[bayareagirl25]

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,

[JudyKayTee]

They aren't going to negotiate for a lower price because you paid too much. You have a contract with them for $X. I can't see a reason why they would accept a lower amount.

CapOne doesn't much care about your credit rating.

You can either keep the car, store it, continue making the payments OR have someone take over the payments (if Capital One will agree) and sign the car over to them (and I realize this may very well cause you to lose money and you won't get any cash back).

Out of curiosity - why did CapOne finance and not a bank?