I have a car I'm still making payments on but having a lot of problems with, anyway I...

Z

Ziggy

New member
...can get rid of it? I have a car that I still owe money on and I'm having a lot of problems with it. I owe about 2000 on it. It's an Eclipse year 2000 and I got it from an "as is" place which was a bad idea. I've had it for 9 months and I'm supposed to finish making payments on it in June 2010. The car has a lot of problems and it is just way too expensive to fix. I don't want to stop making payments on it and it get repossessed, I don't want my credit to be affected. And i doubt anyone will buy it if I tried to sell it. So is there anyway I can get rid of it that will give me the rest of the money I owe for it to pay it off? I would make the payments but I had to get a new car and I'm making payments on that too and I can't really handle 2 car payments right now. Any advice?
 
You have the same options as usual.

1) Sell it privately for what you owe. If you cannot get what you owe, you have to make up the shortfall in cash in order to get a clear title for the new owner

2) trade the car. If you owe more than its worth, you will get even less on trade. Then you still need to make up the shortfall in cash. If you cant do that, then the shortfal MAY be applied to the new loan. That buries you even deeper in the next car.

3) keep it, stay on the payments, pay it off eventually, then drive it til it dies. This is the only way to get your money's worth out of a vehicle. After several years of ownership, you actually enjoy the value of driving a car with no car payment, and your annual cost of ownership drops.

4) Repo. Obviously the least desirable of options.
 
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