What should I do about getting rid of a 2009 Toyota?

My husband purchased a 2009 Toyota Corolla last year (before we started dating). Now with getting married we have a lot of new expenses and the car payment is killing us. He owes more that he could get for trade in. what are our options? I heard unless someone took over payments the other option would be considered a repossession.What should I do about getting rid of a 2009 Toyota?You have the same options as usual.



1) Sell it privately for what you owe. If you cannot get what you owe, you have to make up the shortfall in cash in order to get a clear title for the new owner



2) trade the car. If you owe more than its worth, you will get even less on trade. Then you still need to make up the shortfall in cash. If you cant do that, then the shortfall MAY be applied to the new loan. That buries you even deeper in the next car.



3) keep it, stay on the payments, pay it off eventually, then drive it til it dies. This is the only way to get your money's worth out of a vehicle. After several years of ownership, you actually enjoy the value of driving a car with no car payment, and your annual cost of ownership drops.



4) Repo. Obviously the least desirable of options.What should I do about getting rid of a 2009 Toyota?A repossession is not an option. Unless destroying your credit rating is part of the plan for your marital future.



You have one option. Sell it. Clean it up, tune it up, fix it up and put it up for sale. But before you do that you need to do some research into prices. The first thing you need to do is determine the loan payoff. Call the lender and ask them. The second thing you need to do is determine the wholesale value of your car. This is the price you will likely sell the car for. Forget retail, you're not a dealer and forget "private party" pricing because those numbers mean nothing.



Buyers are in the market to buy cheap and their target is wholesale price. It's a buyers market, they set the price, not the seller. Demand is on the side of the buyer. There are way too many cars for sale to think you can demand a high price. It ain't gonna happen unless you have an exceptional car. A Corolla is not an exceptional car regardless of the condition.



Once you have the figures the difference between what you owe and what you can sell it for becomes your main concern. If the gap is too large to overcome you have a real problem and you're better off keeping the car and finding money in your monthly budget to pay for it. If the gap is small you need to come up with a plan to bridge that gap and get the car sold. You can always sell some of your stuff, borrow the difference, take it out of savings or retirement accounts. There are many ways to come up with short term cash to get past this situation.What should I do about getting rid of a 2009 Toyota?Repo is gonna hurt your credit. It's basically defaulting on a loan and will make things harder in the future for you, credit wise. I would try and sweeten the deal on a lease or finance takeover. Give them a lump sum of money up front or if you have something else the person may want you can maybe throw it in.



Other than that...maybe one of you can look for a p/t job to make some extra cash to pay for it.What should I do about getting rid of a 2009 Toyota?
Yes, so you simply get of a 2009 toyota. It's always been that way and it always will no doubt remain be that way, too