How to sell a car with and upside down loan?
I own a 2003 vw beatle. Currently I owe 17.4k and after looking on the internet I can sell it for at most 14k privately.
So, if I were to get 14k for the car privately how would I transfer over the title that I still owe money on? I don't have the money to make up the difference right now. I am thinking the best way would be to trade the car in for a cheaper car and wrap it all up in a package at the dealership. My family income is $250k but my credit is low because I have 5 cars titled in my wife's and my name. My house is ~2400 a month.
Any advice would be awesome!
The easiest way would be to buy the car now outright and then sell the car. Borrow from equity line and immediately pay it back once the car is sold.
