Hey all,

Now I'm not saying I am looking to get rid of my Fit, far from it.. but lately I've been wondering what would happen if I got hit with a financial crisis or something and I had to get rid of my car (currently only has 3 payments towards the principle of my loan, which is sitting at around $21,000 CAD). Is it even possible to find a way to sell it without still owing money on the loan in a best case scenario? Or is this the kind of situation you'd hope not to encounter until a year or two down the road when the loan has been partially payed off. Not to mention I would still need a vehicle to get to work, so would selling to the dealer and picking up an old used car through them work? (essentially tacking on the rest of what you owe in your loan to the cost of a used car). You can see this starts to get depressing the more you get into it...

What I'm thinking is there is no way I could find someone/some dealer to sell it to for even $20k CAD... So what I'm looking for is general advice if I were to find myself in this situation.

I realize this might spark such things as "You shouldn't have bought it if you couldn't afford it" etc etc, but I assure you I can afford it and this is just something that has been brought on by a friend of mine losing his job (and thus his car) in the past 2 months. Its a scary thought really.

 

The most expensive way out would to find someone to merely take over the payments. Obviously I am talking about including the bank in the deal and doing whatever is required to have your name deleted and their name added to the loan.

It's been done a million times. The bad part is you can't make a profit but the good side is you won't be hit with a loss.