How to sell an upside down car?

Car: 2006 Toyota Corolla S, 24000 miles, 5 year, 100,000 warranty, Kelley Blue Book says its worth $15000 making me $6000 upside down (See Loan).

posted by buggzzee23 at 5:43 PM on November 15, 2006

posted by SirStan at 5:45 PM on November 15, 2006

posted by matty at 5:47 PM on November 15, 2006

posted by smackfu at 5:47 PM on November 15, 2006

75 in a 50), one while having geico (2 yrs ago, 85 in a 65), and a $5k accident in a Uhaul truck. My rate has not moved at all, though it went up slightly when I purchased a new car, but it still seemed completely reasonable ($125/m for full coverage on a 2002 Maxima, full coverage on a 1992 camry (liability would save me $25/yr)

Your rates *might* not go up.

posted by SirStan at 5:48 PM on November 15, 2006

. Private Party (private sale) $13,000-$11,000

. Trade in (what a dealers gunna give you) $12,000-$9800

posted by SirStan at 5:52 PM on November 15, 2006

posted by buggzzee23 at 6:12 PM on November 15, 2006

SirStan: I think I understand what you are saying. I either need to go to a dealership and work out some sort of trade-in deal where I roll the balance after the trade-in, into a new loan. or I need to come up with the difference by getting a small loan of 5 to 6000? That was kind of what I was thinking I was gonna have to do. My parents think I am crazy but I don't think its out of the question.

posted by farmersckn at 6:19 PM on November 15, 2006

- See if you can get a partial refund on the extended warranty (even if not full). They aren't worth much on resale. They may clentch a deal through.

- Goto a toyota dealer, and a couple other dealers, and see what the car is worth trade in (don't mention how much you owe). See what they have available for vehicles. See what this option nets you as a 'worst case'.

- See what options you have with your bank/Prosper.com for a $7000 unsecured loan (Getting $15000 might be a bit optimistic, especially if you need a quick sale).

posted by SirStan at 6:29 PM on November 15, 2006

posted by gatorae at 6:29 PM on November 15, 2006

posted by farmersckn at 7:14 PM on November 15, 2006

posted by SpecialK at 7:22 PM on November 15, 2006

posted by knave at 7:23 PM on November 15, 2006

posted by dantodd at 7:24 PM on November 15, 2006

posted by knave at 7:24 PM on November 15, 2006

2. Because of 1, you are now even more upside down.

3. You want to buy a different car, rolling the upside down-ness of this car into the loan for that.

posted by !Jim at 8:34 PM on November 15, 2006

posted by kindall at 11:02 PM on November 15, 2006

posted by antifuse at 2:23 AM on November 16, 2006

posted by electroboy at 6:55 AM on November 16, 2006

posted by M.C. Lo-Carb! at 7:49 AM on November 16, 2006

posted by owenkun at 7:56 AM on November 16, 2006

posted by jerseygirl at 8:27 AM on November 16, 2006

posted by drstein at 9:39 AM on November 16, 2006


How to Sell My Car When I Still Owe Money on It

Refinance upside down car

Refinance upside down car

You may want to sell your car, but realize that you need to pay off the loan before you can. This is commonly called being upside down in the loan. This often happens when you buy a car new, since it depreciates thousands of dollars as soon as you drive it off of the lot. It can also happen when you trade in a car and the loan that you still have on it, to buy a new car. The dealer will roll the old loan into the new loan amount.

If you have realized that you cannot afford your current car payment, this can add a lot of stress to the situation. You can get out of this situation without totally destroying your credit. Here are strategies that can help you get out of a car loan.

Selling the car yourself is the best option, because it can help you break the cycle of owing too much on your car. It does take more work, but it can actually save yourself a lot of money on interest. Here is what you will need to do to sell the car yourself.

  1. Determine How Much You Can Get for Your CarFirst, you need to determine how much you can sell your car for. A good place to look is at Kelly Blue Book. You need to look at the private seller amount, since this is the best way to get the most for your car. As you look over the criteria, be honest in the condition and value of your car. This will give you the best way to determine how much to list your car for. You may decide to list a few hundred over your asking price so you can be haggled down.

