Hi, can anyone suggest me what I need to do in this situation?
I'm in a bad car loan, car is not worth what I owe. It was a new ford 2007 model and I bought it from the dealer. It is in the negative equity now and kelly book shows the actual price which is almost $4000 less than I actually owe from capital one... I can easily keep the car and drive for next couple of years and have no problem paying the monthly payment. The car is in excellent condition. But I am moving out of US and may not be able to come back for next couple of years. I got a better job overseas, so I have to sell this car and want to get out of it. I am very sure that I can't sell it with the price that I owe, it will be a lot less. But I don't want to pay and have no money for the difference (which I may have to pay out of my pocket). So, the repossession is unavoidable for me. But I really don't want that. I am still paying the monthly loan, I never miss a single payment and my credit histry is really good. If I talk to my financer(capital one auto loan) will they negotiate it? If I want to sell it in the fair market price do they write off my difference and close this account?
Any idea or suggesstion will be highly appreciated!
Thanks,