What are my Options with a Car I Owe Money on?

What are my Options with a Car I Owe Money on?
Please advise me on the best way to handle the following situation:

I bought a car in Florida not knowing a couple of months later I would be living in Germany for an undefinate amount of time (married a German and employed in Germany). Because I wasn’t sure of how long I would be here (employment reasons) I decided it would not be wise to get rid of the new car right away. It has been a year of me making payments and insurance payments on something that is sitting in my sisters garage. I am ready to eliminate the problem and realize I will be losing a good chunk of money. I realize I can’t sell the car privately because I don’t own it. I just sent the Power of Attorney to my sister to be able to sell my car. What are my options to end this whole ordeal with my car? No one seems to know and I can’t find any answers. I thought possibly of selling it back to the place I purchase it for. They will offer about half of what I owe so I am a bit reluctant. Please help.

One thought on “What are my Options with a Car I Owe Money on?

  1. Re: What are my Options with a Car I Owe Money on?
    Whilst I am unaware about car-financing contracts in Florida, I would assume you will have the following options:

    1. Sale with the buyer taking over your outstanding downpayments. Since you are not the formal owner, you would normally have to get the financing institution to approve the buyer. You might not get much in cash for it but would get rid off the payment obligations.

    2. Sale w/o taking over obligations vis-a-vis the financing institutions. This only is worthwhile if you can get the money you still owe. The source you bought it from doesn’t look like such a great bargain but perhaps you can find someone who pays a decent price. The financing institution will not release ownership though unless their claims are settled.

    3. Keep it and import it to Germany. Depending on the car, you might even make a good bargain with it if you would sell it there (or just keep it and enjoy driving it). There are professionals dealing with import of US cars to Germany and it should not be a problem finding them.

    The above are mere commercial considerations. If you require ‘hard’ legal advice, the contract you entered into should be given to an attorney admitted in the state where you entered into it.

    Good luck in Germany.

    Kind regards,

    Volker Hirsch

    Volker Hirsch
    RA Hirsch
    22 San Anton Street
    Attard, Malta, Malta BZN 02

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