I am out of a job and money. I owe $10,999 on a 2007 Car through capital one. I bought the car in 2008 and I paid $12,000! lol So pretty much nothing has been paid.
The car on KBB is work about $12,000. I'm trying to work with Capital one to give me lower payments or time on my payments. Should I return the car to carmax have them buy it and take the cash out and get a $1,000 car? Or should I keep making these high payments to capital one. Help. I'm really desperate- so confused as to what to do
- If you have no job and no money, how are you going to continue to pay the payments to begin with? If you REALLY have no money, the smart thing would be to get rid of the payments...period. If CarMax will give you $12k for it.....Take that and RUN!!
- Carmax WILL NOT give you what KBB tells you it's worth. You'll have a balance on old car loan, and no money to buy another one. You're lucky if they give you $7,000 on an '07, but best to try. Like someone above said...beter than having it repo'd.
- Try to sell the car to what the balance is. If it's a short payoff, perhaps a family member can lend you the money to clear the balance. As told be Cat_dad, if you surrender the car, you'll get next to nothing plus it will be on credit report for 7 years 180 days.
- Sell the car as soon as you can for $12,000, pay off the loan, and buy a clunker.
- Do whatever you can to prevent a repo in any form....turning back the car to the dealership (voluntary repo) is just the same as a regular repo....The dealership will sell the car at a big discount and they'll come right back after you for the remaining loan balance....when dealership fees are added to this, it could be very close to what you already owe on the car anyway...Additionally...the repo will trash your credit rating. Car finance companies tend to not offer any hardship programs like credit card companies...but it does not hurt to ask. If you simply cannot keep the car...then sell the car yourself and use the money to apply to the loan balance....you'll get a lot more money that way as opposed to turning the car back to the dealership....Another option is to sell the car and find someone to take over the remaining loan payments.
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