What happens when you want to get rid of a financed car?

My car is owned by a finance company and I want to get rid of it. What will happen?

What happens when you want to get rid of a financed car?

It depends on how you plan to get rid of it. You need to add a little more detail to your question.

If you get it repo%26#039;ed they will just sell it at an auction for whatever they can get for it and they will come after you for the remaining balance of the loan. So you could be paying for a car that you no longer own. That%26#039;s not smart. You could sell it yourself and get what you can out of it. It really depends on how upside down you are on the loan.

What happens when you want to get rid of a financed car?

if you are trading it, the dealership will take care of everything, if you are selling it on your own, you will need to make the payoff to them directly to get the title released to you so that you CAN sell it....or complete the sale anyway.

You are not thinking of having it repo%26#039;d are you??

Chris

Try to sell it first....if you have it repo%26#039;d, then your whole credit history will be 10X worse than if you made late payments on it.

Try to work out an arrangment with them....or try to sell it for the amount you owe...that way you dont ruin your credit!

Chris