I secured a loan to buy a car in Nov., 2005 and now I can't afford the car. What are my options?
Answers:
If you have insurance the car will be paid for if it is compleatly destroyed.
I am was in a similar situation. I took the car to a dealer who gave me $5000 less than I owed. I took it, gave it to the finance company and now I am paying the balance. I put the amount towards principle and that reduced the amount substantially. Good luck!
Sell the car privately. Put an ad in the paper or online to advertise it. You can use the proceeds from the sale to pay off the loan.
What are your options?
1. Try to trade the car in for one with a lower payment
2. Try to sell your car to CarMax and pay the amount off, or at least pay most of it.
3. Try to sell the car yourself and hope you get some good cash for it.
4. Leave it somewhere and call your bank and tell them where it is.
5. Stop making payments and make them come repossess it from you.
6. Get in a really bad wreck or go somewhere where it floods and get the car to be declared a total loss.
7. Give the keys to someone in the ghetto and tell them to take your car, then report it stolen.
I'm sure there are other options, these are just ones I could think of.
If you can't pay for your car the bank takes the car or repossess it and sells it at a action and you still pay the difference if they don't get the amt you owe on it. if the bank is holding title this is what happens. option try to sell car for more then you owe on it run a ad in local news paper. BEEN THERE
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