I would like to know how to get rid of my car which is worth 17,000. I paid off 4,000 already and have 13,000 more to go. I am looking to get a cheaper car but the dealerships are saying that I need to put a 5,000 down since my car isn't worth 17,000 anymore in order to get the car I want, no matter what the price of it is. I would like to know if there is a way I can privately sell my car in order to pay it off and get the cheaper car instead. Thank for anyone who advises.
2007-05-21 15:50:17 · 6 answers · asked by stupid 1 in Cars & Transportation ➔ Buying & Selling
Of course you can sell it. When a buyer is ready to buy, the two of you go to the bank, which holds loan to your car. Pay off the loan with the money the buyer gives you and get the pink slip. Sign it off to the buyer and that's it (assuming you can sell the car for at least $13,000)
Of course, some potential buyers will be afraid that between paying of the loan and getting pink slip you'll just run, but somebody will trust you. It's done all the time among normal people.
2007-05-21 16:03:11 · answer #1 · answered by Anonymous · 2⤊ 1⤋
If you need to dump it, dump it now. Why wait a year. You are not unloading $5k for nothing, you're paying off debt and reducing your living expenses. Get out of that high payment. You'll also save money on insurance, fuel and maintenance costs by stepping into something more economical. So it's not just the payment that will go down. You're overall automobile expenses will go down.
2016-05-19 05:09:58 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Your numbers don't add up. Would need to know the actual value of your car and the current loan amount. Since you didn't provide any of that information it's not possible to see where you really are.
But if you're $13k upside down, you're stuck with your current ride for the next 2 or 3 years at least. Any attempt to get rid of it will cost you $13k in cash somewhere -- either directly out of your pocket or added on to the price of a replacement vehicle. Dealers have some wiggle room but if they want $5k in cash that should tell you something: Your're stuck with your ride for now. Sorry.
2007-05-21 16:09:44 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 1⤋
go to www.nada.com and look your car up. clean it up REALLY good-either you do it or have a professional detail it ($100 to 300) then sell it yourself.
main problem--loan value is all lender bank/? will loan on car. buyer will have to come up with difference. you might accept a trade in for the difference. it's a lot easier to sell a cheap car that an upside down car.
any trade you're going to eat the negative balance. you're either paying a down payment or they're adding the amount to the price of the new car-either way you're paying it.
2007-05-21 15:57:47 · answer #4 · answered by dulcrayon 6 · 0⤊ 1⤋
You can't sell it unless you own it, and the only way to do that is to pay off the loan.
Next time, buy something a few years old, that you can afford, and that has already soaked its first owner.
2007-05-21 15:54:28 · answer #5 · answered by Yesugi 5 · 1⤊ 1⤋
Put it on eBay see if somebody wants to take over the payment.
2007-05-21 15:54:42 · answer #6 · answered by Henry Sosa 3 · 0⤊ 3⤋