what can you do with a truck when you owe more than it's worth?

Question

iv'e got an 05 chev ext cab i owe about 3 to 5000 more than trade in about even on personal sale owe for 4 more years don't need it now

Answer 1

I recently had this same problem with a 2006 Dakota that I bought. I got out of the situation by trading it for a 2002 PT Cruiser that cost $8,000. I can't really recommend any other option if you want to keep a good credit score. You will probably have to trade it for something cheaper that will meet your needs. I would go with a Small 5-Speed Car that is cheap for now and use the savings on gas and insurance to dig yourself out of fact that you are upside down on the veichle. Remember to trade it Before you miss any payments on the truck because if you have missed payments on the current veichle, it will be harder to get an affordable loan on the cheap car. I suppose you could try to sell it yourself and break even, but if it is a gas hog (Most trucks are) that could be difficult.

Answer 2

You are in a familiar situation.....you cant make payments faster than the value of the vehicle falls.......this is called being "upside down" in a loan. You probably bought it new and did not do the math associated with the total cost of this vehicle......AutoTrader.Com or Cars.com will show you what a vehicle is worth after 2-4 years....did you check that out before you bought this truck?? Probably not.....my preference is to buy a good, solid used vehicle after checking those two websites....a GMC Envoy is stickered at around $35000, but 3 years later it is only worth about 22, 000....you could not pay down 13000 dollars on that vehicle in 3 years....get the point. Next time do some better math before you buy. A good solid bet is buying a used vehicle in very good shape that still has a warranty on it.

Answer 3

in case you sell your truck for under what you owe on it, you will ought to return up with the adaptation to get the call from the lender to offer on your customer. the customer's charge could make up the the remainder of the payoff of your cutting-edge loan. to locate some one to take over money, you will the two ought to locate somebody keen to pay what you owe on the truck, or hand them money for the adaptation. The lender could ought to approve any "take over money" sale - in the event that they do no longer and you purely do it unofficially, you bypass away your self very susceptible on account which you could nevertheless the two very own the truck and characteristic the loan, so could be in charge for the truck and for the loan till it grow to be paid off. If that's an selection for you, you will in all probability be extra suitable off conserving the truck till that's paid off, or a minimum of till its cost gets inspite of what you nevertheless owe.

Answer 4

How do you know that you are "upside down"?

http://www.nada.com/

If you really are upside down then

why not start a business in January that moves people and their furniture from apartment to apartment.
January is the month that most people move and most divorces are filed.

Get a classified ad that advertises this with your phone #

you could get the temp help at your nearest
http://www.laborready.com/

or other temp labor placement business
and
when you make enough to pay for the truck then

you could sell it on ebay
http://rover.ebay.com/rover/1/711-1751-2978-71/1?AID=5463217&PID=2380112&mpre=http%3A%2F%2Fwww.motors.ebay.com%2F


and then
DON'T EVER

NEVER

Finance anything that way again.

Answer 5

Get use to the ownership!! Take it to a detail shop, and have it cleaned, polished, and maybe a new steior. Just to make it feel better to you. Because you're going to be driving it for a while! If you trade it off, you'll just be adding a -negative equity into the next car, and thats not good. good luck

Answer 6

Clean it up and sell it just like the dealers do. The saying goes "There is an *** for every seat" why should yours be any different. Don't take the advice of a dealer telling you what its worth that's who got you upside down in the first place...

Answer 7

Sell it now and cut your losses. You can get a better price if you sell it private. Don't wait too long, it will only get worse and harder to sell with more miles on it. Good Luck, then buy something you can afford. A used vehicle.

Answer 8

Nothing other than pay it off. That's why it's important to plan long-term before buying a new vehicle.

Answer 9

Just keep it, until it is paid off. If you trade in, you are going to lose a lot of money.