Is it possible to get rid of this car? (help)

Question

Last summer I bought a new car, with payments. Since then, my financial picture has changed. Is there anyway to just return this car and get a cheaper one? I tried refinancing but no companies are biting because its such a new loan. Unsure of what to do to lower payment or get out without paying thousands.

Answer

You could try selling it but you most likely won’t get enough to even cover the loan depending on how much you’ve paid/ have left to pay.

Answer

Voluntary repo. You may get out of paying the losses. Depends on the state laws. Call your loan company about that. Call them anyway since your financial situation is changed I think they have to work with you or help by law. Lower monthly payments or extend the loan. Something.

Answer

unfortunately, depending on the size of your loan, you will not be able to get out of it. and most banks don’t legally have to work with you or lower your payment as it was an agreement decided between the two of you. even if you tell them your financial status changed, they don’t care, they just want there money. even if it were to get repossessed from the bank, and sold at an auction, and they didn’t make all the money back, you’d still owe on the car. also, if you trade the car back in for a cheaper one they will tack your existing loan onto the new car you just traded in to get. it could also put you into negative equity. most if not all banks will turn you down and you are going to be stuck with the vehicle, i know this is as i am in the same situation and have tried everything to get a different vehicle.

Answer

Well you have some options.. it just depends how much you owe on it and how much it is worth.. since it’s a new loan I am assuming you are upside down on it.. so one possibility would be to sell it for what you could get for it but you have to pay the remainder of the loan off at the same time or before you sell it.. might not be worth it when you consider you would still need to purchase a new vehicle... second option you could let them repo it and ruin your credit... and then just buy a new used car cash

Answer

You can sell it but that’s about it

Answer

I work in the car sales industry. If you were to trade in your car and get a cheaper one, chances are your payment would go up if you could even get approved. A lot of financial institutions will not approve a loan if you are rolling over 5,000 negative equity. Depending on what vehicle you purchased new you probably will not get what you owe on it selling it outright due to depreciation along with what the bank is charging you for the loan. I do not recommend voluntary repossession what so ever but do completely understand that sometimes things happen that are out of our control so if you do that, you really really should think about the impact and your future. A voluntary repossession will stay on your credit report for 7 years and will negatively impact your credit. & in life, you really can’t do much with bad credit. Your only option is really to only pay down your car or voluntary repo it but that has major negative impacts on you.

Answer

Be VERY careful with voluntary repossessions. That goes on your credit and negatively impacts it. I work in the apartment industry and when we pull someone’s credit history and a voluntary repossession comes up, they’re automatically denied. Having that negative mark on your credit could affect your future purchases.

Answer

If you trade it in, you’ll likely have negative equity rolled into the new loan so it’ll be the same monthly payment, if not more.

Answer

Look into financebusters?

Answer

You may be stuck with it. Are you upside down in you loan?

Is it possible to get rid of this car? (help)

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