I brought a 2007 car six months ago. obviously, I owe more on the car, then it's actually worth. right now, i'm having financial problem on other things and i don't have time to worry about a car note. i wanted to know if it's possible for me to sell the car for what i got it for? i have no other choice but to sell it or get a voluntary reposession. what should i do? is it possible for me to sell the car?
2007-08-28 09:24:52 · 4 answers · asked by Anonymous in Business & Finance ➔ Credit
If you can't payoff the loan after receiving the proceeds from the sale, you can't sell the car. The buyer will not be able to register it in their name.
You could try to get an unsecured loan for the difference, but that would mean you would be paying money on a loan for a car you don't own anymore.
You could also try negotiating with the lender.
2007-08-28 09:31:46 · answer #1 · answered by great_and_mighty_adam_levine 4 · 0⤊ 0⤋
You are out of equity the moment you drive it off the dealers lot, and it is doubtful that, especially in todays financial market that you can get what you owe on it. Check kbb.com fill in the blanks and see what you can get selling outright. Could be I am wrong (doubt it) since I do not know the brand and model and if you financed 100% and possibly then some. Another option would be to contact you loan company and see if they will give you a 3 month extension in order to get things back in order. There is a small fee but it does give you a few months to get back on your feet. Have had to do this in the past and it really helped. Good luck to you
2007-08-28 16:53:07 · answer #2 · answered by Pengy 7 · 0⤊ 0⤋
Check Kelly Blue Book and see what you car is valued at. As you said, you probably owe more than it's worth after only 6 months.
See if your credit union to see if you can refinance the note at a better rate.
Or you might just sell it on Craigslist to someone you can sign the note over to. Sure you are taking a loss, but at least it is not compounding.
And while you struggle out of financial difficulty, try to figure out how not to do this again.
2007-08-28 16:51:38 · answer #3 · answered by stenobrachius 6 · 0⤊ 0⤋
if it gets reposessed voluntary or otherwise they will auction the car off and you will still owe the difference to the bank my husband did this his truck auctioned for a lot less then what he could have gotton if he had sold it and he still has to pay 6000 back they took him to court and has to pay monthly or go to jail. he had an arrest warrent out because he was two payments late on the court order. avoid this if at all possible borrow money from someone if you have too.
2007-08-28 22:34:36 · answer #4 · answered by Jessica t 2 · 0⤊ 0⤋