Is it possible to trade or get rid of a broken down car that im still paying for without having to fix it ?

Question

its an 02 vw golf and needs a new timing belt but im pretty sure thats not the main problem.

Answer 1

When you borrow money, you have to pay it back.  If the car's worth less than you owe, that's not the bank's fault.  So, yes, it's possible to get out of any debt situation.  You pay it, and then you're out.

Getting rid of the car is a separate question.  The way to get rid of (or own) a car in the best financial shape, always, is to fix it yourself.  If the car's not worth as much as it costs to fix, then you don't do that.  Even if a car is in perfect shape, it's hard to sell a car sometimes.  

It's sometimes better financially to part the car out, but you need to pay it off first.  They'll put you in jail for that if it belongs to the bank.

Answer 2

I hope its not the five valve per cylinder 1.8T or you have serious problems. Trading in a broken car is bound to cost you, most dealers will probably not touch it anyway.

Answer 3

On some cars a broken timing belt can do major damage to the engine.  If you try to sell it in that condition you might get enough for a month's payment and still owe the rest.