Upside down in car payment?

You have already lost money in the car and the best option, in my opinion, is to keep driving it until the repairs cost more than the value of the car.

I am in the same situation, although I went and got another loan for a new car and just added on the difference making my payments horrid. Your best bet would be to try and sell it and hopefully get as much as you can for it and maybe get a small unsecure loan to pay the difference. hopefully it wouldn't be too much. Or just keep the car untill it is paid off, that is all you can do, unless you want to commit insurance fruad. Good Luck I know it sucks.

GL with that -- it likely won't work.

This is the exact same thing as happened to Oldsmobile owners when that brand was discontinued -- the resale value of the car plunged below the amount owed.

Of course, the car itself hasn't changed at all. It is still just as good or bad was it was before the brand was discontinued.

Probably your cheapest future course of action is to keep it and pay the loan off as you go.

[You'll find that the terms of the bank loan you apparently got are that the bank assumes no liability whatever for vehicle itself and that you promise with your full faith and credit to repay the loan, etc. These are the usual terms for a used car loan.]

oh

Unless you have enough cash to pay off the rest of the loan with the proceeds you can collect from selling it, you are stuck. You won't be able to give the buyer title to the car without paying the loan.

I think your best option is to live with the car until it is paid off. Make it an way you learn about quick and horrible decisions. Selling it for enough to pay off the car isn't likely to happen.

Are you saying you think you can sell a $4000 car for $8400? If you keep the car maintained with regular oil changes you still have a lot of mileage left on it. The only way to win is to keep driving it until it is paid off.

You can sell it privately. This will maximize what you will get for it but you will not get enough to cover the loan. You will then owe the creditor the balance. This is your only sensible option.

The financially best action is to KEEP the car. You've already absorbed the loss - trading in now puts you deeper in the hole.