Inherited a car don't know what to do with my other car?
So my grandpa passed away about a month ago. He left what he had left to my grandma, my aunts, uncles, and cousins. He left me his 2012 Honda Accord. I'm really honored as we always talked about cars in general and I helped him pick out this car. He had financed it and had GAP insurance on it and since he's now gone the car is mine free and clear.
The problem is I'm so emotionally attached to his car that I must keep it and drive it forever (I mean its a Honda with only 12,000 miles). I also have a car of my own that I've financed about a year ago (2014 Ford Focus). I feel that I should sell my car but I can't because its not paid off. I also can't drive both cars. I do have a best friend who lives in a different state for work but doesn't have a car, can I give her my financed car and just pay the car note still? I'm so confused!
Your grand-dad had good taste. The accord is an excellent car with a great record for reliability… Your better off selling the focus once sold pay off what you owe… It will be more than the car is worth or you get for it.give it to a friend and you still have a lot of debt… Common sense. Not emotion
Sell your car, just because its financed does not mean you can, t sell it.advertise it for the amount you need to pay it off. When the buyer and you come to the price you need and it covers your loan, you simply go to the bank pay of the loan and give the buyer the title, its really easy
You've got to sell your car & pay off the loan.
Take it to the dealer you bought it and CarMax and compare offers to what you owe.
You may have to borrow a few grand on the Honda to pay off any excess on the old car. Don't give it to anyone else because they won't pay and it will be on you.
What matters here is your payoff. (It changes every 10 days) and the wholesale value of the car. If you are upside down, the excess must be paid first or concurrently.
There's no reason you can't keep both. If you are that emotionally attached to grandpas car you don't want to "drive it forever", you want to keep it in showroom new condition, with low miles as a tribute to the man and your love and respect for him. That means you keep your Focus, drive it every day and continue to pay for it just like you have been for the past year.
Grandpas Honda won't cost you anything to keep it parked, drive it only on nice sunny days and keep the miles low. The only cost to you is the insurance and tags. And since it won't be your daily driver the insurance won't be a lot and the tags are a small cost to keep a free car in your driveway.
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