How to sell a upside down car?

[candy2082002]

We were thinking about selling my car(2005 neon sxt), but we still owe about 9,000 on it. The car its self is only worth about that much according to the blue book price. What I dont understand is: does the buyer take over payments or do I just basiclly sell them the car just to pay off the loan and I dont get any kind of profit to buy another car myself? I have never had to sell a car I still owed on...any help advice would be great thanks!!!!!!!!

[Dracc]

i used to be a car salesmen... blue book doesnt mean shit to use lol... we give you what ever is on our mind at the time.. well the GM's mind.... unless the car is flawless and doesn't have and dents dings or anything and has low miles your gonna be pissed on how much they offer you.... the only way to really get out of and upside down car is to privately sell it and get someone to take over the payments by finacing it in there name.... if you trade in the car giving that we give you 5 grand for it we tac the other 4 grand onto your new loan so your basicily gonna be paying on 2 cars for about the 1st year or so.. my advice to you is to find a family member in need of a car you trust sign the car over to them and let them get it finaced through there bank and then go get what you want.. other then that your really not gonna get right out of that car because you still owe alot... now i have had some cases when i was selling cars that a person owed 2 maybe 3 grand on the car and it was in perfect condition to where we gave them a 1000 dollars but the rebates on the car they were purchasing from us payed the car off... if you buy from a used or get a used car your not gonna get this... just look around and explore your options on vehicles with the best rebates and incentives.. remember that word incentives any more questions just pm me ... hop that helps alittle

[JennB]

You're right. Sell it, don't trade it in and try to get as much for it as you can. The difference between what you sell it for and the payoff is either yours to keep if it's higher or you have to make up the difference if it's lower.

If you sell it for the same or less than payoff, no, you don't get to keep anything towards a new car.

If you're going to lose a lot, it's best to keep the car a little longer, pay it down by making larger payments each month and keep it in really good shape for when you sell it.

[disco]

Why are you thinking about selling it? The only way to not lose more money on it than you already have is to drive it till it dies. How did you get upside down on it in the first place? Didn't put anything down? 6 year loan?

[Extrememustang]

Full coverage insurance AND GAP insurance. Make the car disappear and say it was stolen. :)

[CBR]

Find a sucker.

That poor car is a depreciation bomb.

Another suggestion is to double up on payments for 6 months to pay down principal and then trade it in.

[AgentEasy]

get a bunch of people or a crane of some sort.. and roll it right side up.. :D should sell better on all four wheels.. :goodjob:

[candy2082002]

I wish we could double up on the payments........then it wouldnt be a prob. ^^^^^^^^^^^^^^^^^ lol cute he he +1

[speedminded]

Why are you thinking about selling it? The only way to not lose more money on it than you already have is to drive it till it dies. How did you get upside down on it in the first place? Didn't put anything down? 6 year loan?Have you ever purchased a domestic vehicle from an American company?

[CBR]

I wish we could double up on the payments........then it wouldnt be a prob. ^^^^^^^^^^^^^^^^^ lol cute he he +1

On a simple interest loan, your initial payments pay interest only and it eventually tapers off to pay towards principal. Interest is computed daily. Therefore, if you pay even the slightest amount over your monthly payment, it will cut principle and lower your overall interest costs.

If money is tight, pay as much as you can over your car payment, it will cut down on your loan amount quite a bit. If you do this for a few months, you may be able to catch up to your car's actual cash value.

Even if you pay 5-10 dollars a month extra, it will make a big difference.

[AgentEasy]

lol.. thought i'd add some humor.. lol

[candy2082002]

On a simple interest loan, your initial payments pay interest only and it eventually tapers off to pay towards principal. Interest is computed daily. Therefore, if you pay even the slightest amount over your monthly payment, it will cut principle and lower your overall interest costs.

If money is tight, pay as much as you can over your car payment, it will cut down on your loan amount quite a bit. If you do this for a few months, you may be able to catch up to your car's actual cash value.

Even if you pay 5-10 dollars a month extra, it will make a big difference.


I didnt know it would make that much of a difference thanks!!!!!!!!!!1 :)

[redrumracer]

Full coverage insurance AND GAP insurance. Make the car disappear and say it was stolen. :)
what he said or you could let a friend wreck it for you or you could do it yourself

[william_jeff]

leave the window down, car running for about 2hours at the mall of georgia...

just a suggestion

[Extrememustang]

what he said or you could let a friend wreck it for you or you could do it yourself
Didnt Ins law change that a person driving your car HAS TO BE on your policy?