I need help on getting a vehicle when I still owe on one.. any advice?
Dealers absolutely LOVE stupid people like you who buy on impulse. NO, Little Snowflake... You CAN'T just "GIVE IT BACK". The ONLY way you're going to get rid of your POS car is to trade it in for something even more expensive, and that will leave you even deeper in debt.
If you "give it back" its called a repo and you will have 7 years bad credit and you may get sued over it. If you have $5000 in cash lying around, you may be able to sell it.
You are SOL. Suck it up and pay if off. Sell it the day after you get the title.
A voluntary repossession is still a repossession and that will haunt your credit rating for years. As suggested already, one option is to speak with your lender about getting out of this vehicle and into another one. They can roll the negative equity ( what you still owe ) into another vehicle loan. Just be aware that financially speaking, it's not a good idea. You will only be offered trade-in or wholesale value on the current vehicle and likely have to pay full list or close to it on the next vehicle. You may also have to pay some additional fees for the loan transfer for the 'privilege' of getting out of your current loan early. Again, financially speaking, you would be far better off to keep the current vehicle and pay off the loan as fast as you can first before selling it or trading it in for another vehicle.
You can go back to the dealer and tell him you want to buy a new car and trade in the old one. Depending on your credit rating they might do it, rolling what you owe on the old one into the loan on the new one. However you are most likely upside down on the debt so unless you can come up with some cash, looks like you are stuck with the old car. DO NOT default on the loan and let them repo it as that will severely damage your credit rating and you may find you can not get a loan on another car without having to pay 20% or more.
Well you stated you can afford it. So just pay off the rest of the loan and then sell the car or trade it in. Next time make sure you test drive a car before you buy it. Out of curiosity what kind of car is it?
Obi Wan Knievel
Yeah, there's help. Talk to the lender about refinancing. If you've been a good customer (kept up your end of the agreement so far), they'll be happy to lend you more money. That's how lenders make their living, in fact. You're probably going to get a few answers saying "the vehicle belongs to the lender until you pay it off", but those people don't know what they're talking about so ignore them. Unless you got a title loan, and I really doubt you did at 34 grand, your lender doesn't own a god dammed thing. They might have registered a lien on the vehicle (secured loan), but that's not ownership. If you've got a string of missed payments and / or insurance cancellations in your recent past, you probably won't get a refinance loan. If you lost your job 2 months ago and haven't worked since, you probably won't get a refinance loan. But if you're not that guy, you'll be fine. NOTE: Nobody ever said refinancing was cheap. In addition to the extra interest, you'll also have to cover depreciation and several fees.
Sell it back to the dealer. I get mails all the time from the dealer wanting to buy my car because they’re low on used cars.