what's the best way to get rid of a car with a loan?

accordmaniac · 02-21-07, 03:07

Hi. I have an 04 Honda Civic coupe with about $6000 left on the loan. "Getting rid of..." isn't quite the right phrase since I like my car. But right now I'm in college and I would like to bring my car next year instead of flying and a it would be impossible to bring much with a 2 door compact car. So I had a crazy idea of finding a way to get rid of my Civic and getting an older Accord, Camry, Maxima, etc. (you probably get the point, something reliable with space). But I don't know anything about finances so I don't even know if there is any other way besides trading it in. The cars I'm looking at are $6000 max.

I was hoping to see if anybody here could give me advice. I would keep my Civic but there's no cargo space and my dad is paying for it now since I don't have an income, and that is another issue, I feel bad leaving the payments for my dad. Of course this could just be one of my stupid ideas that doesn't work but I thought that I'd give it a try. And if there is a way then I might see what my parents think.

Johnnie27 · 02-21-07, 03:30

If you're upside down then you can buy another car from a dealer but expect to pay more since you'll have to cover the difference. You can sell it to a private party and try and make a small profit and just get rid of it.

velobard · 02-21-07, 03:51

With just $6000 left on your loan you shouldn't be upside down on an '04 Civic.

OutlawTitan · 02-21-07, 04:54

If your dad is making your payments on the car while you have no income maybe you should consider asking your dad if he will help you figure out what to do. Not involving your dad in the process may be a bad decision in the long run....it is not usually a good idea to piss off your parents especially when they are helping you out financially.

az57chevy · 02-23-07, 08:57

Ship the excess stuff and keep the car. Why buy another car payment for a one time drive/storage problem?

PS Buy Dad a nice father's Day card

BoxsterCharlie · 02-23-07, 09:57

Ship the stuff. Just registration and taxes alone would be more than cost of a couple rounds worth of shipping...plus the whole "transaction cost" of swapping cars. You're lucky your Dad gave you a car!

paul79uf · 02-27-07, 03:57

Go to U-Haul and get a trailer hitch put on. Then rent/buy a small utility trailer.

I got a 5'x8' trailer when I bought my motorcycle and it has helped me/family/friends move many many times over the years.

theamcguy · 02-27-07, 04:34

Pack all of the fragile stuff in the car. You'd be amazed what you can get in there with a little planning. Send any other stuff US Mail right to your door. It's a whole lot cheaper than a new payment etc.

DFTowel · 02-27-07, 08:44

Quote:

Originally Posted by paul79uf

Go to U-Haul and get a trailer hitch put on. Then rent/buy a small utility trailer.

I was about to say exacty that. When I was in college I rented a u-Haul to move my stuff into an apartment and rented one again a few years later when I moved out. It was some sight though... a 1971 SS 454 Monte Carlo pulling a trailer! Oh God do I wish I still had that car!

RTexasF · 02-28-07, 04:43

If you are determined to sell the car it is worth much more than the payoff. Look up the value on KBB.com and other evaluation sites. You will make money if you sell it outright but you'll be walking.....decide which one you really want. Personally I would do everything I could to keep the car, especially one as dependable as a Civic.

Dave1 · 02-28-07, 05:23

Quote:

Originally Posted by OutlawTitan

If your dad is making your payments on the car while you have no income maybe you should consider asking your dad if he will help you figure out what to do. Not involving your dad in the process may be a bad decision in the long run....it is not usually a good idea to piss off your parents especially when they are helping you out financially.

I agree....Get with your dad and if it gets sold, let him do it. He's making the payments.....
Consider yourself lucky to have parents like yours.....

NorthPac · 02-28-07, 05:44

Rent a U haul truck and tow it behind
Have someone that is going to where you going drive it for free
Have a yard sale and buy new stuff at new place
Rent a car trailer and tow your stuff
Put your stuff in storage get it out when you can afford it