QuestionHi there,
I purchased a vehicle about a year ago and since that time my financial situation has changed. I need to get rid of or downsize my car loan payments by trading in my vehicle for a cheaper one. What if the loan is still more than I would get for the car which is the collateral for that loan? Can I still get a trade in or sell my car privately?
Thanks!
AnswerHi Sharon
Your question is a good one that I have come across many times in the past where someone is looking to downsize the loan for various reasons or just simply want the car to go away. Here are some basic answers.
1, If the monthly payments has become a problem you can contact the lender to see if a longer term can be arranged which will then lower the payments
2, If you're upside down a dealer can roll an amount of negative factor into another vehicle, but in 99% off cases it only works if you upscale
3, If you sell the car privately the lien holder must be paid in full in order to change title, in Canada the term ownership
Sharon, I can be more specific but will need to know some more details to give you a proper answer, if you want leave a phone number where you can be reached " best times " then make sure you check the make private box or your phone number will be public, or you can reply back to this link , your choice,,, Here are some details I need to know to guide you in the right direction.
Make , Model, Year, Km's, Interest rate, Term, monthly payments, and what payments you consider to be within your budget.
Ray
http://www.usedcartips.org/
