Can I trade in my financed honda civic?
I have financed a 2015 honda civic exL through honda, but was accepted to grad school and will not be able to make the payments. The remaining balance minus blue book value is about $1,000, what can I do? Can I trade in for a less expensive car?
Just sell it outright. You're going to need as much money as you can get to go to school.
You think they'll give you blue book value on a trade down or sale? I doubt that. Go and see them. Prepare for a nasty shock.
Not really, lets say the car was 16 K with the loan you might owe $20 K, a now used car might be worth $14 K so you would need to pay (cash) $6 K for them to just take the car back, now you have no car. You signed a legal contract, you can't get out of it on some naive whim.
If grad school was even a possibility in your future you made a foolish and expensive blunder, wow.
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