How do i get rid of my car wihtout messing my credit?

Question

so i dont need my car anymore because i am now a stay at home mom and i can use that 500 on something else instead of a car i barely. drive . note that the car blue book value in way under what i owe . i think a difference of 4000 or so . real high interest because i didnt have any credit when i was buying it . i wish something will happened to it so it will be a total loss . gosh what can i do ?

Answer 1

See if someone who is a reasonable person might want the car and also take over the remaining payments. You may ask for some money besides. And even if you don't get money out of the deal, at lest your credit won't be ruined. Sometimes we have to take losses.

Answer 2

If you have been paying on it for a while you can re-fi it.  You will still owe the money but you could lower you payment by getting a better rate.  I wouldn't suggest extending the loan out further though.  If you have GAP insurance you could start parking it in a bad neighborhood with the windows down and the keys in it.  Then hope for the worst.

Answer 3

As a stay at home mom, you'll understand that kids cost a lot in $, time , and lost opportunity, but once you have them, you can't give them back.  Same with the car, once you sign the paper, you are stuck.  The only way out is with money you just don't have .

Answer 4

ONLY thing you can do is try to sell it outright.

And don't try anything fishy (wrecking it, setting it on fire, etc.) as you'll still be liable for the difference between what's owed and what market value is (which is what your insurance will cover).

Answer 5

It would be sad if it caught on fire and insurace had to pay.

Answer 6

Sounds like you're "belly up". Pay it off and keep miles to a minimum. When it is paid for you'll get top dollar for it as it will be a low mileage car. Auto dealers only care about making the sale. Nobody will take over payments on a car that is overpriced to start with. Try to renegotiate the loan?