How can I sell a used truck, if I am upside down on the loan?

Asked by May 19, 2015 at 08:50 PM about the 2014 Chevrolet Silverado 1500 Work Truck 2WT

Question type: General

I bought the 2014 Chevy Silverado at a dealer and I owed on the trade in.  So the dealer added what I owed on a trade to the loan on the 2014 truck.  Now I am $10, 000 upside down and I want to get out from under the $600 per month payment.  I owe about $34k on the loan.  I got about 9,000 miles on truck.  It is a work truck.  2 door, 4.0 L , auto, white. no extras or frills.  Great shape.

1 Answer

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Here is an article that explains it, without me typing it all out....http://moneyfor20s.about.com/od/gettingoutofdebt/ht/upsidedowncar .htm.....basically you are going to sell your car to someone, talk to your bank and come up with the difference between the selling price and the loan amount. Either from your or a personal loan.

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