Car loan, what can I do?

seizethanight

At 6.4% apr, I owe 24,000 on my 2010 Nissan Maxima.
My car payments are $417/mo. I can make these payments just fine, it's the insurance + gas that I feel is too much (insurance is $200/mo. gas is about $250/mo).

The dealership recommended I do a voluntary repossession and get a cheaper car, but I'm not that desperate to where I need to ruin my credit for the next 7 years. And my concern is that I'll still owe a lot of the lender can't sell my vehicle at an auction.

So, what other options do I have?

If I could get a private sell of my vehicle at $15k, could the car be transferred to someone else and I just pay off the remaining balance of about 9k over the next couple years to my lien holder? Or does the car have to be fully paid off before it can be transferred to someone else's title?

Otherwise the dealership will only give me about 11k or 12k for the trade-in.

Not sure what my options are here. Just looking to reduce payments monthly.

Otherwise, where I'm at now, I can still save about $1300 a month after bills are paid. I make 62,500 a year, my credit score's about 630.

19lottie82

this is a UK site, so posters won't be well versed in non UK law im afraid.....

StuC75

Ask on an American forum, more likely to get an appropriate response (in terms of legal requirements) - doubt anyone would sanction selling the car and leave the rest of the debt unsecured - i.e. no asset...

chalkie99

I owe 24,000 on my 2010 Nissan Maxima

Not sure what my options are here

Plead insanity.

Clive_Woody

chalkie99 wrote: »

Plead insanity.

I am sorry, I know I shouldn't but :rotfl:

iolanthe07

Interesting that the OP spends $200 on insurance - about £135 - a month, which would be very expensive here. It makes up for their much cheaper petrol. When I lived in California in the 1990's petrol was less that $1 a (US) gallon, but insurance for someone just moved to the country was crippling.

poppasmurf_bewdley

iolanthe07 wrote: »

Interesting that the OP spends $200 on insurance - about £135 - a month, which would be very expensive here.

Some people in this country would bite your hand off to get insurance at that price!

iolanthe07

poppasmurf_bewdley wrote: »

Some people in this country would bite your hand off to get insurance at that price!

Mine is barely that a year!

poppasmurf_bewdley

iolanthe07 wrote: »

Mine is barely that a year!

Mine's about £200 for the year, fully comp. But I'm 65.

But my 23 year old son pays £1.2k a year for his 2010 Volkswagen Shirocco, and was paying £2k the year before.

Some young drivers are paying £3K/4k a year for something like a Corsa or Fiesta.

soolin

poppasmurf_bewdley wrote: »

Mine's about £200 for the year, fully comp. But I'm 65.

But my 23 year old son pays £1.2k a year for his 2010 Volkswagen Shirocco, and was paying £2k the year before.

Some young drivers are paying £3K/4k a year for something like a Corsa or Fiesta.

My 21 year old son pays around £900 fully comp on a Merc and our postcode makes the insurers weep as we are supposedly near the top of the national crime wave charts. My 23 year old lives in a better area and pays £240 for a C1.

Both these cars are in a multi car policy along with my own and my OHs cars, and in both cases my sons are the first named drivers but with us being able to drive them occasionally. (Normally just to re pack the drive!).

We actually could not believe the insurance quotes when we got them, we asked them to repeat them several times.

iolanthe07

Mine's about £200 for the year, fully comp. But I'm 65.

I am roughly the same age as you (67) and I pay about £200 a year fully comp in Somerset. Some of these youngsters must be paying more in insurance that what their car is worth; all down to risk, I suppose. An awful lot of them do seem to wrap their cars around a tree or worse.