About 10 years ago I had a 90 Talon TSI with about 150K on the car and 90K on the motor/turbo.
I took it on trips to Key West, Grand Canyon/Rocky Mountain National Park, racing in Ohio, Niagara Falls, Virginia/NC, etc...
It was like new with high miles + about 2,500 in mods/maintenance.

I would have driven it anywhere.
Oh yeah, I did.

High mileage old cars can be perfectly dependable.
It all depends on the car.

 

But then you drove it off a cliff I see...

 

Good thing it had air brakes

 

the problem with trying to pay off a loan, the bank keeps the title. I went through this before.

It is a big hassle, someone cannot register the car without the title and it will take a few weeks to get it from your bank

 

.... this is what happens when someone asks for opinions.

Another option is to park it. That saves money and might be a solution to tide the owner over a difficult period.

Then go to the insurer and reduce that to fire, theft, vandalism and whatever else is needed to protect the lien holder. And take the plates off.

 

Here, when the loan is satisfied (paid off), the loan company provides a release of interest that you take to the DVM. Voila, they register it. If the buyer is getting a loan to buy it, the title is sent to the new loan company, otherwise it's sent to the owner (although it might take a week or two to get it).

In California now, the title doesn't even exist until the first loan is paid off. At that point, DVM prints it and sends it to the owner. If a new loan is obtained before they print it, they just delay printing it until some loan company tells them to release the title.

Obviously the loan company isn't going to release the interest until the loan is paid off but at the moment they get the check, they sign the release and off you go. If there is no loan new loan, the loan company will tell the DMV to send the title to the new owners in the new owners name.

I've been through this a bazillion times and it's easy. You can pay off a loan and transfer it in one day. Of course other states might not be as easy.

To the OP, it costs nothing to put it up for sale. Defaulting on the loan is not a wise idea unless you have no other choice. If you can make the payments now, don't even refinance it. Make the payments until you can satisfy the loan. Stretching out just makes it worse unless you are strapped.

 

You lost me on that statement. What happens?

 

I just picked up my 07 LT1 white/ebony leather,running boards,chrome package. 60k for 10k. Payment below 200 a month. I will be saving that in gas, from my old ram 1500.
My advise, do whats right for the family,keep good credit scores intact,come back to a nice used HHR for half you current payment when the time is right.
Frank

 

OK, I guess I need to explain myself a little better. I have no NEED to get rid of the car, I can afford it just fine, but I just thought it might be a good idea, if it was possible, to get rid of it to get rid of the payment, and use the money to work towards paying off other bills that I would not otherwise be able to pay off making only the minimum payments I can with the car. I'm not broke or in trouble, I made $45k alone last year and should easily make more this year, and my wife probably made $40k or more herself, I was just thinking it might be a good idea to get a paid off beater to drive around and slowly work on so as to get rid of the high car payment and lower my insurance rates as well. I am also afraid that I will head down the same road I did with my Vibe and pretty much destroy it modding it to the point my warranty is nothing and it isn't even reliable anymore. So far I only have the Stage 1 kit, Dejon spring, Goldline lowering springs, blacked out lights and reflectors, slightly debadged, tint, and aftermarket wheels, but I am always looking for more and I just don't want to ruin a perfectly good NEW car like I did with my Vibe.

 

If you don't NEED to get rid of it, I wouldn't. Not at least until you owe less than it's worth.