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Living Car Free Do you live car free or car light? Do you prefer to use alternative transportation (bicycles, walking, other human-powered or public transportation) for everyday activities whenever possible? Discuss your lifestyle here.

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Old 07-11-06, 06:59 AM   #1
brunop
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how do i get rid of my car?

it's financed. i don't wanna just default cause i have great credit scores and don't wanna lose that. can i just turn it into the dealer?
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Old 07-11-06, 07:01 AM   #2
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You can sell it.
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Old 07-11-06, 07:04 AM   #3
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Originally Posted by DataJunkie
You can sell it.
uh dude, i know that. but i don't have the title. it's financed.

i am a naif when it comes to stuff like this. give me the nuts and bolts!
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Old 07-11-06, 07:07 AM   #4
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U gotta at least get the payoff to be able to pay off your loan. Or let the new buyer take over the payments (which banks frown on these days)
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Old 07-11-06, 07:10 AM   #5
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i'm not sayin' i'd do it, but i knew one dude who arranged to have some criminals steal his whip.

problem solved.
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Old 07-11-06, 07:32 AM   #6
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Whatever you do, do not just turn it into the dealer, because that ruins your credit also... First find out if your "Upside down"... Meaning do you owe more than what the car is worth. Most people do these days. Once you know this then you can still sell the car, let the buyer know that they will get the title when you finish paying the loan off. If you are not upside down, then you should be able to pay the loan off with the money you make from the sale, and give the buyer the title. If you are, then I hope you have the money in the bank, or you can just make continue making payments after you sell the car.
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Old 07-11-06, 08:35 AM   #7
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Quote:
Originally Posted by brunop
i'm not sayin' i'd do it, but i knew one dude who arranged to have some criminals steal his whip.

problem solved.
Of course you wouldn't do that - and it still wouldn't help you if you are upside down on the car since the insuance company is just going to pay bluebook value.

+1 on nasiralpharia's advice. At all costs don't do something stupid to hurt your credit rating. Contact the finance company and request the pay off balance. Hopefully there is no pre-payment penalty in your loan agreement (surprisingly some auto loans have this). Next get the bluebook value from someplace like Kelly's.

Even if you are slightly upside down it may still make sense to sell the car and make up the difference out of pocket. You will quickly recoup a small difference by not having to make further payments, gas, insurance, etc.

An easy placeto sell the car is CarMax. They will quote you a firm price for free.
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Old 07-11-06, 09:18 AM   #8
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There are several companies that will help you find someone to assume your lease. Just google a combo of key words like "car lease" and "release" or "transfer" or "assume". Here's are a couple I found:

http://www.leaseboys.com/
http://www.goodbyelease.com/

also see the list here:

http://www.autoguide.net/finance/leasing_us.shtml

Good luck!
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Old 07-11-06, 09:37 AM   #9
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Do you own a home? Take out a second mortgage or line of equity, pay off your car, sell it, deduct mortgage interest on your taxes. Better yet, see if a relative wants the car. Have them pay you so you can make sure the payments are being made.
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Old 07-11-06, 09:56 AM   #10
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Originally Posted by jimmuter
Better yet, see if a relative wants the car. Have them pay you so you can make sure the payments are being made.
Yeah, I see that arrangement on People's Court all the time. If the relative wants the car, have them go to the finance people and transfer everything to their name. If the relative doesn't qualify, don't do it.


The best thing would just to be straightforward, talk with the finance company and see what your status is. If you are upright, they will probably let you sell the car and help you with the paperwork.(The buyer might need credit you know.) If you are upside down, you are in big trouble and getting out may be difficult.

The good part will be that the money you save by not having a car may get you out of debt on that baby pretty soon.
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Old 07-11-06, 10:56 AM   #11
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Lesson learned: never lease a car
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Old 07-11-06, 01:06 PM   #12
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I sold a car that I was still making payments on a couple of years ago. It's not impossible, but it is awkward. You need to find a patient buyer who really wants the car. If you're making payments, I assume the car is still a nice one, so:

1. Get it thoroughly detailed so it looks new (worth every penny);
2. Sell the car, using release-of-interest forms or whatever your state requires in lieu of a title;
3. Use the money to pay off the loan immediately (no using the money for a nice bike!);
4. Mail the title to the new owner when you get it.

You'll need to find a buyer who really trusts you to pull this off, so make sure you're trustworty, I guess. Of course, if you owe more than the car is now worth, you'll just have to suck it up and pay out of pocket, or be willing to take a 5-year hit to your credit. You might also have to sell the car for a bit less than it's worth just to get rid of it. In my case, I sold the truck for $1000 less than the blue book value, but I save at least $4000 a year by not having a car, so whatever you do to get rid of it will be well worth it, even from a limited, financial point of view. And then there are all those other, intangible benefits as well.
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Old 07-11-06, 03:37 PM   #13
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Quote:
Originally Posted by Jerseysbest
Lesson learned: never lease a car
It's not leased, it's financed. The OP will own it when payments are done.

You should always pay cash, but since very few people can do that, it depends on the incentives offered at the time whether buying or leasing is the better deal. Leasing comes out ahead fairly often. Not that that advice means much here...
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Old 07-11-06, 04:55 PM   #14
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I'm actually shocked at learning how many people are imprisoned in car ownership. I didn't even know the term "upside-down" until I learned it recently on BF. I have owned only a few cars, paid the bulk of the cost up front, and kept them forever, 10 years at least, long after any loans were paid off. I actually don't own my own car right now and my wife drives a car her disabled sister still owns but can no longer drive.
All the more reason to promote car-free living, to free people from the tyranny of car loanership.
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Old 07-11-06, 06:26 PM   #15
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I didn't even know the term "upside-down" until I learned it recently on BF.
Yes, me too. I learned it here on living car free. Is it a term for house ownership also or just car lingo? I've known people who have ended up owing more on their house than it's resale value. Maybe real estate speculators have their own slang.
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Old 07-11-06, 06:53 PM   #16
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Upside-down generally refers to any loan where the loan is for more than the resale value of the object that was purchased on the loan. Typically this is not a concern with real estate in that real estate generally appriciates not depriciates. Now, since this isn't always the case (as you said you knew people who had houses in an upside-down morgage) it can happen. However, you rarely hear about a morgage going upside-down for the above reason.
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Old 07-11-06, 11:36 PM   #17
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Hey OP, how's the car sale going?
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Old 07-12-06, 05:13 AM   #18
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Maybe you could apply to your local rotisserie program ...
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