If you have discovered that you are in a vehicle that you simply cannot afford, you need to sell it. It’s as simple as that. Head on over to Kelly Blue Book, and look up what your vehicle is worth. Look up the private-party value, and that’s how much your vehicle is worth. Don’t sell your car to a dealer, because they will give you a wholesale price, and usually you can get 20% or 30% more by selling it yourself.
Once you know what your vehicle is worth, You’ll want to list your car in the classified section of the newspaper. You can also create signs and put them on cork boards around town. Don’t overpay and get your vehicle listed in some listing of used cars. The classified ads usually are more than efficient, and they’re really not that expensive.
Once you find a buyer, you’ll need to get payment from them. Make sure that the check clears before giving them the keys and the title, but once you have the money free and clear, give them the vehicle, as well as the title, and you’re golden. You’ll take the proceeds from sale, and give them to your lender to pay off your debt. Usually you are required to pay off the debt when you sell the vehicle according to the contract you signed with the bank or finance company.