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I have a 2005 automobile and pay approx. $475.00/month on this car. I am finding myself going backwards. I have put too much money in the car to go to CarMax, or a place and sell it because they will not offer me a lot. I would love to sell it at a resonable price. CapitalOne does not refiance, so I cant get lower payments... What do I do? How do I do it? Where do I do it? Could I trade it? I need advice bad!

2007-05-01 12:06:21 · 6 answers · asked by Lance D 1 in Cars & Transportation Buying & Selling

6 answers

If you do trade it, you will probably be worse off since the will roll over what you owe on that one to another one. If you have decent credit, try to borrow enough to pay off the vehicle and lower your payment that way. If you stop paying and let it go back, you will have a repossession on your credit, and despite what people will tell you, there is no such thing as a "voluntary repossession" that won't hurt your credit. You may just have to bite the bullet and keep paying until you finally get it paid off if you can't find any other way to do it.

2007-05-01 12:17:36 · answer #1 · answered by oklatom 7 · 1 0

1

2016-09-26 06:01:16 · answer #2 · answered by ? 3 · 0 0

Just because Capitalone don't refinance don't mean that another bank won't, and probably get you a better rate in the process.

Your right as far as trading it in, you won't get much for it, plus it probably won't be enough to pay off the remainder of the loan either. Which the balance of the loan if your trading in the vehicle will be applied on top of whatever the purchase price is on a different vehicle. For example if your current loan is at $5,000 and you buy a new car for $20,000 then you will end up with a $25,000 car loan to pay on.

2007-05-01 15:16:02 · answer #3 · answered by Bill S 6 · 0 0

You're upside down which is quite common on a recent auto loan. You might try going to the dealership you bought the car from and try to trade on a lower priced car. You're going to take a big hit, but you might be able to get out from under your current loan and finance a cheaper car at a lower monthly price. Even if you have to roll some of the amount you are upside down on into the new loan, you might be able to lower your payment. Trying to sell an expensive, new car yourself is a nightmare. I hope you are able to sell or trade your car.

2007-05-01 12:19:15 · answer #4 · answered by DR_NC 4 · 0 0

It depends on the particular car - if it's some kind of a ford, you are in real trouble because they lose like 30%+ the moment the papers are signed, and after 2-3 years they are hardly worth 25-30% of the original price. If it's a Lexus, you may be able to get close to even if you sell it by yourself. Try craigslist.org - it's free.

2007-05-01 12:23:24 · answer #5 · answered by Anonymous · 0 1

You could refinance with another company, they would pay the loan off and then you would have to pay the new lender, just make sure the interest rate is a lot lower. It is not unusual to be upside-down on a car loan. Try and sell it yourself, put a sign in the window with your phone number, and put an ad in your local newspaper.s Good luck

2007-05-01 12:11:33 · answer #6 · answered by Fordman 7 · 0 1

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