It's a 2005 Ford Taurus SEL and not worth the huge payment, but I can't trade it in or sell it without paying someone to take it.
2007-03-27 13:35:06 · 6 answers · asked by pr3tty_grrl 1 in Cars & Transportation ➔ Buying & Selling
In the auto biz its called being "upside down" on it. You more or less have three options....
1. Sell it outright and make up the difference to the lender
2. Voluntary reposession(absolute last resort, it will destroy your credit and you will have to pay off the difference)
3. Trade it in at the lot you got it from. Explain the situation and they can find something more "affordable" for you.
2007-03-27 13:39:31 · answer #1 · answered by Putter B 2 · 0⤊ 0⤋
That's the deal you are made and you are stuck.
Either pony up some cash to pay the difference to the lender when you sell it, or keep driving it and paying it off until you aren't upside down any more.
You could also find a dealer to let you trade it in for a new car, but you will undoubtedly be upside-down on that deal as well, still owing more money than the new car is worth. Odds are you'd have a crummy interest rate too.
2007-03-28 11:33:13 · answer #2 · answered by Uncle Pennybags 7 · 0⤊ 0⤋
That is what financing is all about. If you do not have "A" credit and alot of it, your financing puts what you owe over what the car is worth . I sold preowned vehicles and new vehicles for a few years and sold a few out of my house. You have not mentioned if this is your first car loan or not.
If it is your first car loan, make your payments on time. Pay the car off. You can always make xrtra payments towards the principle, (call the bank directly).
After you have shown the bank you are credit worthy, your interest rates will go down as you build your credit.
Now you have experience towards your next car and you have equity for a trade when this loan is over.
Its a process. You can always take income tax money each year and pay towards your principle with some of it.
Lisa
2007-03-27 13:51:23 · answer #3 · answered by butrucci 2 · 0⤊ 0⤋
I just had this same prob...different kind of vehicle though. We were in a very high interest loan and getting no where with it. After having it 2 years, we only had paid like 1700 in principle. UGH, irritating right. Dealers only wanted to give us 7000 for a trade in and we owed 17000 on it. (We did get a bad deal to begin with on this too) So, we ended up getting a much better vehicle, but our payment went up about $175 a month. We have a much better interest rate, a better vehicle, and a shorter term. Look for a dealer willing to really work with you. They are out there.
2007-03-27 13:42:53 · answer #4 · answered by mlpsq1996 2 · 0⤊ 0⤋
You might just have to sell it for the maximum you can get for it. Then bite the bullet and learn from a bad situation.
2007-03-27 13:39:21 · answer #5 · answered by sgt 4 · 0⤊ 0⤋
finish paying it off and hope it lasts you along time
2007-03-27 13:38:18 · answer #6 · answered by allindotcom@sbcglobal.net 4 · 0⤊ 0⤋