Anonymous
Anonymous asked in Cars & TransportationBuying & Selling · 2 months ago

Car Financing Dilemma?

Ok so long story short, a year ago i got myself into a situation that has came back to bite me. I went to a dealership and walked out with a brand new 2018 Hyundai Elantra, making $360/ month payments. At the time I swore I could afford it, but now I cannot.

I’m trying to figure out what are my legal options here. I have found SIGNIFICANTLY cheaper/ older cars I am interested in, but I don’t know how to go about LEGALLY getting rid of my Hyundai. They listed my father as the primary on the car, as I didn’t have a credit score at the time, so voluntary repossession is out of the picture (I don’t want to hurt his credit). I’ve also called (only one time so far) and mentioned trading it in for a cheaper car on a used-dealers lot, but the company was small and said they did not have the funds to pay for my car.

I am aware I’m going to lose money on this car no matter what I do. Any suggestion helps. Thanks!

8 Answers

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  • 2 months ago

    I took Hyundai i10 at Hyundai showroom near to me http://bit.ly/2ks51FY and they provided Good finance which I felt like little cheaper and they suggested according to my financial status.

  • Anonymous
    2 months ago

    This is why you shouldn't finance. Always have the money so you can buy the car with cash. Can't afford it? Then don't buy it. Or find something you can afford with said cash.

  • g
    Lv 7
    2 months ago

    You can only get rid of the Hyundai if you pay off the loan remainder or can find someone (a dealership) willing to assume the loan. Period.

  • Anonymous
    2 months ago

    2nd job. Maybe in a year or so you will no longer be upside down.

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  • 2 months ago

    From your comments, I'm guessing you are very "upside down" on your Hyundai loan, meaning you still owe much more than the car is worth in a sale or trade. This makes a trade impossible unless you have the cash to make up your negative equity. It doesn't matter that you might be trading for a less expensive vehicle -- your old loan must be paid off regardless.

  • 2 months ago

    Getting this out of the way first... there's no magic way to allow you to walk away from the car without any penalty. No return period, magic Lemon Law, etc.

    Find out what it will bring through trade-in or retail sale (use online sources as guides only, as they are not gospel). This will give you an idea of how much cash you'll need to trade out of the vehicle. Since you're more-than-likely upside-down in the loan, what you're asking is going to be nearly impossible. Most lenders will not add a significant amount of negative equity to a loan on a cheaper car... usually, when it's added back on to the new loan, it brings the payment up to the original amount. This is usually true on an older vehicle where the loan term is shorter.

    Keep in mind, you MUST have the loan paid off (through private sale if it'll cover the loan amount, or through trade-in) to do anything with the vehicle. Odds are against you, though.

  • Anonymous
    2 months ago

    Talk to the dealership that sold you the car. as they KNOW HOW TO WHEEL & DEAL so they may be able to help you. Tell them the whole story truthfully because then they know exactly what they are dealing with. If you go in with lies, then their advice "won't help you at all"

  • Robert
    Lv 6
    2 months ago

    You usually do better with a private sale. Your goal should be to get the loan paid and then find something cheaper. You may be able to get close to a break even with a private sale. You're still going to take a beating because a lot of your payments probably applied more to interest than principal. On the upside you will show up as a good risk for paying off the loan and the next car loan should be cheaper as far as credit is concerned.

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