How can I get rid of my car without harming my credit??

Question:
I have a 2006 Kia Optima that I purchased in July. I have a loan balance of $15000 and it is only worth about $9000 trade in. I am going back to school and cannot afford the monthly payments on it anymore. I want to get something that is cheaper monthly than what I have. What are my options?? PLease HELP!!

Answers:

Debating on buying a car..?

Unfortunately, unless you can find someone to buy it for the loan balance, you don't have many options. If you trade it in they will add the remaining balance on your loan to the new car, if you have been making your payments on time and you have good credit you may be able to get a lower rate which could equal a lower payment. Another option may be voluntary repossession. You could call your finance company and ask someone there if they know how much a voluntary repo affects your credit. Sorry!! Good Luck!!

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REVISION: Who will buy my car?

Pray someone steals it,and wrecks it.

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2007 Chevy Equinox VS 2007 Saturn Vue what do u think is better?

Do what Homer did with Moe's car... drive it off a cliff and then jump out... be sure not to roll back inside.

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Which one of those German cars would you recommend in buying for a convertible?A Porsche Boxster S, BMW Z4 or

Trade it in for a very inexpensive car. You will have to roll the negative equity on to the next purchase.

Buying Specifics-finances?

For instance if you are upside down by $6,000.00 and you buy a $4,000 car you would then be financing $6,000 + $4,000 = $10,000.

Looking for another vehicle...?

Problem there is most banks will not lend $10,000 for a $4,000 car unless the dealer is so far back of book that the numbers make sense to the lender.

Can a new car be sold before the first note is due?

This is the toughest of the tough positions to be in when wanting to get out of a car loan.

How does the quality of a Dutchman RV compare with the quality of a Jayco RV?

If you are a member of Navy Federal Credit Union, they look at loans and borrowers differently. They sometimes will not look so much at the collateral as the lender and your ability to meet your obligations.

What is a nice 4-seat convertible car?

Check out Navy Federal Credit Union.

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