Would like to sell my car but...?

Question

I'm upside down on it by around 5,000. Its a 2004 Suburban, loaded.

Would it be better to try and sell it outright, then pay the difference, or would it be an option to list it where someone takes over the payments and transfers the loan to their own name?

Thanks!

Answer 1

going to take the loss unleast you can sell for what you owe

Answer 2

ok 5k thats less then 2 years in payments i would hang on to it until it is paid off and then consider selling it

otherwise the you will have the depreation +what you owe thrown into the new car/whatever

you can try the payments thing but you will not make any money here you ae pretty much handing the keys over and geting a bill for the banks time to switch it over

so hang on to it until it is paid off and you will have a very nice suv when you need one or sell it and make a profit the economy goes up and down maybe waiting two years will put you back up top

goodluck

Answer 3

You could try and sell it outright, but SUVs aren't hot right now (as you probably know), and local dealers will probably have the same vehicle for sale for thousands less than you'd need to cover the payoff. If you have cash lying around, you can just take the hit after selling it and pay the remainder and pay off the note.

If someone "took over payments", it's still on your credit. Not advised. If they default, YOU are still responsible. You can't just transfer the loan, they have to get their own financing and purchase the car from you.

Answer 4

Good luck. You are going to have to eat a big loss right now. Any type of large SUV is selling for pennies on the dollar. If you absolutely MUST sell it, find a buyer and then pay the difference between his price and what you owe. Loans cannot be "transferred". They would need to secure financing of their own unless they have cash.