Want to get rid of my car, but I owe more than it's worth?

  • Thread starter Thread starter Solidgun
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Solidgun

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I have an 06 Eclipse GT. Right now I owe ~$17400 on it and the vehicle is only worth about $15000. I don't want it anymore as I have another vehicle that is paid off (this car paid off is worth about $33000 and I own the title, if this information helps somehow). I don't hold the title to the Eclipse (bank does) and I would like to sell it to a dealership at a loss and pay the difference. What are my other options?
 
The other option is to ruin your credit. Selling a newer car is tough and banks do not let you pay les. (ALTHOUGH YOU COULD BEG THEM) Your idea of paying the difference is good. You could also get a $2700.00 loan on your new car and your credit will get even better
 
One option would be to sell it privately. Another option would be to loan it to a relative or good friend and let that person take up the payment, just make sure that you include that person in your insurance. Of course the best option would be to sell.

No matter what, your greater loss would be if you kept the car and maintained the payments.
 
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