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How do you get rid of a car you can't afford to keep without having it repossessed and spoiling your credit? |
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Answer
Sell it, simple as that.
People sell cars before they're paid-off all the time.
Just call the finance company and see what the cash pay-off amount is (i.e., the minimum cash amount that they will accept in order to give you the title free and clear).
Sell the car for an amount equal to or more than the cash pay-off amount. Take the cash to the loan company and payoff the car. Get a clear title from the loan company and give it to the buyer.
If you were smart enough to sell the car for more than the payoff amount, put the profit in your pocket.
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If you have not been able to sell the vehicle, or don't want to bother, consider other options.
Another option to selling is a Transfer. If you have a leased vehicle, contact your leasing company and find out if they would process a transfer of interest or lease assumption. There may be a fee and you will have to find some one to take over the vehicle; but you may be able to walk away free and clear. If you have an auto loan, contact your lender and see if the loan is transferrable or assumable. The fees are determined by the state, so you may want to contact the DMV for more information. If the loan can be transferred, you may still be liable so make sure you ask.
Good luck.
First answer by Gregg DesElms. Last edit by Criosrom. Contributor trust: 71 [recommend contributor]. Question popularity: 207 [recommend question]
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