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Trying to get rid of a car

Jeffrey93
Valued Member

Trying to get rid of a car

So I purchased a car loan a few years ago when my credit was terrible and the APR on it was 17.6%. I currently owe still 9.8k on it and the vehicle is worth somewhere in that range. At this point with Covid, i do not drive it and my fiance has a vehicle we can use to drive me to the train station if things open again. What are my options for getting rid of the vehicle if any without impacting the score.

 

Thank you


Message 1 of 7
6 REPLIES 6
dragontears
Valued Contributor

Re: Trying to get rid of a car


@Jeffrey93 wrote:

So I purchased a car loan a few years ago when my credit was terrible and the APR on it was 17.6%. I currently owe still 9.8k on it and the vehicle is worth somewhere in that range. At this point with Covid, i do not drive it and my fiance has a vehicle we can use to drive me to the train station if things open again. What are my options for getting rid of the vehicle if any without impacting the score.

 

Thank you


You have only one option, sell the vehicle and pay the loan off in full. 

 

Whether you sell it privately, to a used car place or as a trade in on a new vehicle is a personal choice depending upon your needs, the amount of time you can spend and the price you are offered on the vehicle. 

Scores hover around 800
Haven't been AZEO in over a year
Rome was not built in a day, neither is a good credit profile
Message 2 of 7
GlennvilleGA
Regular Contributor

Re: Trying to get rid of a car

I understand your situation. I'd go to Carvana.com and follow the tabs for selling your car. Key in the tag number or VIN. Select your options and enter the miles. You'll get an instant offer. Carvana typically pays a little more. I sold a car there. 
They'll pay the loan off and give you a check on the spot. Or, if you owe more than they're offering then they'll want a cashiers check when you drop the car off. Or they may pick it up if you're in their area. 

Message 3 of 7
pmany0324
Valued Member

Re: Trying to get rid of a car

I am in a similar situation as you. My college student has been home since COVID, her car just sits there in driveway. She hardly goes anywhere and not scheduled to be back on campus until sept, so I decided my 2015 Honda Accord sport was not giving me joy anymore, and I'd love to not have a car payment for awhile so after someone posted here about carvana I decided to go that route.  I'm not done with the full transaction yet but everything up to now seemed simple. They are scheduled to pick up car on 4/3 but they will pay me $1500 based on appraisal and what i currently owe. A few months ago I was thinking about doing this and they offered me 3K less than what I owe. So I would've had to pay them the difference. But I redid the appraisal and they offered me 1500 more! Crazy, but I'm def moving forward with the deal. Good luck to you!

Message 4 of 7
incognitony
Regular Contributor

Re: Trying to get rid of a car

Carvana is offering me 3500 more than a month ago 193xx vs 158xx . Its a seller's market but It sounds like my work from home days are numbered so I'm probably holding on to my car. 

Message 5 of 7
Jeffrey93
Valued Member

Re: Trying to get rid of a car

Will definitly try carvana then, even if i have to pay extra to get rid of it, the monthly between insurance and car payment is over 600$ so will be easy to recoupe and even if I go back to work, it will be via train anyway. Thank you!!!


Message 6 of 7
disdreamin
Established Contributor

Re: Trying to get rid of a car

Used cars are in fairly high demand so it's probably a good time to unload if that's what is best for your finances! SO and I have been low-key browsing for a truck and it's crazy how little inventory there is (many reasons, semi-conductors being the biggest one). Good luck!

Message 7 of 7
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