Problem at this point is that since it is financed and I owe more than it is worth, I have a feeling it will be very difficult to get what I owe, and that is pretty much required to pay off the financing, so that leaves me to wait and see if I can get the owed to match the worth or attempt to find someone who will pay what I owe for it even though it is worth less. What would you guys suggest as the best means to sell it for the best price? I'm not sure any of this is going to happen, just seemed like a good idea to toss around. And as far as the used car goes, I love classic cars (had both a 58 and 62 Cadillac Sedan deVille), and I want something that would be smog exempt.

 

You could see what Carmax would give you for it but other than that, toss it on Craigslist and see what happens. You never know. If you have no cash to take care of the balance, bite the bullet and sit on it until your loan balance is more in line with it's value.

Without being specific are you upside down a little or a lot?

 

Nothing wrong with OLD rides, I still ride an antique Flathead Harley. Very dependable old Police Special..

Unless you're all thumbs, you can keep an old ride going & going.

As far as selling your SS, maybe you can try to trade down with someone that has a GOOD older ride, & will take over your note..

Just a thought..

Think things thru before jumping... Market is a bit tough to pull big dough right now..imo.

Good Luck in what ever you decide..

Billy

 

Right now my payoff is $21100, KBB has it listed at $18700.

 

Toss it out there for $21,000 and see what happens. It could be the right car for the right person.

 

It's easy to wanna get rid of debt.We all want the same thing after we "sign" those papers.Sadly,look at the economy.Who would be able to buy a "used" late model vehicle.Unless you really want to get rid of the car,try looking for a better deal with the finances.Remember,always put some "extra' on the payment,but ALWAYS mark that extra towards the PRINCIPLE ONLY!

 

There is another way to lower your payment on the SS. I'm not sure where you financed your SS, but if you DIDN'T finance via a Credit Union and you CAN join a Credit Union, there is a good chance you can re-fi via the Credit Union and get your monthly payments lower. Selling it may be tough, that is, to get what you owe. Usually it takes 2.8 years of payments to get to the KBB mid-price area in value (that is, what you owe = what you can get)...sometimes it's a few more months in payments. Carmax will give you the lowest trade-in value so by-pass their lot. How long is your loan? Sometimes re-fi to a longer loan term will lower the payments...you will pay more in interest but it will lower your monthly outflow. Someone above mentioned Craig's List...you never know, there may be that one person out there that wants YOUR SS and is willing to pay what you owe. eBay is also an option. Good Luck!!

 

What if you go back to the financing people and explain your predicament? Can you threaten to give them the keys for the purpose of getting a better deal? Get tough with them.

There is plenty about this on the Web. Many people have been there before.

 

The SS will continue to depreciate faster than paying your loan on the car. Trying to "give"it back to the financine agency will not work as you signed for the loan and trying to renig on the loan, they'll just take the car, resell it and you'll still owe the difference and probably damage your credit rating. If you can find a well maintained high mileage car they can be good. I know people who have 150K miles on their car that have been well maintained and still run fine. I know someone who had over 300K miles on an old car which still ran well. However these cars are few and far between.

 

Well,you could always raffle the thing off.Contact you lawyer,and find out how to do this.I will take a ticket or two!!