How Do I Get Rid Of A Car That's Worth Less Than What I Owe?

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[patrickkillabrew]

I used to be a car dealer. Dave’s advice is spot on.

[Ryan_DeWitt]

Their whole business model is. Sell desperate people a car at a way overinflated price with a way overinflated interest rate. If they do pay everything amazing! If not, this is to be expected and we will wait for them to either turn the car in, or we come and get it and sue them for the difference. We can't usually get 100%, but we can usually get 50% or more which is an awesome profit. Plus we get the car back and we can do the process again with the same vehicle.

[muhammadalavi]

Dave at the his best over here. None of the other hosts could have given an answer like that

[tucoramirez]

Had a 5yr car loan, just paid it off in 18 months couple of weeks ago, , what a relief!!

[djpuplex]

She probably didn't need $3k worth of work to begin with on the original vehicle. Sad.

[UnderDog]

Dave went into the way the world works here. It was the correct advice. Being nice with a tote-the-note place would have been a disaster.

[oblivion]

Some of these “buy here-pay here” dealerships don’t even report to the credit bureau …so she could let them take the car and not worry having it affect her credit.

[beckylanding]

I've got a similar deal only with a dealership, Capone loan! Had a Honda crv Fully loaded, yes a payment but cheaper cheaper than I have now. It needed about 3500 in repair and so instead of getting a small loan I traded in for a smaller car, paid off the Honda ( dealership did that) and got stuck with a piece of poop, I did purchase warranty, but they can't ever get it in to fix . So, paying about 10k to much at 500 a month, 20k loan that's only went down to 19800! And want out of this.. it's value is only about 10k to 12k 😢 plus I live paycheck to paycheck and a widow!

[jl]

Most buy here pay here car stores don't report to creditors.Go give it back to them.

[georgeghobriel]

“You is what’s known as confused” I love it😂😂

[beckyshell]

There are predatory businesses and that is terrible but people need to keep their eyes wide open and take personal responsibility for their decisions. Payday loans, tote the note, rent to own, title loans, timeshare, pawnshops, and repair shops are places that should put you on very high alert. You should avoid most of those places at all costs except you do have to deal with repairs. Shopping at a pawn shop might be ok, but I just get a negative vibe knowing that desperate people were probably taken advantage of to give me the "bargain" that usually isn't much of a bargain.

[parveshsaini]

The problem with the car buying is that it makes you believe that you are steeping into owing something very

Almost 80% of people become blind eye when step into the dealership...

Its like get done with the all the formalities of signing, explanation, financing etc just to get that new car smell feeling on the first day....

And top of that if car dealership makes you wait for a week to get hold of that new car, you are basically just dreaming about having a car....it makes you impatient, emotional and happy to great extent....

But the financial disastrous decision comes only after 2 months when you get bored of all the features you got excited about in the first

New Car buying is extreme dangerous for your mental health being if you are not making enough money

[CaseyMorris-duqv]

My buy here pay here experience was great. You are welcome to return the car they also provided plates and the dmv paperwork.

[solgoddess]

Yup!!! I hope she got this sorted out!

[MyLifeThai]

Dave is spot on! I know people that own the used car lots. It's in the business layout to actually re-posses the car and have the buyer give you a few thousand dollars to make the problem go away and then the dealership can resell the car to the next person. Everything should work out for this woman.

[codysutherland]

I wish I found you a few years ago Dave. 2 years ago at 27 years old I took on a new truck. With interest, it made it a $60, 000 truck. I went in blinded by my own hands. Now I have a $40, 000/5year truck, which has a blackbook value of $16, 000. Luckily I've made a turn around since finding you, however it makes the stupid ideas GLOW! 😅 This is a painful one! The other debts were much easier!

Still thankful you showed me that way! Thank you Dave and friends!

[tonyahenry]

I was in this situation they sold me a complete lemon this was about 18 years ago I had to get a lawyer ….

[DioguardiAS]

If her brother ever shows up and does what Dave said. The very first thing I’d ask him is, where were you when she needed a co-signer? Where were you when she needed the help, before this happened?

[therealjonasmancuso]

There is a good chance that the car lot doesn't report to the agencies anyway. I would just take the car back and keep my $2K. Just MY opinion. NOT financial advice..

[willsims]

I need to call him. I love the straightforwardness.