If I were to win a car, what should I do with my current car that I am still making payments on?

Question

I am wondering if I entered a sweepstakes and won a car what could be done to the vehicle that I currently have. I am still making the payments, it is only a year old so I haven't paid the loan down a lot. I know that I would have to pay taxes on the car that I would win. I am afraid that if something like this happened and I turned the car in that I already have (to save money on a car note) that it will look bad on my credit.

Thank You!

Answer 1

If you have the car loan with a finance company then it would be bad for your credit.Don't do anything that will mess up your credit or you will have trouble getting a loan latter when you really need one.(Be Wise )

Answer 2

the odds of winning any prize is very slim but

if you did win you could pay the taxes and sell the car you won.

then payoff the loan.

you can't just turn the car in, you would have to pay it off.

Answer 3

I would sell your car and use the funds to pay off the loan and the tax on the car you won.