If I trade it in will I be so upside down in in that I am not going to be able to lower my payment?
2007-08-22 07:41:26 · 18 answers · asked by swtdc3 1 in Cars & Transportation ➔ Buying & Selling
Don't trade it in. You need to sell it by owner, you will recieve about 5%-20% more than a trade in.
2007-08-22 07:44:57 · answer #1 · answered by G Detroit 5 · 0⤊ 0⤋
Never been in that situation, but I suppose you ought to talk to the people you bought the car from in the first place. Be straightforward and honest, and ask them what the best way to deal with this situation would be that would get you out of the contract with the minimum further financial loss to yourself. You could get permission to 're-sell' the vehicle to somebody who will take over the payments, but you would almost certainly have to forget what you already paid in on the vehicle, because it has now depreciated by at least that much as a "used car". The main objective right now, I think is to get yourself out of the contract.
2007-08-22 07:52:18 · answer #2 · answered by Anonymous · 0⤊ 0⤋
You cannot lower your car payment by trading in a fairly new car. impossible to do. I sold cars before, and Can't remeber how many times this happened. Try selling it outright, but oither than that you could call the company who financed you and work out a different payment plan. They don't want the car back anyway.
Do not try to trade it in, you will get hosed.
2007-08-22 07:54:21 · answer #3 · answered by Anonymous · 0⤊ 0⤋
You are screwed! Even if you send it back to the dealer they will sell it and still come after you for the remainder of the original balance. You need to just suck it up, cut back and make the payments! Did you not work out the finances BEFORE you bought the car?
2007-08-22 07:45:25 · answer #4 · answered by Flower Girl 6 · 0⤊ 0⤋
Why is is that nobody suggest the obvious. Get a second job or some other income source and just pay for the damn thing. You signed the paperwork, you agreed to the terms, nobody had a gun to your head. Now live up to your obligations. I know working two jobs isn't fun, I did it for several years, but you are going to be better off in the long run for it. Just suck it up and do it. You got yourself into this mess, now get yourself out of it - honorably.
2007-08-22 08:47:04 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Talk to the bank where you financed it, and tell them what's going on. Tell them you want to sell the car, but you're afraid you'll still owe them money. Maybe you can work out the remaining part will be a handled as an unsecured loan, assuming your credit is good.
2007-08-22 07:46:23 · answer #6 · answered by Ralfcoder 7 · 0⤊ 0⤋
Yes, even if you sell your car privately you will not be able to pay off the full value of your new car. You can make special arrangement with your dealer to extend to time to pay off your loan, that way you will be paying less, and at the end off your agreement you will be paying more with interest.
2007-08-22 07:51:09 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Sell it to somebody for a little more than you still owe on it. Use the money to pay it off, and the extra (if you can get it) to buy an affordable vehicle. Do NOT get a Dodge Neon.
2007-08-22 07:46:57 · answer #8 · answered by gilgamesh 6 · 0⤊ 1⤋
Can you get a loan with lower interest or longer term?
If you join a credit union, they may have lower interest rates.
Usually, you just have to deposit $50 to be a member.
2007-08-22 07:47:11 · answer #9 · answered by Dennis K 4 · 0⤊ 0⤋
maybe you can re-finance with another bank for a lower interest rate and thus lower the payments.
2007-08-22 07:46:34 · answer #10 · answered by Anonymous · 0⤊ 0⤋