Wanting some info on a loan i have.
 

Ok so i bought a 04 mazda 3 last year to visit my gf (x gf now) in pa so i would have a reliable car and for my son, now since we broke up i no longer need this new of a car, considering i just drive around town, to school and to work,

Now the thing is im trying to get out of the car loan and wondering what the best way is to, i started school so i dont want to pay for school + car + apartment + other bills.

Car still has about 10k on it and im pretty sure i cant sell it for what the pay off is.

Anybody have this problem before? im wanting to sell this car and buy a cheaper car in cash so no payments, hence like a civic, or vw or something.

I was also thinking of selling it for maybe like 7k-8k and paying off the rest of the loan like 2k will be cheaper payments and what not. Depending on what CarMax will give me, i tried trading it in a few months ago and they were gonna give me like 6k-7k for it.

Let me know your guys ideas, thanks.

Re: Wanting some info on a loan i have.
 

turning the car in still works as a repo on your credit report iirc. then only 2 options i see you have are to either finish paying for it, or find someone who can/will take over payments.

Re: Wanting some info on a loan i have.
 

Yeah well the repo hurts, and i already have a repo in my name from my father, i co-signed for a car and he didnt feel like paying for it anymore and let the bank pick it up, so 2 repo's will kill me.

its not that surious like i can afford it its just going to be tight, ya know?

Re: Wanting some info on a loan i have.
 

Call the lender and see what your options are. I financed cars through my bank and when I go to sell them I call the bank and have them transfer the title to a local branch. Meet buyer at bank during business hours + pay off loan = receive clean title.

Re: Wanting some info on a loan i have.
 

try something new.


own up to your responsibilities. set an example for your son.


1) Sell car yourself
2) Sell car to CarMax
3) Pay your bills, you agreed to a contract

Re: Wanting some info on a loan i have.
 

Yes we all have this problem. Welcome to the world of debt.

Re: Wanting some info on a loan i have.
 

Sell it privately, and you probly won't get enough to buy another car, but you will be out of it. Then get a bmw (bike, moped, or walk your ass).

Total it and claim it on your insurance, good luck with that.

Whatever you do, keep making your payments until you sell/total it, otherwise you will never buy a half decent car/house/microwave again.

Re: Wanting some info on a loan i have.
 

Don't make irrational decisions over pussy.

Re: Wanting some info on a loan i have.
 

Im still paying on it of course, untill i can sell it or someone take it off my hands, thanks.

Re: Wanting some info on a loan i have.
 

If you have good credit you could re-finance. Sure the loan would extend out further. But your payment would probably drop quite a bit.