I bought a 2008 Kia Rio Lx last year and still owe quite a bit. First mistake, not that the car is bad, the car is very handy. But i am a college student and tied down to that car, have to constantly support it. What are my options for selling it or transferring payments on? I don’t know how it works.

If you just bought it last year, you probably owe way more than what it is worth, so you’re stuck with it. If you sell it to someone, you probably wont get what you owe, so to pay the bank off you’ll have to come up with a chunk of cash. If you try to trade it in on something cheaper, you’re taking the difference in what you owe, and what you get in trade, on top of the new car. That’s a bad thing to do. If you owe 12k, and its worth 7k, you have to come up with 5k to satisfy the bank.

For future reference, next time you buy something, make sure you’re going to want to keep it. Getting a different car every 2-3 years is only a good idea if you’re leasing. If you’re buying, you have to do it when the values allow you to have equity in your car, otherwise you’re screwed.

Hope this helps, good luck!