  1. Once you have determined your selling price, you need to determine how much you owe on the loan. Subtract your selling price from your loan amount. This is the amount that you will need to come up with in order to sell the car. You should contact your bank and explain that you are planning on selling your car. You need to find out how you can get the title from them when you do sell. Often the banks have the titles in a centralized location, and it may take a few days to get the title to you. So you may want to see if they can do something to speed up this process.
  1. Next, you will need to come up with the difference between the loan amount and the amount you expect to sell your car for. You may choose to dip into any savings that you have to cover this, otherwise, you will need to take out a loan. You can talk to credit unions or banks in the area to see if you qualify for an unsecured loan. While it may seem like you are borrowing money to get out of debt, you are in reality reducing the amount that you owe. You will be able to pay off this smaller loan much more quickly. It should become a top priority, because unsecured loans generally have higher interest rates.
  2. Once you have determined how you will pay for the difference you need to put your car on the market. Craigslist is a great way to do this. You can also put it in your local classifieds or post it online at other sites. You may be surprised at the number of offers you get in a matter of hours. If you are not getting any responses you may have decided to sell the car for too much, and you should consider adjusting your offer.

Another option is to roll your old loan into a new car loan and to trade your current car in. This is not the best option, because it will just make your situation even worse than it already is.

If you are interested in this option, you will just need to talk to your dealer about financing with them. Most banks will not finance a new car loan for you if they are going to loan you more than your new car is worth.

Another option is to refinance your car loan so that you have a lower interest rate. If you want to pay if off more quickly, you can have a shorter term on the loan, or you could just increase the amount you are currently paying on your own to pay off the loan more quickly. This may be a good option if the company or bank you are working with is having issues such as losing payments. If you have missed payments, you may not qualify for a car loan.


What Does Upside down on Your car Loan Mean?

When you go about securing a car loan the vehicle itself is used as the collateral on the car loan which is what makes the secured car loan itself. The car finance company online that you end up going with will then loan you the finances for the car based upon the cars current value at the time of the loan based upon the loan value of the car. This loan value will usually be about seventy five to eighty percent of the actual retail cost of the car itself. There is an answer to why this is the case and that is simply because one year after you drive a new car off of the car lot the value of it lowers to that amount which is called depreciation.

The car finance company online that you go with will want to make sure that the car loan they are giving you will cover this so that the overall end result cost of the car loan is equal to or less than the value of the loan itself. This is to ensure that they will be able to make a profit if they wanted to sell the car if they were to ever go about having to take it away from you for nonpayment at some point.

An upside down car loan online is when a car balance is worth more than the value of the loan that is on it. Another way of putting it is that the car itself is not worth the amount of the loan. In order for you to ever go about selling the car back or if you were to ever go about trying to trade it in you will find that you are going to have to pay the difference of the car value in cash in order for you to be settled up with the car loan company.

This is a very bad thing to find yourself into because even with great credit you can have a car loan lender approve you for the full amount of a car loan but as a result of that you could end up owing a lot more then you should for several years because you are always trying to pay down more of the balance then the car itself ends up being worth until you end up paying off a car to the value that it really is. Another problem with having this happen is that if you have car insurance it only will cover the cost of the book value on your car so in the event that you get into a major accident or if perhaps your call was stolen then you very well may end up being forced to pay the difference in cash.

This is something that you are going to want to make sure that you remember when you go to buy a new or used car online. You should make sure that you are going to stick with it for a while and that you do not over finance the worth of the car or you could end up in a really bad process where the end result is you paying a lot more money then you should be paying. You can avoid these things so long as you do the proper research and plan out carefully the car itself as well as the car loans that you go about getting for this car.

The other thing that you are going to want to be aware is that a car loan company may entice you with very low car loan rates in order to get you to end up financing more on the car than you should. You should only take these sorts of options if you are lucky enough to have the cash in hand to pay for something should the situation ever occur otherwise do not take the risk unless you understand fully what you may be getting into before this happens.

This is not rocket science in order to make sure that these things do not happen to you and your car loan so long as you are capable of following a few bad credit upside down auto loan guidelines online itself. The first thing that you are going to want to try and do is put down as much money as possible on your initial deposit on the car itself. The more money that you put down the less that you are ultimately going to need to pay and the less that you actually owe.

Try to take out a car loan with the short length car loans term as your budget sees fit. The longer the car loan term the less the monthly payment but the more money you will end up spending due to the car loan rates, so as a result of that try to find yourself a good middle ground. Make certain that you do not add in the taxes and the additional fees to the car loan itself. You want to make sure that the car loan is for the total value of the car itself because this is all that matters. If you are able to pay more than the monthly minimum payment each month then do so.

The more money you can pay off of the principle on the car loan the quicker you will be paying it off and less money you will be spending on paying off interest. If you have any sort of refinance upside down car loans on another vehicle make sure that you pay it off first before you go about getting another car loan.

Simply make sure that you are not paying more than what the car is worth in the first place so do your homework to avoid that one. Make sure that the car that you are getting a vehicle loan for falls into the budget that you have to spend each month. Try to hold onto a car for at least a couple of years because the first couple of years on your car loan the monthly payments that you are making are for the most part going towards the interest on the loan itself.

