Is there a way that I can get rid of a car loan?

Question

I bought a car and financed it for 18k, and I don't like it, I don't want it any more. Is there a way that I can sell/trade without my loan payment going up, or losing more than 3k on it? HELP! ASAP!

Answer 1

Establish the amount owed on the car & the re-sale value of the car.

If the amount owed is greater than the re-sale value, you are "in the bucket." To get out of the deal, you will have to pay the difference.

This book is a very good guide: "Don't Get Taken Every Time" by Remar Sutton. You can get a copy @ your local library or buy a copy.

Online Sources:
http://shopping.yahoo.com/p:Don%27t%20Get%20Taken%20Everytime%3A%20The%20Ultimate%20Guide%20to%20Buying%20or%20Leasing%20a%20Car%20in%20the%20Showroom%20or%20on%20the%20Internet:3000063352;_ylc=X3oDMTB1c21tcDhkBF9TAzk2NjMyOTA3BHNlYwNmZWVkBHNsawNib29rcw--

These are good online resources for determining the current value of your car:
http://www.cartalk.com/

http://www.kbb.com/

http://www.edmunds.com/used/index.html?mktcat=used-car-price&kw=used+car+value&mktid=ov27725446

Do NOT trade in the car - you will just get deeper in debt. Try to keep the car. See if you can add a bit to each monthly payment to pay it off early. (Check to make sure there is no pre-payment penalty.)

You last option is to sell it yourself & take the loss on it. Then buy a used car in good condition for cash. (Interest rates on used cars are higher than new cars.) Check w/ your bank & local dept. of motor vehicles on how to transfer the title and protect yourself from fraud.

Answer 2

Call your lender and ask what the 10-day pay-off is. Also find out what the perdiem charge is. This is the amount of interest that is added daily.

Next go to KBB.com and book out your car. This will tell you what the retail price should be. Then you can compare the two numbers and you will know where you are. If the retail price is less than what you owe? You are what's called upside down. The difference is the amount that you will have to come up with out of your pocket.

If the numbers look like something you can handle? Next run a add in your local newspaper and try to sell the vehicle yourself.

Answer 3

17% activity, the place did you bypass a purchase right here pay right here? You signed a settlement, you have a criminal criminal accountability to pay. the only element you're able to do is attempt and sell it for what you owe, this is in all possibility not likely to take place. in case you enable the automobile get repossessed, they'll sell it at public sale get and basically some thousand money of what they sell it for will bypass in the direction of what you owe they'll nevertheless come when you for the the remainder of the money this is owed. they are able to document criminal action and garnish your wages. Do regardless of you are able to to not enable that take place, it is going to persist with you around for no less than 7 years. Edit: If the economic business enterprise has the identify, you're able to desire to have the skill to sell it for what you owe or make up the version. the shopper will want you to sign the identify over to them. yet an alternate determination, this is somewhat not eye-catching and that i would not cautioned in case you are able to help it. attempt and get somebody co-sign in the refinance. it incredibly is undesirable to place somebody in that concern. You probable nevertheless owe on the brink of what you acquire the automobile for and base case state of affairs with refinancing at a smart fee 4% or so. you will decrease your money by utilising approximately $a hundred a month.

Answer 4

Get advice from a good car dealer before making any decisions