Need some opinions/advice.
Senior Member
Joined: 01-24-2008
Posts: 725
From: USA
If you feel you're in over your head on this, then listen to your head. See what you can actually get for the car - (I suspect even 18K is more than you'll actually get). Then decide if you are willing to throw out the 3K that you are upside down. It's a tough thing to do. However, your situation will only worsen on the car regarding value. If you hold onto it and make the payments, it'll probably depreciate faster than the payments. Might be a good time to take a beating and discipline yourself to staying on a budget in the future.
One thing I've learned in life - and I find I have to remind myself constantly is that it is really easy to spend the money - paying it back is the difficult part. Everyday we are bombarded by advertising talking "monthly payment". Unfortunately, 72 of them add up to a lot of money and a huge committment that can't easily be reversed. Why is it we all enjoy spending money so much but get so little enjoyment from saving?
Bottom line - if you're in too deep - cut your losses and bite the bullet. Sell it, pay off the difference, assuming you've got the cash and buy a nice used car within your means.
By the way, there may be such a thing as "take over payments" on this, which is a good marketing tool if you can work it out between you, the bank, and the future buyer.
One thing I've learned in life - and I find I have to remind myself constantly is that it is really easy to spend the money - paying it back is the difficult part. Everyday we are bombarded by advertising talking "monthly payment". Unfortunately, 72 of them add up to a lot of money and a huge committment that can't easily be reversed. Why is it we all enjoy spending money so much but get so little enjoyment from saving?
Bottom line - if you're in too deep - cut your losses and bite the bullet. Sell it, pay off the difference, assuming you've got the cash and buy a nice used car within your means.
By the way, there may be such a thing as "take over payments" on this, which is a good marketing tool if you can work it out between you, the bank, and the future buyer.
Senior Member
Joined: 07-28-2009
Posts: 203
From: Texas
Senior Member
Joined: 02-16-2009
Posts: 6,038
From: Frankenmuth/Flint, MI
I live half a mile from my job I just quit, and my mom works there too. People always say we should walk. Why? When gas went skyrocketing, people said we should walk? You know how much gas we use?!?!?? 
It's literally a mile per day.
It's literally a mile per day.
Senior Member
Joined: 09-14-2009
Posts: 262
From: Vancouver Island, BC
Senior Member
Joined: 02-16-2009
Posts: 6,038
From: Frankenmuth/Flint, MI
(I think healthier eating plays a small part though...)
Senior Member
Joined: 07-29-2008
Posts: 727
From: Mass
apparently you never dealt with GMAC
Here, when the loan is satisfied (paid off), the loan company provides a release of interest that you take to the DVM. Voila, they register it. If the buyer is getting a loan to buy it, the title is sent to the new loan company, otherwise it's sent to the owner (although it might take a week or two to get it).
In California now, the title doesn't even exist until the first loan is paid off. At that point, DVM prints it and sends it to the owner. If a new loan is obtained before they print it, they just delay printing it until some loan company tells them to release the title.
Obviously the loan company isn't going to release the interest until the loan is paid off but at the moment they get the check, they sign the release and off you go. If there is no loan new loan, the loan company will tell the DMV to send the title to the new owners in the new owners name.
I've been through this a bazillion times and it's easy. You can pay off a loan and transfer it in one day. Of course other states might not be as easy.
To the OP, it costs nothing to put it up for sale. Defaulting on the loan is not a wise idea unless you have no other choice. If you can make the payments now, don't even refinance it. Make the payments until you can satisfy the loan. Stretching out just makes it worse unless you are strapped.
In California now, the title doesn't even exist until the first loan is paid off. At that point, DVM prints it and sends it to the owner. If a new loan is obtained before they print it, they just delay printing it until some loan company tells them to release the title.
Obviously the loan company isn't going to release the interest until the loan is paid off but at the moment they get the check, they sign the release and off you go. If there is no loan new loan, the loan company will tell the DMV to send the title to the new owners in the new owners name.
I've been through this a bazillion times and it's easy. You can pay off a loan and transfer it in one day. Of course other states might not be as easy.
To the OP, it costs nothing to put it up for sale. Defaulting on the loan is not a wise idea unless you have no other choice. If you can make the payments now, don't even refinance it. Make the payments until you can satisfy the loan. Stretching out just makes it worse unless you are strapped.
