I have a friend who has a 1999 Mitsubishi galant. His Payments are 315.00 for the next 32 months. Or he can buy out for 9408.00. The car isn't even worth that much. How do you get out of the loan without damaging your credit?
2007-03-22 12:22:03 · 5 answers · asked by annetteb1432003 2 in Cars & Transportation ➔ Buying & Selling
So right now your bud is upsidedown on his car. He owes a total of 10080 if he pays it off and 9408 is the payoff figure.
The only way to get out is to pay it off as soon as he can. He signed a contract and the court will uphold the contract. If he can find a better loan then refinance it. Good luck.
2007-03-22 12:30:26 · answer #1 · answered by Fordman 7 · 0⤊ 0⤋
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2016-09-26 05:35:55 · answer #2 · answered by ? 3 · 0⤊ 0⤋
You can sublease the car and have someone else make payments to you to have the car, You can buy a new car and have the dealership put the negative equity into a new car by giving you a good deal below invoice price on the new car so your loan to value is more balanced. I had an 06' Camry in a 3 year lease and I owed 22950 to pay off the loan without damaging my credit. I ended up buying a car at a dealership for 4800 below invoice and the negative equity on my camry went in to the new loan. Now my loan to value is more balanced. That worked out better for me and I am in a car I really like. If you surrender your vehicle to the bank it is just the same as a repossession on your credit file so that would be a bad idea,
2007-03-22 12:34:17 · answer #3 · answered by Bellas Mama 1 · 0⤊ 0⤋
Some car dealers have special events where they advertise that they will pay off whatever you owe on your trade in vehicle if you come in and buy another vehicle.
In 2003, my local Nissan dealer made this offer on the radio so I checked it out and ended up trading in my 1997 Nissan Maxima (which I had only had for 2 years). The trade in allowance for it was $11,500 and I owed $10,707.25 (which the dealer paid off). The difference ($792.75) was my net trade in amount. I was buying a 1999 Nissan Maxima. The price for it was $15,614. Less the $792.75 made it $14,821.25. Was that too much for a 4 year old Maxima with less than 60,000 miles on it? I don't know...maybe I got screwed somehow in the process but it has worked out well for me. I don't know if the 1997 was worth the $10,707.25 that they paid off. I know these kind of vehicles don't depreciate as much as others so that might have something to do with it.
I would check with some dealers and ask them if they have a "pay off whatever you owe" type of deal.
2007-03-22 12:52:04 · answer #4 · answered by Deborah 3 · 0⤊ 0⤋
find some sucker to buy it for $9408
2007-03-22 12:25:23 · answer #5 · answered by Anonymous · 0⤊ 0⤋