How do I get rid of this car?

Question

I have decided I want to change careers and I think what I am going to do is move back home for a while and start college. So basically I'm am going to be making a lot less money and won't be able to make the payments on my car. What do I do? Sell your car you say. Well the issue is that it is worth LESS than what I owe on it. I think its because I had really bad credit when I bought it and had a high interest rate(20% or so). So how do you get rid of a car that you owe more than its worth? Can anyone help me?

Answer 1

some1 might buy it n fix it up or give it 2 a family member or friend

Answer 2

could sell it for a higher price than what you bought it for  

Answer 3

C4 it

Answer 4

Noone can help you magically erase negative equity with no consequences.  

If it were that easy, 30 million people or more would do the same thing.  

Answer 5

sell it on craigslist. if you don't know what is its like a public ebay. throw your price on there and see who is Dumb enough to buy it ( excuse my french) if no one seems to be interested try selling things along with the car

Answer 6

List it on craigslist and tell them they can own it by taking over your loan and payments, then transfer the loan into their name and you'll owe nothing.

Answer 7

Your only hope might be to sell it to a private party.  If you're "upside down" in your loan, that might be based on the value of the car as a trade-in or in selling it to a dealer.  A retail sale will bring higher bucks for the car.

Contact your bank (preferably the bank with whom you do your savings and /or checking) and ask them to help identify the "blue book" value of the vehicle for private sale.  You can also find this information online, but a bank manager would probably be happy to help you figure it out.  Then see if you're still upside down.

Good luck!

Answer 8

Blow it up with dynamite and charge people $10 admission to see it.

Answer 9

ask a breakers yard or salvage squad to buy it from you.

Answer 10

Well I would start by contacting the bank that loaned you the money for the car. Let them know your situation and see if they can help you in any way. The problem is that if you sell your car for less then what you owe, in order to get the title you will have to come up with the remaining balance on your own. So if you owe $10,000 and sell it for $7000 you will have to cough up $3000 just to get the title, and if you don't have that kind of money there wont be a buyer willing to wait for the title. Sometimes you can find someone to take over payments on the car, but I would not recommend this unless you use the bank and completely transfer the loan into their name. Wish I had some better advice. I had something similar to this happen a few years back and I ended up getting the car repossessed. I will say that I have heard if you cant afford the payment take the car back yourself and drop it off at the bank. I have heard this looks a little better to future lenders. Good Luck

Answer 11

You may be able to find someone else to take over the payments on it.  Advertise it in the paper and put something like, the year, make, model etc. and looking for someone to take over payments.  Then I think the bank can put there name on the loan for them to assume it.  

Answer 12

Park it in a bad neighborhood with the keys in the ignition.  Voila.

Answer 13

You don't own the car, the finance company does, so you can't sell it without paying it off and getting a clear title.  Since you say it's worth less than what you owe, you're going to lose money.  There is no way around it.  If you just stop making payments they will repossess it, your credit will be ruined and you will still owe them the difference between what is owed and what it's worth.

Unless mom and dad are willing to help you out, you're stuck between a rock and a hard place, with no where to turn.  Sorry.

Answer 14

Nothing you can do will make the car worth more that it is.

Even with a lease there are often penalties associated with breaking the lease.

For that matter most people's cars are worth less than they owe when buy them on financing at least for the first long while.  Banks are businesses.  Their profit is the different between the money they loan you for the car and the extra you pay them to loan you the money.

You can't break even on your debt, you can only reduce it but, you don't necessarily have to be paid to the car credit holder with the proceeds of the sale.  The car credit holder still has to be paid.

Sell the car.  Put the money against your highest interest rate debt or the debt that most closely matches the value of the car so that a monthly payment will be gone.

Talk to your bank.  Depending on what your debt is, it make make sense to refinance, potentially consolidate a few debts and spread the payments out so they don't all hit while you're in school.

Answer 15

This question must get asked on here 20 times a day, and I finally think I might have the ultimate answer!!!!!

If you are upside down in your car, consider a raffle.  Some states will not allow you to actually raffle your car off, but you could run an essay contest or something.  Charge $10 a ticket or 6 for $50 - and state clearly that when you have reached a certain point of sales (say you owe $15,000, you need all that cashola) then you will hold the raffle.  

Answer 16

this is a toughy

Answer 17

sell it anyway, the debt would just get worst if you don't

Answer 18

I think you are S.O.L!

Answer 19

You pretty much have to bite the bullet on this one.  Most cars are worth less than what people owe on them and there isn't much you can do about unless you can find somone that is willing to take over your loan.  And in this case, the bank would have to be willing to give that person a loan to take yours over...

Answer 20

Unfortunately for you, you signed a contract to make payments until you have paid the lender 'x' amount of money, not until you decided to change careers. The only way to get from under the loan is to pay it off in full.

Answer 21

donate it to a needy family or are you too greedy for that