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