Upside Down

[threlevenguy]

Hey gang,

I have a 2012 Ford Focus that's been a great commuter-sales car; however, I hate car payments. Recently took a job that I don't have to drive much so I need to get back into an E30.

I owe about $18K on the Focus and could probably sell it for $14K.
How would I go about this process still owing $ on it?
Would I still owe the bank $4K and pay that off in monthly statements? And then buy an E30 outright with some saved cash?

Thanks in advance..

[Hansel]

You have to pay off the lien to transfer the title to the new owner.
I.e. you give 4k to your bank and you get 14k check from new owner. Title is released from lien and signed over to new owner.

[evandael]

keep it until you won't be bottom-up. just throw a little extra money at the principal each month for the next year. the value of the car probably won't change too much, as it's already taken most of the depreciation.

[justin_l_]

It's a focus, you'll always be bottom up. Take out personal loan the pay the difference between what you owe and what you sell it for.

[MrSlacker]

You must pay the difference in full before getting lien release. Without lien release, you cannot sell your car

[Stanley Rockafella]

OP what model Focus is it? How many miles on it?

I'd honestly be VERY surprised if you can get 14 out of it, considering it's already two years old.

Your gonna have to lose more money before coming out ahead on this transaction. But hey, at least you'll have an e30 again :D

[threlevenguy]

It's a 2012 Focus SEL with 47,xxx