Whom should I contact or how can I sell my brand new Hyundai Elantra 2013 with pay off 28,500 USD?

I need to get rid of this car (with mileage 100 only) due to personal issues and it is on loan with the Hyundai motor finance. The online calculator gives payoff 28,500 USD. My situation has changed and this is a huge burden on me but I don’t know how to get rid of this. Dealer is asking for 8000 USD in cash just to take it back and I don’t have it. I need someone to take over my loan. Your suggestions will be highly appreciated.

Chosen Answer:

Unless you made a large down payment or had a valuable trade-in when you bought the new Hyundai, the ,500 loan balance is way more than the car is now worth. If it’s been registered and titled to you, it’s now a used car , no longer a new car, regardless of the fact that it only has 100 miles.

You cannot get someone to “take over” payments on your car. Hyundai Finance doesn’t allow it. You must pay off the loan and have someone else buy the car from you. Even if you sell the car, you won’t get the entire ,500 and will have to add your own cash to pay off your loan in full.

Don’t let the car be repossessed or even voluntarily take it back to the dealer and stop making payments. It’s still considered a repossession. The car will be sold at a wholesale dealer auction and you’ll be sued for the remaining loan balance, which will much more than you would have to pay for any other solution. Plus your credit is ruined for seven years. Just don’t do it.

Unfortunately, there is no magic answer to your problem. If you have ANY way to raise the extra money to pay off the loan, do it. Of course, if you had extra money, you could continue to make payments, right?
by: TiggyWiggy
on: 12th June 13