Liberty Loan
Need to get rid of my car loan!?
I pay $448 a month for my '07 jeep liberty i bought brand new. I've paid off near 5,000 and I have $20,000 left (after ,fees, and everything the stupid car was $25k).
Anyway, it is the stupidest mistake I've ever made. I am in my early 20s and I want to go back to college. I can't afford to go to school with this gigantic car payment.
According to the blue book the car is only worth like $14k.
I only have like 10k miles on it and it's in good shape.
So, basically.. I am like 6k in the hole.
Is there a way I can sell the car back to the dealer and then be stuck with a 6 thosand dollar loan?
I'd rather not have a car. I just want to get rid of it. I dream about setting it on fire.
Is there a way that I can get a smaller loan for the 6k I owe and make it into smaller payments?
I'd rather walk.
No, you signed paperwork and drove off. The car, the loan, the responsibility is yours.
And no, you cannot sell the car back and take out a loan for the negative equity. In order for the dealer (or a private party) to take ownership, they'd have to pay the loan off completely before a transfer could take place.
Unless you could find someone to pay you the amount you owe on the note (and as you alluded to, not much chance of that), you're stuck.
Might not be the advice you want, but there is no easy way out of a negative equity situation. Unfortunately, Chrysler/Jeep/Dodge's resale value all took a steep nosedive when gas prices took off, and they haven't recovered. With Chrysler in serious financial jeopardy, they probably won't.
**Side note - Don't set the car on fire. Hopefully you were kidding. Insurance companies are very wise to those situations, and will investigate any they think are arson. Also, you'll still be liable to pay the difference between what you owe and what your insurance deems the car is worth (I assume you don't have gap coverage).
**Edit - to the poster above me --> No, you cannot go to a dealer, sell the car back for book value, and roll the negative equity into a new loan. The loan must be paid in full for any transfer of ownership to occur.
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