Worst car deal ever!! How can I get rid of it?

Question

I purchased a 2002 Camry with 40,000 miles on it about 1 1/2 ago. I paid $15000. My monthly payments are $390. I have been paying on it for all that time and still own like $13000!!!!! It has over 90,000 miles on it now and I can not even refinance it anymore. Are there any other alternatives in getting rid of the car other than a voluntary repossession because I do not want to mess up me credit. thanks

Answer 1

If you have been making $400 payments for 18 months, and only kicked out $2000 toward the car, then a couple of things had to have happened.

You had to have gone in with little or no down payment.  Possibly traded a car that you were a little upside down on.  You also may have purchased some dealer-added programs, such as a maintenance program or extended warranty.  If you did purchase those,  you can cancel and receive a pro-rated refund of the unused portion.  It will not change your payment, but you can apply that refund to the loan and lower the balance.  Also, it sounds like the APR you agreed to was not the best in the world.

At this point, if your payoff is 13k on a 7 yr old camry, you are pretty upside down.  I suggest you tighten the belt, find ways to save where you can, and pay this thing down - or better pay it OFF - before trying to get into another car.

Good luck

Answer 2

Well, the best you can do is trade it in and put down a healthy down payment on what it is you want. If at best you car is worth $8K, you have to come up with the balance or meet a dealer half way & let him refi the balance into the new deal. But, you need really good credit, say over 750, in order to do that. Since every car has a certain measure of markup & sometimes a rebate, that can be used to make up the balance. The one thing that is hurting you is that fact you were probably cornholed from the start on a car that cost more than it was worth. Then you put another 50K miles on it in a short period of time. Now I ain't saying your car is worth $8K, but you need to do research right now at web sites like kbb.com & edmunds.com. They also list all the rebates & specials going on. Cars are always money pits, but putting that many miles on a car for your own use is way too much & you need to find an alternative source of transportation. Try not to refi the balance of the old car into the new deal because it's just like making payments on two cars, but only driving one of them. G'luck!

Answer 3

Trade it in on a brand new one and the dealership can help to refinance your old car along with the new one.

Answer 4

Not sure.  Good luck!

Answer 5

i like the burining it idea, die forgein car!

Answer 6

burn it collect the ins pay it off get another car!!!

Answer 7

Have you ever seen Thelma and Louise?  Try it.  It works.

Hope I helped.

Answer 8

You're upside down on the car at least $3000.  If you have to get rid of it, come up with the $3000 and sell the car privately.  

Worst thing to do at this point is to try and trade in a car that you're upside down on.  If you can't come up with the difference and don't want to mess up your credit, stay in the car for now.