My brother is 65 and has diabetic neuropathy and has no feeling in feet. He has agreed to stop driving and wants to get rid of his car but he owes more than the car is worth. Not having a car payment or insurance payment will help with medical bills for in home health care. How can we get rid of the car?

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Just some random ideas.

If it hasn’t already been done, call the
lien holder and request the payoff figure.

How did he plan to sell the car? Online? At a lot?

Used cars are more valuable in some areas due to the huge loss of cars during Hurricane Harvey. This would not be reflected in a blue book valuation.

Make sure the car is in pristine condition (detailed) for greater interest.

Perhaps brother has other valuables he could sell to help pay off the remainder?

If he bought his car new, it is not unusual to be upside down on the note for a period of time.

I have a BIL with diabetic neuropathy.has had it probably 10 years. He is in his early 70s. Wears braces on his legs. Still drives but very limited.
He works at a grocery chain gasoline kiosk and manages fairly well.
Your brother might consider a part time job.

I hope he finds a way to make it happen and that family steps up to help him get about once he is no longer a driver.
Helpful Answer (1)

Countrymouse - many car loans are structured so that if you sell the car in the first half of the loan, you are under water with the amount that you owe. Loans amortize in a straight line, but cars depreciate faster in the early years of their life. This is especially true for the more recent loans that are for 60 months or 72 months. Customers often focus on getting their loan amount as low as possible, and this is the result.
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To whom is he making these repayments, and what were the terms of the car loan? It sounds like someone gave him a pretty lousy deal.
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If he doesn't have the cash to pay off the difference between what is owed on the car and the sale price, he may have to get a short term loan. Still it will be worth it to get rid of the car payment.
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