My son and his wife found out they were pregnant. Three months ago they purchased a new vehicle and are making payments, but now they want to get rid of the car. They are looking towards the future. Does anyone have any suggestions, or has anyone been in this situation? What options do they have? They don’t want to quit paying and abandon the car because that would hurt their credit. Any suggestions would be greatly appreciated. And, no, grandma doesn’t need a new car.
They might try looking up it’s value and sell it themselves.
http://www.kbb.com/ <--- That website can help you find out the value of your car. Then they can go to a place called carsoup.com. I saw it on t.v. I also know that my brother recommended that site to my dad. I don't know if he's actually listed a car on there or not. From my understanding you pay just $25 for the listing until it's sold. I listed my car on www.cars.com three years ago. I did not pay for the listing. I just took a picture of it, posted it on the site and waited for responses. I first went to to the kbb site to find out the value, then used that value as the listing price. You could also list the car in www.craigslist.com for free.
They could list it for sale for what they owe on it. Or at least its value after depreciation. A brand spanking new car drops like a rock in value the second you leave the lot. Which is why many people forgo a brand new car. I doubt the dealership would buy it back for a decent price, but they could ask.