Dionna Doyel: I think what might work for you is leasing it to someone else and have them pay you monthly as well as up front. Make sure that they sign a contract and have it notarized. To make sure that this is legal in your state talk to a lawyer or paralegal. You should be fine with this type of deal, but make sure that the person that is buying the car from you has a good job, and that you have a spare key to the vehicle just incase you have to repo it if they quit paying.
Gertrude Darke: Never let someone else make our payments for you! You want that car out of your name, that way You cant be held liable if the car is in accident. Your state may allow these kinds of deals but I'm a Californian and people are sue Happy out here so i wouldn't do it. As far as selling it, you can do what you want but you are still responsible for the loan. So, if you owe $20,000 but can only sell it for $15,000. you have to come up with the $5,000 for the bank. The only way to! avoid this is to trade in your car and roll the negative loan amount into your next loan....Show more
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