Trading in my car?

Question

so Im an 18 year old guy from miami and i just got an 07 scion tc on credit with me as the primary buyer and my dad as a co-signer.

i got into this deal way too quick and i end up paying about 15 grand with interests. my quote is of $300 and since the car is under my name i end up paying a nice $400 insurance.

I can afford it but dont want to and want to use the money to help my parents and to save.

i have made only one payment on it.

i dont want to trade it for a more expensive car i just want maybe a $10k car stick shift.

my main question is how could i do this and will it be too difficult. also if somehow i could change the title to my dad so i wont pay high insurance.

thanks for your help!!

Answer 1

Well thought out plan I can see.

Tell your dad to sell the car and never co-sign a loan again.

Answer 2

Too late now.  You are probably two to three years away from being able to get out from under.

Answer 3

dude, sorry but the moment you drove it off the lot, this car's value depreciated an appreciable amount.

look up online the blue book value or whatever and try to sell it yourself for just under what it's worth, you might get a better deal than trading it in.

i did the same silly thing. hindsight is always 20/20.

Answer 4

ok

Answer 5

If you don't want to pay that much, giving it back to the dealer is your only option. It doesn't matter who owns the car, what matters is the primary driver when it comes to insurance.

Answer 6

so you're still paying? you have to sell it (and use the money to pay off the vehicle loan) or transfer the lease/sale. you can't trade in a vehicle you don't own fully.

as far as insurance. is your dad already a primary driver on a vehicle? some states have laws where you can only be primary on 1 vehicle so you'd have to check that. and you have to be insured as a driver so you wouldn't save that much, if anything at all! try progressive.com and get some quotes!