Getting out of my car's payments...

[wood_e]

So I'm starting to realize I have a lot better things to do with my money than pay for my current car.

It's a 2007 Ford Focus - 30k on it

I've financed it through Ford Credit and have paid off $6,000 of the $12,000 I owe on it.

I'm finding that the cost doesn't justify having a new car. I'd much rather have the money that goes towards paying it off every month.

If i sell it, Ford Credit needs the payoff to get me the title...

So what can I do here?

 

[catmech]

sell it for at or above the balance and have the bank release the title. then transfer the title to the new owner. thats about it.

 

[Calabrio]

Is this a trick question?

Are you asking about the process of selling the car before actually having possession of the title?

 

[wood_e]

^ exactly

 

[kustomizingkid]

Go take out a $6k loan from the bank to cover it up front and then sell the car...

 

[wood_e]

hum - not a bad idea there KK...

 

[cadillackman]

It's called a release of lein. When someone buys your car, you both go to their bank, ford faxes the form to that bank, you all sign off on it & their bank sends the check to Ford & either you or the bank gets the title in about a week. That's how I got out from under an 05' GTO that was bought new, as well as my wifes Ford Exploder.