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How do you get rid of a car you still owe on?
House & Home / 7:49 PM - Thursday March 05, 2009

How do you get rid of a car you still owe on?

Just trade it in towards a new vehicle? They would tact on the remainder of what we owed subtracting what they would give us as a trade it and add it to the new vehicle loan?

Volkswagens suck...

- Asked by fallingalive, A Thinker, Female, 29-35

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Two words; 'full coverage'.

- Response by stillagoodguy1, An Intellectual Guy, Male, 56-65, Celebrity

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your better off to sell it before getting the new rig. dealers will give u trade in value, thousands less than wholesale or retail value. try craigslist, free and I have bought/sold many a car there. go to NADA.com, its free and u can look up the tradein, wholesale and retail of your car for an idea. if you owe more than tradein, your paying a dealer to take it.

- Response by mtusa007, A Rebel, Male, 56-65, Self-Employed

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Cars suck...Unless its a limited edition top O the line. See how the rich stay rich? Their cars..even though it has a motor and doors..retain their value.

- Response by diglebe2, A Guy Critical, Male, 36-45, Self-Employed

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If you trade in you will generally get one of the blue book values depending on the condition and age of the car. Unless you never drove the car and it was garage kept, don't expect the top blue book value. Now, that amount would be a minus value toward the price of the new car. And if you still owe on that car, that amount is added back in to what you're buying since the dealership (or lender) has to pay that off. So, basically what happens is your trade in value is null and what you owe is tacked on to the price of the new car.

If you want to sell it outright, you will have to pay off the loan because you can't get the title transferred or get the lien holder off the title until the debt is satisfied. Sorry.

- Response by msadvise, A Thinker, Female, 46-55, Transportation

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Is it a "lemon"? Google the Lemon Law for your state. You may be able to get out from under it legally.

If it's not a "lemon", the way to get out from under it is to sell it.

You can sell it on your own. You can find the value of it at Edmunds or Kelly Blue Book (.com on each of those). You can put an ad in your paper,or place an ad online at various places, etc.

If there is a Carmax in your town, Carmax buys cars without you having to buy one of theirs.

Or, you can trade your car in. It's a separate transaction than the vehicle you buy. But...the dealership will make you an offer on the car you have now. Basically, you'll be doing well to be offered the payoff amount. If you are, they buy your current car and you owe nothing on it since they will pay the loan off and take title of the car.

IF you owe MORE on the current car than the dealership OFFERS as a trade in, then yes, they will tack the difference (What You Owe minus What They Offered) to the loan you're taking out on the new vehicle loan.

If there were a Carmax where you are, I'd go get an offer from them on buying your car...then you at least have a starting place. I'd sell it to them before I sold it to the dealer who's selling you the new car. That dealer is going to try to make the most money possible for the dealership. If you already have a buyer for your car, you're in a much better negotiating position.

- Response by kiki812, A Thinker, Female, 36-45, Atlanta, Artist / Musician / Writer

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Sell it yourself, and then buy a used car, most used cars have a 100 thousand mile warranty so it isn't a big risk.

- Response by ready4sumfun, A Creative, Female, 29-35, Who Cares?

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