I've been living with my mom as an adult and now I am moving to a city where a car is not a necessity. We've been sharing this car, but it's in my name and I've made the payments on it for 3 years. I'd like to "give" her the car and allow her to make payments on it, as she has bad credit and cannot get a car on her own. But I also owe her about $5k for very expensive vet visits for our dog.
My car was financed used at $12.5k, $1,000 down, for 66 months at 5.74%. I owe $6.4k on it currently. It's a 2012 Nissan Sentra in good/very good condition and 100k miles. I believe the car might be worth a bit less than what I owe by ~$1k depending on my answers on KBB.
If she resumes the payments, is the value of the car worth anything towards my debt?
Submitted October 06, 2017 at 10:33AM by scoopsmcwaffle http://ift.tt/2wBptVu
