Overhaulin'

How to get out of this upside down car loan?

make it short... owe too much on my car is there anyway or any good options to get out of this. Owe 19k, car ( 09 toyota corrolla) is worth maybe 11k. Was thinking about selling it oweing 8k and buying a car for 1k or 2k to make the loan about half... but ill have a not so reliable car probally.....

Public Comments

1. The best way to get out of an upside-down loan is to pay it off as best you can, and keep the car until it runs into the ground. You'll be driving a junker for a few years, but then you use that time to save up money to pay cash for the next car...hopefully.
2. You can't do what you describe The reason is, you couldn't transfer the title to the new owner so they could get it registered and insured until you completely pay off the loan. So, nope, short selling it won't work.
3. You can't "sell it owing 8K." The loan must be paid off in order to transfer the title to the buyer. Keep it and pay it off as fast as you can.