Overhaulin'

Should I sell my car or keep it?

I have a 2007 Nissan Versa which has low mileage and factory warranty still on it...it is currently being financed (the loan amount is $14538) I got a pretty decent interest rate but now I kind of want an older without any car payments. Im currently a college student with decent credit (lowest score is 690 and highest is 700) i only have $500 in credit card debit...but I still have to pay for books, food, and a $500 balance for school. It's a cool car but I really would like to build up my savings even more. According to Vehix.com the retail value of the car is $14,850. What should I do...I dont really know anything about selling cars let alone if I could sell a financed car. The only reason why I purchased the car was due to the fact that I'm the only driver in my household and my school is a 2 hour drive away...and I have no one to take me back and forth.

Public Comments

1. $14,000 would have purchased a lot of bus fares, not to mention insurance premiums and maintenance you have paid. You can sell the car, advertise it for sale in the paper, Craigs list, etc. You will have to take the buyer to your lender and pay them off to get the title. Most likely he will finance it, and you will have to go to the finance company, and sign over any interest you have. They will then pay off the loan and issue a new loan to the buyer.