to, the guy paid the $5,000 that he won it for and my friend paid $3,000 that she still owed. The bank the switched the title into the guys name and off he went with a new car. Check the laws in your state about selling your car though, they aren't always that easy. The other option is to take out a personal loan and pay off both your car and your jet ski, then you will have one low monthly payment. I hope this helps. Good luck.