:::OshnSoul:::

Ok, last year we made a stupid mistake of taking a car for well more than it was worth at a dealership. We still owe almost as much as what we paid for it. It's a 2000 Passport and we still owe about $21,000- insane, I know.
It's only worth about 10,000 trade-in and 14,000 retail, even though it is in excellent condition and only just under 50,000 mi.
I want to get a new car, a sedan or even a Forrester.
My dilemma is how the hell can I sell my car for as close to what I owe so that I am not making payments on it after I sell it or getting screwed over again? Is there any plausible way out of this mess?

Carno

Find a sucker.

Otherwise, no.

Chuckles

Put your emotions, morals, and beliefs aside, and sucker somebody =/

f6twister

Unless you can find someone gullible enough to buy it for $21,000, you will be stuck paying the difference between what you get and what you owe. If you own a house, you can minimize the damage by adding the amount to your mortgage. If you refinance, you might be able to get a lower interest rate and spread it out over a longer term. Just an idea.

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A little rudeness and disrespect can elevate a meaningless interaction to a battle of wills and add drama to an otherwise dull day. Calvin

Rodney

Accept your fate and pay it off as quickly as possible. If you can refi at a lower rate somehow, do it. Do you really need a new car right now, or just want one?

Carno

Yeah, that really sucks for yall.. Hope you work something out!

Master_Shake

Do you have full insurance coverage, up to and including the value of the car note? If so, ram that sucker into a tree in the winter. If not, upgrade your insurance, then run it into a tree next year.

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You know something, I don't think the sun even... exists... in this place. 'Cause I've been up for hours, and hours, and hours, and the night never ends here.

aurigus

Harsh as it sounds, this is the first thing that popped into my head too

There is just about no way that you are going to find a dealer to take it for that much. I would put an ad in the paper, and also on a site like autotrader. You'll find someone eventually.

:::OshnSoul:::

Wow,ya I figured I was screwed. There are quite a few factors why I don't want this car anymore- drives like e truck, leather, eats gas, and high monthly payments and I want to be able to move soon.
I actually have a decent interest of 4.6% and it's for a 60-month deal. It's insane, guess I gotta suck it out and roll with the punches. I've learned a valuable lesson.
Thank you all.

Carno

Where are you gonna move to?

:::OshnSoul:::

oh, just in the area, but I am living in an apt. that is connected to my parents business. I just need to get out of there- long story.

MSD

You may not even be legally allowed to sell it if you still owe money on the lease.

aintyoboyfriend

You can sell out the lease absolutely.

I am excited about this thread, as this is my specialty.

You need to find a leftover 2004 model of whatever brand, with lots of rebates and incentives. You can do research on that over at www.edmunds.com

Essentially, you need to trade the car in to a dealer... depending on your state you may get a break on the tax based on the difference.

Then you negotiate the selling price of the new car down to invoice less incentives and rebates. Ideally you need to find a car with 5,000 to 10,000 in rebates.

Most manufacturers banks buy up to 120% of MSRP, so if you are at invoice less 10,000 that gives you close to $12-$14000 in play room to eat up that negative on your current car.

As long as your credit is good, you can make it work.

Just make sure you get GAP coverage on the new car, either through the dealer or the insurance company. That way, if you wreck the new car, all of the negative you roll in will get eaten up.

That is the only solution that you have, unless you want to sell it and pay the bank in cash for the difference.

PM me if you have any other questions.