is it a good choice to give my car to one of the takeover payments company?

Question

i bought a 2005 dodge neon sxt for 15,000$ and i'm paying 267/month for 6 years,a takeover payment company said they'll take the car and i'll be out of the contract, is that possible?

Answer 1

Do some simple math, first go on-line and find out what cars like yours are really selling for, eBay is a good place for this. You want real dollar amounts, not some BS "Book Value". Next find out exactly how much you owe.

(Real selling price) - (How much you owe) = Car's value

If your cars value is negative you're screwed and the "Take Over" company is about to make you its bitc . . . uh (lets just say you're screwed )

If it is positive then the amount is how much the take over company will make by doing this deal. Is it worth it to you to pay them this amount of money to avoid the hassle of selling it?

Its your decision, but keep in mind the take over company isn't your friend, they are in business to make money.

Answer 2

These types of companies are in this business to make money. So its unlikely that they are going to make money and you're not going to lose a little. Buying a new car is NOT a money making proposition - not for the buyer anyway.
PS Why $15,000 for a neon?

Answer 3

Your finance contract is between you and the finance company.

No third party can take you out of that contract. You can only be released from that contract by your finance company.

So, whatever this third party does, must be OK with your finance company. If it is, then it's all good. So talk to your finance company at length, and in advance. Make sure it'll be OK for them and reasonable for you. Good luck.

Answer 4

No this is a scam, or they are lying. you cant get out of your contract just bc your payments are high. if you want to get rid of your car, try selling it for the payoff price.