Long Story short: After getting my 1998 Century back from the body
shop today, and finding out what I had begun to suspect, I want to get rid
When I purchased it used roughly 2 years ago(before I started do some
work for a used car dealer), I planned to keep it until Fall of 2006, then
buy a new car. Which is when I would have it paid off, I had even thought
about keeping it long term as a beater.
Currently I owe way more then privet party values, let alone resale
values. So out right selling it is not an option.
I have it financed thru GMAC (not their fault, I should have inspected
the car better). I would love to clean it up, so it looks better then
when I got it (it almost does now), and find a way to get out of my
loan with out making my credit any worse. Since Ill need to buy
another newer car for my mother.
I buy all my cars cash and don't take on payments, so I'm shooting in the dark
with the advice....
1) I believe there is a way to sell it and make the next guy "finish the
payments" where the person is then responsible. Check with GMAC on how that is
transferred. MAKE SURE it is, so you're not left holding the bag.
2) Why sell it? A new Century is NOT that much different than your current one.
Nothing has really changed for the better here. You're ok as is.
3) You may be able to trade it in against a new car and some of the debt "goes
away" /is transferred into the new car. Damn sure you'd better not miss a
payment or your credit will sink like a rock.
4) You may be able to get something through GM as a "repeat buyer". I know when
I was "considering" new cars in light of the recent Cavalier head gasket issue,
I found out I could buy a GM car at wholesale/employee cost through my uncle
since he is a fleet buyer in NJ and GM give him a car + dealer's transaction
5) If you use a GM credit card, you get points against a new car. My sister's
father in law does this.
Some ideas, again shooting in the dark. Everything I own is paid for or came at
next to nothing :). LOL.
Joe--ASE Certified Parts Specialist & 10th Ann.Club Tech Director
'80 Carousel Red Turbo T/A, 27k orig.
'79 "Y89" 400/4 speed 10th Ann. T/A, 57k orig
'84 Olds 88 Royale Bgm 2 dr, 307 "Rocket" (lol), 143k and still going....
'91 S10 Blazer 4.3Z
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