Whatever choice that you make when it comes to get any upside down auto loan it is really a matter of doing all of the research that needs to be done in order to make sure that you do not make the mistake of falling into an upside down car loans online. This research while at times may seem tedious or boring could help you avoid a huge mistake down the line that could negatively impact not only your finances, but your credit as well.


Refinance Upside Down Car Loans - Upside Down Car Finance

Upside Down Car Finance #8211; By getting no-obligation quote for upside down auto loans you will be able to buy or lease a new car with lower interest rates on car loan online in any state of USA. It doesn't matter! Good credit or bad credit!

Upside Down Car Loans Online and Secured Car Loans for People with Bad Credit in United States

When you go about securing a car loan the vehicle itself is used as the collateral on the car loan which is what makes the secured car loan itself. The car finance company online that you end up going with will then loan you the finances for the car based upon the cars current value at the time of the loan based upon the loan value of the car. This loan value will usually be about seventy five to eighty percent of the actual retail cost of the car itself. There is an answer to why this is the case and that is simply because one year after you drive a new car off of the car lot the value of it lowers to that amount which is called depreciation. The car finance company online that you go with will want to make sure that the car loan they are giving you will cover this so that the overall end result cost of the car loan is equal to or less than the value of the loan itself. This is to ensure that they will be able to make a profit if they wanted to sell the car if they were to ever go about having to take it away from you for nonpayment at some point.

An upside down car loans online is when a car balance is worth more than the value of the loan that is on it. Another way of putting it is that the car itself is not worth the amount of the loan. In order for you to ever go about selling the car back or if you were to ever go about trying to trade it in you will find that you are going to have to pay the difference of the car value in cash in order for you to be settled up with the Upside down car loans company. This is a very bad thing to find yourself into because even with great credit you can have a car loan lender approve you for the full amount of a car loan but as a result of that you could end up owing a lot more then you should for several years because you are always trying to pay down more of the balance then the car itself ends up being worth until you end up paying off a car to the value that it really is. Another problem with having this happen is that if you have car insurance it only will cover the cost of the book value on your car so in the event that you get into a major accident or if perhaps your call was stolen then you very well may end up being forced to pay the difference in cash.

This is something that you are going to want to make sure that you remember when you go to buy a new or used car loans online. You should make sure that you are going to stick with it for a while and that you do not over finance the worth of the car or you could end up in a really bad process where the end result is you paying a lot more money then you should be paying. You can avoid these things so long as you do the proper research and plan out carefully the car itself as well as the car loans that you go about getting for this car. The other thing that you are going to want to be aware is that a car loan company may entice you with very low car loan rates in order to get you to end up financing more on the car than you should. You should only take these sorts of options if you are lucky enough to have the cash in hand to pay for something should the situation ever occur otherwise do not take the risk unless you understand fully what you may be getting into before this happens.

This is not rocket science in order to make sure that these things do not happen to you and your car loan so long as you are capable of following a few bad credit upside down auto loan guidelines online itself. The first thing that you are going to want to try and do is put down as much money as possible on your initial deposit on the car itself. The more money that you put down the less that you are ultimately going to need to pay and the less that you actually owe. Try to take out a car loan with the short length car loans term as your budget sees fit. The longer the car loan term the less the monthly payment but the more money you will end up spending due to the car loan rates, so as a result of that try to find yourself a good middle ground. Make certain that you do not add in the taxes and the additional fees to the car loan itself. You want to make sure that the car loan is for the total value of the car itself because this is all that matters. If you are able to pay more than the monthly minimum payment each month then do so. The more money you can pay off of the principle on the car loan the quicker you will be paying it off and less money you will be spending on paying off interest. If you have any sort of refinance upside down car loans on another vehicle make sure that you pay it off first before you go about getting another car loan. Simply make sure that you are not paying more than what the vehicle is worth in the first place so do your homework to avoid that one. Make sure that the car that you are getting a vehicle loan for falls into the budget that you have to spend each month. Try to hold onto a car for at least a couple of years because the first couple of years on your car loan the monthly payments that you are making are for the most part going towards the interest on the loan itself.

Whatever choice that you make when it comes to get any upside down auto loan it is really a matter of doing all of the research that needs to be done in order to make sure that you do not make the mistake of falling into an upside down auto loans online. This research while at times may seem tedious or boring could help you avoid a huge mistake down the line that could negatively impact not only your finances, but your credit as well.


refinance upside down car

“Refinance”, per say, is not a product that Indian financial institutions deal with currently.

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