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



5 comments ↓

#1   tcb on 06.11.13 at 3:27 AM

you can try selling it on craigslist or ebay. you might be able to go back to the dealer and they might not pay the full price but pretty much close. Go to http://www.kbb.com/whats-my-car-worth/ and just answer some questions about your car, from there it will tell you how much you should get if you trade it in or want to sell it on Ebay or Craigslist. i am pretty sure you wont be able to get the full price.

#2   Stupid Flanders on 06.11.13 at 3:52 AM

You don’t really have any options without paying something out of pocket.
you could try selling it privately for more than $21,500 (what the dealer is offering), but you will have to pay the difference off, immediately, in order for the title to be released to the new owner or lender.
You will never get anything close to $28,500.

You’re buried in negative equity on a used car, which is what happens the minute you drive off the lot if you don’t make any sort of down payment.

#3   David V. on 06.11.13 at 4:04 AM

If you have a Twitter tweet Hyundai and they will give you some assistance there very very helpful! Or you can call them! Don’t call the dealer call Hyundai directly

#4   whisper9191 on 06.11.13 at 4:38 AM

You need to get a 10-day payoff. If you’re using a loan calculator, you’re wrong. When you pay off a car, you pay off the principle only, plus 10 days of accrued interest. An accurate payoff would probably help you sell the car.

#5   TiggyWiggy on 06.11.13 at 6:24 AM

Unless you made a large down payment or had a valuable trade-in when you bought the new Hyundai, the $28,500 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 $28,500 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?

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