If I put my credit card debt against my truck how do I sell my truck now that I own more than is worth?

Question

If I put my credit card debt against my truck how do I sell my truck now that I own more than is worth?

Answer 1

I assume you mean that you got a loan to pay off your credit card debt, and you used your equity in the car as collateral. Essentially you could just give the bank the car, and walk away. Thats how loan contracts are drawn up. All mortgages are done this way. Not all car loans are, so you should check your loan contract.

And always consult legal counsel.

Im sorry if i misunderstood your question, please edit the wording to make it more clear.

Answer 2

Well, if you added other debt to a car deal, then you have to keep the car until you pay it all off or come up with the money.

The moment you drive a carr off the lot you are upside down in what you owe vs. the value.  Why on earth would you add to the debt?

Answer 3

With the help of internet anything and everything is easy these days. And with your question, i could say its nothing and I believe the below link will help you.

http://credit-cards.awardspace.com/

And remember eveything in Internet is free these days and I hope you enjoy. Thanks.

Answer 4

Bad idea....you want to change unsecured debt (credit cards) into secured debt (truck)?  That's not what you asked though so here's my answer:  You'd be what's called being upside down on the loan.  If you were to buy a new car and trade the truck in they would just add the "additional" debt to the new loan.  If you want to sell the truck privately you would have to make up the difference to the bank before you could get the title.  Example:  owe $5000 sell it for $3000 you would need to then come up with $2000 cash before you could legally sell it to the person who bought it so they could have the title.  Hope this helps!

Answer 5

First never put unsecured credit on secured credit. Negotiate your credit card companies for lower interest and try to combine everything to one low interest card.



Before you put the credit on the truck and you want to sell the truck sell it first then pay the debt.