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Anonymous
Anonymous asked in Cars & TransportationBuying & Selling · 8 years ago

How to get rid of truck still financed?

I have 2005 ram 2500 i don't need anymore. ( 165k mil) changed type of business.. truck has dent on bed and some knocks in front suspension. still have 7k to payoff. Any good advises? Sell/Trade? Where?

P.S. don't want to payoff or fix, just want to get rid of it&payments.

thanks in advance

4 Answers

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  • 8 years ago
    Favorite Answer

    Put it up for sale at 8k & hope somebody buys it.

    No matter what you do you will have to pay the balance of your loan.

  • 8 years ago

    Sell the truck if you don't want it. You'll just have to sell it for more than you owe your bank or you are looking at losing money in the process.

    If the money you get from selling the truck doesn't pay off the $7k loan you are going to have to cover the difference out of your pocket.

    You can't legally transfer ownership until the loan is paid off in full.

  • 8 years ago

    You really have only three choices. Either sell it, let it go back or trade it in on another vehicle. If you sell, unless you get lucky you will have to put cash with it to pay it off. If you let it go back you will wreck your credit. If you trade you will still have a payment. No good answers on vehicles that are worth less than is owed. You might trying to trade for something that has a big cash back to offset how far upside down you are. If you just want to sell try Craigslist.

  • 8 years ago

    If you have a CarMax close by, they will buy it. Take it in for a free appraisal. They might not give you pay off; their offer is a wholesale one and has nothing to do with your loan. But, they will buy it.

    If their offer is more than 7k, they will give you payment for the diff. If their offer is lower than 7k, you have to pay that in cash for them to buy it.

    It is the easiest way to sell a car. I've sold two to CarMax.

    Source(s): www.carmax.com
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