Re: new too, question also

Karen B,
I was stuck "upside down" on car in a similar situation. I FINALLY got out
(after a year or 2 of trying) by paying down the car about half way, then using
it as a trade-in on a brand new car. I think I wound up getting a personal
loan to cover the difference between what it was worth and what the dealer would
pay me for it. Another thing I tried desperately to do was to sell it
privately above book value, but the only people who called were people who couldn't
buy it outright, which is often a problem when you go over about $3,000. (But
try it and maybe you will be luckier than me). Most people are smart about book
values and won't go above it. If it's not a popular car, you might not even be
able to sell it at book value. So, you could get a personal loan to cover the
difference and try to sell it at book value, or you could pay it down for a
while until the book value catches up to what you owe, then sell it. Or you
could get an even bigger personal loan and sell it below book just to get rid of
it. I've never heard of "turning it in," especially because it would be like a
hot potato - the bank or dealership isn't going to want to "eat" the
difference any more than you do.

In a message dated 12/12/2003 4:19:03 AM Eastern Standard Time,
writes:


> Hi
> Just joined up. I was wondering if anyone knew if it is possible to "turn
> in" or give up a car and how one would go about doing that. I know a car can be
> reprocessed, but we are not behind in the payments, we just owe more than it
> is worth, and the payments are high and we have two other cars that we use.
> My husband is semi retired, and in awhile may retire completely, and paying
> that payment would be almost impossible since we will have to pay for health
> insurance premiums. I just hate to see my husband continue to work, when he
> could retire, because of these darn car payments on a car we don't even care
> for.
> Thanks! Karen B
>