Selling our car...?

Question

i want to sell our car but we still owe 17000 on the loan. we have tried to trade it in but since we owe so much, the dealers won't really take it for trade in. how could we sell it so that we don't have to pay the entire loan off. could we sell it to someone for the blue book price of about 12000. keep 2000 for a down payment on a new car at the dealer and put the other 10000 on the loan so that we would only owe about 7000... if not, what other options could we have to get rid of this car.

Answer 1

It sounds like your about $5000 upside down. I've seen worse. I would approach a Domestic dealer like GM or Ford and ask them if they have any new 2007's on their lot. They usually will have a very good incentive program and maybe 0% financing. Make your best deal because the dealer wants to see these vehicles go away. Get the best deal and add the negative equity to the new loan. Make sure this new vehicle suits your NEEDS because you will own it til the loan is done.

Hope this helps

Cheers

Answer 2

You'd have to be a major idiot to try to do a vountary repo, or finance $7000 on an unsecured loan, and then buy a new car at the dealer.  I mean a complete idiot.  Do you not realize where the problem came from in the first place?  

You need to exlpain what you're trying to accomplish.  The scenario you've listed just moves you from $17,000 in debt to $27,000 (or more) in debt, and improves nothing.

Help us out here.  Make sense.