Legally or iligally. so it won't affect my credit. Please.
Thank you.
2007-03-22 06:35:08 · 9 answers · asked by Anonymous in Business & Finance ➔ Credit
Sell it for what you owe on it. When you collect from the buyer, run right to the bank you have the car loan with and pay off the loan.
OR, if you qualify - refinance it to get a lower rate and therefore lower payments.
2007-03-22 06:41:39 · answer #1 · answered by zippythejessi 7 · 1⤊ 0⤋
Try and have someone assume the payments. Basically they are taking over your payment terms. You get nothing out of the deal except no more car payments. The buyer needs to qualify against the bank's terms.
Keep in mind that you usually cannot sell a car for the amount owed, unless you've owned it for a long time. If you sell the car, you will probably lose money and still owe a large sum before you can give it to the new owner.
Someone else mentioned a refinance...give it a try! You could also try trading it in for a much, much cheaper car and just having to roll your negative equity into the new car. Attempt to make higher than the required payment (even as much as $25 more) each month and that will make a substantial dent in your principle balance. At that point, the car will be paid off sooner, but most importantly, the negative equity will no longer exist. Keep in mind if you try to trade in the car, the payment must be current and not late.
Good luck!
2007-03-22 07:12:15 · answer #2 · answered by irin997 2 · 0⤊ 0⤋
Their is a such thing as signing over payments over to a new signer but you have to ask the new owner to take over payments plus you get no money in the transaction only the loss of the payments required by you
2007-03-22 07:08:06 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Sell it to a dealership or on your own. You can make more money by selling it on your own. Find out how much your car is worth by visiting www.kbb.com. I sometimes see ads for big bucks auto, where they purchase your car from you www.bigbucksauto.com/
2007-03-22 06:41:35 · answer #4 · answered by Bettyboop 2 · 0⤊ 0⤋
Sell it for what you owe and pay it off. Or if you bought gap insurance when you got the vehicle make it go away.
2007-03-22 07:28:34 · answer #5 · answered by ? 7 · 0⤊ 0⤋
Sell it
2007-03-22 06:38:18 · answer #6 · answered by AriesJWR 4 · 0⤊ 0⤋
sale it and that person can have the rest of the payments
2007-03-22 06:50:46 · answer #7 · answered by shorty21 5 · 0⤊ 0⤋
Sell it back.
2007-03-26 04:54:18 · answer #8 · answered by Pepper 6 · 0⤊ 0⤋
Burn it.
2007-03-22 06:41:07 · answer #9 · answered by Anonymous · 0⤊ 0⤋