Board Topic: Upside down on car loan
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Upside down on car loan

Posted by: Sauta Oct 3 2004, 08:24 PM
I bought my car 3 months ago when I lost my previous job(and the company car that came with it). I financed it completely at 3.99% $9800. I just got another job and it came with a company car. I need to sell my car, but whatever price I get will be lower than the amount owed. Are there any tax implications to being upside down on a car loan? Is there any advice that anyone has for reducing this value?

Posted by: loanuniverse Oct 3 2004, 10:04 PM
”Are there any tax implications to being upside down on a car loan?” Since you are going to be taking a loss, I seriously doubt it. I am not an accountant. You need to consult one to see if the loss can offset a gain. I seriously doubt that also.

” Is there any advice that anyone has for reducing this value?” If you mean the amount that you are going to lose in the transaction, the answer is NO. You got the car and the loan, there is not much you can do, but take the hit.

PS: Make sure you read my disclaimer smile.gif

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