Edmunds Answers



  • isellhondas 12/26/10 5:11 pm PST

    If I understand you correctly, you want to sell your car back to the dealership and then make payments on the negative equity?

    You can't do that. You can't make payments on a car you no longer own.

    It sounds like you may be having trouble or are unable to make the payments?

    If this is the case let them take it back as a vountary repossession.

    Dong this will trash your credit but it may be your only option.

    Otherwise, just keep the car and pay it off or at least make payments until you have no more negative equity.

  • webchef 12/27/10 4:14 pm PST

    Here are some other options to consider:
    1. You can trade-in your car and the dealer will add the negative-equity into a new payment plan. Depending on the dealer and the car, the dealer may have promotional dollars that will help buy down the negative equity. This may help you get a car with lower monthly payments.

    2. If you are having trouble with your monthly payments, your financing company may be able to help by temporarily reducing your payments for a short period of time.

    3. Ask the financing company if they will accept a smaller amount to payoff the car in lieu of voluntary reposession. If they do, you will be able to sell the car for less than you owe.


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