Getting rid of a financed car...Help!

Hi Everyone!

I'm having trouble figuring out what to do with my car. It's financed, so I still owe money on it. My family has backed out and does not want to take it. I'm just curious what others have done in this situation?

Thanks!

Hi Everyone!

I'm having trouble figuring out what to do with my car. It's financed, so I still owe money on it. My family has backed out and does not want to take it. I'm just curious what others have done in this situation?

Thanks!

Check with the finance company/bank to find out the loan payoff balance, then try to sell the car privately for that much or more.  Do you know if it's worth as much as you owe?

Right now it's upside down so I would still owe on the loan even if I sold it privately for the blue book value of the car. So I may be stuck between a rock and a hard place 

Edited to add: Sorry. Didn't see the other posts!

My car was still financed when I moved and my mom bought it off me. She took out a loan as it was several thousand dollars. Her bank paid my loan off and my mom then paid her bank for her loan.

It's kind of normal, her bank had no issue with it and it was easy. This way tge title gets transferred correctly and the bank handled all that. I didn't have to do anything.

Or, just sell the car for the amount you owe (or more if you can) and pay off your loan. Hopefully you don't have a penalty for paying it early.

Right now it's upside down so I would still owe on the loan even if I sold it privately for the blue book value of the car. So I may be stuck between a rock and a hard place 

That really sucks. I'm so sorry to hear that.

How long have you had the car? Is it a new purchase?

Right now it's upside down so I would still owe on the loan even if I sold it privately for the blue book value of the car. So I may be stuck between a rock and a hard place 

If you have any spare savings at all, you can sell it for what you can get for it, and pay the remainder out of pocket.  If you don't have enough savings, it gets trickier.  Do you have access to any unsecured credit (cash advance with 0% interest, sort of thing)?  You could shift the remaining debt to a credit card and then pay that loan off gradually.

What about bringing the car over?  What are your transportation plans over here?

My car I was originally planning to pay off (volvo s40, I loved it so much) died on me 2 yrs ago so I got a newer car before plans were set in stone for me to move over. So at the time what I had left on my volvo went on the new car which made my loan upside down 

My brother offered to take the car and split the payments with my mother when my husband and I decided on where we were going to live, but that plan has fallen through and I've been using my savings to get ready for the move and pay off any other outstanding debt. I didn't plan on having to unload my car like this. So I'm panicking and scrambling right now to figure out what to do.

I'm thinking of either refinancing it to lower payments so it won't be so terrible paying for a car I don't have, selling it as is and figuring out how to deal with the remainder.

I've considered taking it with me but the cost of shipment and changing the car's lights etc to get up to code with UK car standards would cost me more and I'd still have the payments so yeah I'm just trying to get as much information as I can on what to do.

Family.  Can't live with 'em, can't live without 'em.   

Soooo... hm... What if you had one of those accidents that is clearly the other (fully insured!) person's fault, you walk away from it unscathed, but your car gets totaled?  Could that work?  I mean, naturally, you'll have to claim pain and suffering to get enough to offset the difference between the car's value and the outstanding debt.  But otherwise...     

I don't know what else to tell you.    Money is the bane of my existence since this whole visa thing came along.  I was on this beautiful plan to pay everything off and live debt free, and actually be able to live.  We're debt free, but my husband is 150 miles away during the week, we don't have a kitchen in our house, and it's about to be our second winter with only electric space heaters for warmth.

Oh man I have the same idea in mind! Pay off my debt and be able to live a little, but life has it's own idea of how things are going to go.

I think I might have worked out something with my mom. I'm still going to end up paying for the car but she agreed to split the payment with me so that's something.

Thank you for your advice and I hope things get better for you and next winter you have a kitchen and a heater!

Oh man I have the same idea in mind! Pay off my debt and be able to live a little, but life has it's own idea of how things are going to go.

I think I might have worked out something with my mom. I'm still going to end up paying for the car but she agreed to split the payment with me so that's something.

Thank you for your advice and I hope things get better for you and next winter you have a kitchen and a heater!

Once I no longer have Home Office to answer to, things will be much better.  And at the end of all this, we will appreciate what we have all the more.  At least, that's what I tell myself. 

I hope things work out with your mother and the car.  Maybe as you pay down the debt, you'll reach a point where selling it can make sense, financially.  Sooner, rather than later.  Maybe.