I'm moving out of the country soon and I need to dispose of a car I still owe on?

Question

So what would be the best plan of action? There's no way I get decent value for the vehicle, certainly not enough to cover the outstanding debt. I'd hate to just abandon it, but I'm not really able to continue payments on a vehicle I'm not going to use anymore.

Answer 1

It depends on whether you want to ruin your credit or not.  If you do a voluntary repossession it still goes against your credit.  The bank would sell the car to the highest bidder, then what you owed, less what they sold it for, equals what you would owe the bank.  

How much less is it worth than what you owe?  And did you go to a site like Kelly Blue Book to see what book value is?

If not:  http://www.kbb.com/

You will need to be able to take the buyer's payment, and your check for the difference, to the bank and pay off the loan.  (I'm sure the buyer will want to be with you.)  You are correct, they won't give up the title until they're paid.

Answer 2

Call the company you have the vehicle financed through and ask how to voluntarily relinquish the car to them.  They're not going to be easy to deal with, but I'm sure it would be better than just leaving the car on the street somewhere.

You should also understand that this action will destroy your credit for a long while.  ..as it should.

Answer 3

try taking an ad out on autotrader.com or even better craigslist.org.. you never know what you can get out of the old car... sell the car for whatever you can then pay the bank the remaining balance.

Answer 4

Since you don't want the car any longer, give it to someone you know can trust who needs it and will make the payments or call up the creditor and have them reposses the car. Better yet, simply sell it for as much as possible and pay down the debt.

Answer 5

You have to pay what you owe!  Sell it for what you can and pay off the balance.  If you do not pay it and ever attempt to return, you will get nailed by the collection agency.  Also, by leaving the country, your creditors can try to get you on fraud -- nasty business that.  Pay it off.

Answer 6

Easy,  T.O.P. Take Over Payments, advertise that as the selling price and when you find some one who wants it let them make a loan for it and pay it off so that the car is sold, the bank is paid and you are free and clear.  This is the only way you can get rid of the car without having to pay any more than you have to,  the car gets paid off by someone else who wants it leaving your credit rating where it is at this time and moment.

Make sure you clean the car as much as possible so that it at least looks good inside and out, remember you are trying to sell it.

If you dump it you are still responsible for any and all out standing finances owed on this vehicle, and that will also include any charges for leaving it on the side of the road, towing, storage, parking tickets as well as the outstanding loan, if you return to the states after this without taking care of the situation it maybe hard for you when you come back to the states.

Any way think about selling it for payments this is the best option you have short of something illegal.

Good luck and take care....Keep theFaith....Peace....cya....