Question:
Answers:
Your probably going to have a little bit of negative equity in your car which will definately limit your options if you want to trade in for something less expensive. A financial institution will only finance 110 to 120 percent over your next vehicles MSRP. This can also lead to higher interest rates. However you DO have options. Car dealers don't mind if you trade down, but you are really going to have to find a vehicle with a lot of rebates to help "eat up" some of money you owe. A new, year old, model will usually have pretty high factory rebates. Just stop into your dealership and discuss this with them. They won't mind because its another unit sold. You can also try to refinance your existing car loan to get a reduced interest rate to help lower your monthly payments. Or, you can sell it to someone else by having them take over the payments. The buyer would have to contact the financing company to have the loan transferred to their name, but you never know till you try. You could also try to sell the vehicle outright, but you would be responsible for the remainder of the loan if you sell it for less than what you owe. Really if you need another vehicle, your best bet is to attempt to trade the car in for something less expensive with decent factory rebates. Good luck.
Other Answers:
advertise, and sell it.
visit a dealer and discuss trading options.
Well, first you need to know how much is still owed on the vehicle. Take a look at your loan statement and then write down the total amount owed. Next go to kbb.com (kelly blue book) and look up the private party sales value of your car. Then decide whether you want to trade the car in (probably not an option, considering most dealers want you to trade UP, not down), sell it privately or donate it for a tax write off.
YOu can sell it, give it away, take in and sell it back as a used car. My mother bought her current car last summer and it was just a year old. Nor sure if it had been bought and returned or not. But the dealer gave her a bargain.
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Answers:
Your probably going to have a little bit of negative equity in your car which will definately limit your options if you want to trade in for something less expensive. A financial institution will only finance 110 to 120 percent over your next vehicles MSRP. This can also lead to higher interest rates. However you DO have options. Car dealers don't mind if you trade down, but you are really going to have to find a vehicle with a lot of rebates to help "eat up" some of money you owe. A new, year old, model will usually have pretty high factory rebates. Just stop into your dealership and discuss this with them. They won't mind because its another unit sold. You can also try to refinance your existing car loan to get a reduced interest rate to help lower your monthly payments. Or, you can sell it to someone else by having them take over the payments. The buyer would have to contact the financing company to have the loan transferred to their name, but you never know till you try. You could also try to sell the vehicle outright, but you would be responsible for the remainder of the loan if you sell it for less than what you owe. Really if you need another vehicle, your best bet is to attempt to trade the car in for something less expensive with decent factory rebates. Good luck.
Other Answers:
advertise, and sell it.
visit a dealer and discuss trading options.
Well, first you need to know how much is still owed on the vehicle. Take a look at your loan statement and then write down the total amount owed. Next go to kbb.com (kelly blue book) and look up the private party sales value of your car. Then decide whether you want to trade the car in (probably not an option, considering most dealers want you to trade UP, not down), sell it privately or donate it for a tax write off.
YOu can sell it, give it away, take in and sell it back as a used car. My mother bought her current car last summer and it was just a year old. Nor sure if it had been bought and returned or not. But the dealer gave her a bargain.