How do you sell a car...??

Question

My husband and I are in a large amount of debt. We own a vehicle and have the title for it and we have 2 cars that are financed and are upside down in both. I am trying to find ways to minimize the debt that we have. We need 2 cars. Our first car that we have financed is worth about 6,000 but we owe 10,000. The other car that we have financed is worth 24,000 but we owe 30,000. How can we sell these if we are upside down? What suggestions do you have?? I really want to minimize debt as much as possible to free up money to pay other debts owed and begin living within our means.

Answer 1

can't sell a car you don't own.

Answer 2

You can't sell the two that have loans against them since you don't own them, the bank or finance company does.  If you traded one or both in, you would be even further upside down, and worse off.

If you have a clear title on one, you could sell it (since you didn't mention year, make, model or miles, I can't guess for how much) and use that money to pay down on one of the financed cars.

Obviously you can't get out of debt by getting in more debt.  You might try a credit counselor.

Answer 3

Put an ad in the paper, or online to sell them for the balance you owe on them or have someone take over payments. the potential buyer would have to arrange financing but yes you can sell them.  I guess a car lot couldn't sell the vehicles on their lot, due to the fact that they are not owned by the dealership. If you took the word of the other comments that got posted on here.