is there a way to trade it in that will not cost me down the road?
2007-10-28 14:07:51 · 7 answers · asked by mike d 1 in Cars & Transportation ➔ Buying & Selling
You have several options. Pay what you honestly owe without regard to what the vehicle is worth. You should be aware that depreciation nearly always exceeds the loan payment. You could try to trade it and get another vehicle. The same thing will happen. The vehicle's worth will decline quicker than payment of the loan. You could try to sell on the private market. Basically you'd be asking someone else to pay your loan for you.
If the vehicle is in good condition and will be for awhile, I suggest that you just finish paying the loan. After the loan is paid, keep the car and make those payments to yourself like you did the loan issuer. When your vehicle does finally "die" and goes to the junk, you'll have money in the bank to buy another car...no loan. You've already paid yourself for another vehicle. Keep that up and you'll be thousands of dollars ahead. No interest payment is money in YOUR pocket.
IF the vehicle won't last do to lack of care or it was junk when you bought it, then get one that will last. Learn your lesson. Be wiser in the future. It's never too late to learn and grow.
2007-10-28 14:23:47 · answer #1 · answered by Jack 7 · 0⤊ 0⤋
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2016-09-26 21:35:06 · answer #2 · answered by ? 3 · 0⤊ 0⤋
NO... basically, the only way to get out of the loan is to trade the car in, but you will be carrying the negative balance on your new car, and be even more upside down. it just gets worse... the only other option is to not pay for the car, but that will also cost you down the road in higher interest when you are finally able to qualify for another car... one option that is less painful is to lease a vehicle for 30 or 36 months.. you still pay the negative equity, but sometimes it can be covered up in a lease easier. good luck, and next time try a bigger down payment, and shorter term, and less car
2007-10-28 14:16:13 · answer #3 · answered by Rafael P 4 · 0⤊ 0⤋
You are what the dealers call "upside down". If you have good credit and have to get a different car, they will add the extra money you owe to the new loan on the new car and you will then be "very deeply upside down" for a long time. You also might find someone to "take over your payments" if you are not too far in difference between what you owe and what it's worth.
2007-10-28 14:16:26 · answer #4 · answered by the_buccaru 5 · 0⤊ 0⤋
There is only one way to get out of a loan (and it makes no difference what the car is worth) and that is to simply pay off the loan.
2007-10-28 16:12:43 · answer #5 · answered by mccoyblues 7 · 0⤊ 0⤋
I can't count the times this question has been asked. The best thing to do would be keep paying on the loan you already have.
2007-10-28 15:09:11 · answer #6 · answered by Otto 7 · 0⤊ 0⤋
the only legal way out is to pay it off,I doubt you can sell it as you say it isn't worth the price.
2007-10-28 14:16:41 · answer #7 · answered by mushroom 3 · 0⤊ 0⤋