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If you sell it, understand that you Will sell it for a loss (looks like they fetch about $8k in Atlanta, maybe a little more in NYC). There are plenty of resources that discuss how to sell a car with a lien on it, just use your favorite search engine.
Sorry. It was a poor decision to buy something like that A) for over market value, and B) over such a short timeline till you wanted to sell. If you don't mind holding onto it, the car has probably hit a depreciation plateau, meaning the prices will probably remain fairly stable for a few years. You could keep it for a few years, pay down the loan and eventually sell it for about what you owe. Obviously, putting more money towards the principle will decrease the loan value faster (and make a bigger impact now, at the beginning of the loan).
I bought it ON April 2017 for $13,380 I owe $12,390
monthly payments of $317.80
and so far I have made 5 payments a total of $1,671.44 and an 6.45%APR
The line in bold is all that's relevant if your intention is to get rid of the car.
You'll have to pay it off in order to get the title. If you can sell it for the current payoff or better, you're golden. If not, you'll have to bring enough extra to cover the difference.
Turning it in to the bank is sort of an option if you don't value your credit rating or your integrity, and don't care that you will be on the hook for the difference between what they sell it for and what you owe. And they won't put much effort into selling it, so the difference is going to be a lot more than if you sell it yourself.
If you don't have the resources to pay off the difference, your best option is probably to keep plugging away at the payments until you've got it paid down below its value. Heck, by that time you may decide that you need it after all.
Last edited by duster1979; 10-19-2017 at 04:07 PM..
Lol, wow, where were these people at when ever I am trying to sell a car?
LOL
Sorry OP dont mean to bring you down, but this was exactly what i thought
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