Overhaulin'

How do you get rid of a car when you are upside down on a loan.?

My current car needs a lot of work done to it. Some of it warrenty, some of it not. I have only had it for less than 2 years and it is not reliable and I want to get something more reliable and better on gas.

Public Comments

1. Find someone you can sell it too. Chances are a dealer isn't going to work with you.
2. Oh tough one, almost impossible to get rid of one that is upside down and whatever you do don't unload it on some other poor soul. You are just going to have to pay more than your monthly payment so you can get a little close to even. I had a nissan I was upside down on, I had to pay $1k a month when my payment was $563 just to get it even it took over a year of making those ridiculous payments. Good luck!
3. Dave Ramsey would say to find a buyer that will buy the car, then you will have to come up with the difference in what you owe and what you can sell it for, in order to get the title to give to the buyer. That is an outright sale. Some dealers will trade, but will roll the upside down part into a new vehicle. This practice is one good way to never get out of debt, since you will always be paying other people for the use of what should be your money. Sell the car, then save up and pay cash for the next one.
4. What is wrong with people nowadays? Upside down? How in the world did you get in that situation in the first place? I don't think you used your head. That's that thing on your shoulders. The thing you are suppose to think with. Too bad!
5. The only way to get out of a loan is to pay it off. Whether you do it yourself or a dealer does it is up to you.