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    Car Advice Please :-)

    I have a 08 Chevy Silverado that I owe $14,000 on. I have 2 more years to pay on it at 2.9%. My dilema is that my husband was unemployrd and we had no income for 2 months. The bank worked with us, and now my husband had found a job. He will not get a paycheck until the end of January. I cannot make January's payment of $463 and I don't think Chevy will work with me. Now I have a friend who will buy my truck for $17500, but I know it is worth more according to KBB. I was thinking of taking it to Carmax and selling it out right. Would you sell it for the $17500 or take it to Carmax where you could get $2000 more for it? Would you sell it at all? I would then need to buy another vehicle because this is my only one. I was hoping to get a new car with a lower payment and use the excess cash from my truck to pay some bills. I really need help on this. Thanks!

    #2
    If your credit is already trashed, then one more month will not make a difference.

    If you want to get out of payments, then sell it as quickly as you can. I did that before and I lost thousands, but I protected my credit. What makes you think Carmax will offer you more? In any event, its all about the timing. If you need to get out fast, then get out fast. Otherwise, take your time to find the best deal.

    Comment


      #3
      Originally posted by melissa15531 View Post
      Would you sell it for the $17500 or take it to Carmax where you could get $2000 more for it?
      I don't think you can sell it, can you? Whoever buys it will want the title, which you do not own. Whoever financed your car is the owner.

      Comment


        #4
        Originally posted by photo View Post
        I don't think you can sell it, can you? Whoever buys it will want the title, which you do not own. Whoever financed your car is the owner.
        That don't make sense, a person can sell their car even if their is a loan on it. The lender will release the title once the loan is paid off. OP has a offer that is more than what is owed, so OP can sell it.

        Comment


          #5
          Originally posted by photo View Post
          I don't think you can sell it, can you? Whoever buys it will want the title, which you do not own. Whoever financed your car is the owner.
          Yes I can sell it. All we have to do is go through a dealer. That's no problem :-)

          Comment


            #6
            Originally posted by emanon1501 View Post
            If your credit is already trashed, then one more month will not make a difference.

            If you want to get out of payments, then sell it as quickly as you can. I did that before and I lost thousands, but I protected my credit. What makes you think Carmax will offer you more? In any event, its all about the timing. If you need to get out fast, then get out fast. Otherwise, take your time to find the best deal.
            No my credit is not crashed and that is what I am trying to avoid. I sold a truck to Carmax during the summer and they made me a great deal. That's why I am considering going to them again, but it is a 120 mile trip.

            Comment


              #7
              Originally posted by melissa15531 View Post
              Yes I can sell it. All we have to do is go through a dealer. That's no problem :-)
              So no private deals? (I'm learning here, too.)

              Comment


                #8
                Originally posted by photo View Post
                So no private deals? (I'm learning here, too.)
                You can do private deals. I have done it several time. Just inform the buyer that you have a loan and that you will need to work with the bank. The buyer may feel a little bit safer as they know they will get the actual title, not some kind of scam. I usually have the buyer meet me at my bank with their cashier check, so we can close out with the banker and do the paper work there.

                Comment


                  #9
                  Originally posted by emanon1501 View Post
                  You can do private deals. I have done it several time. Just inform the buyer that you have a loan and that you will need to work with the bank. The buyer may feel a little bit safer as they know they will get the actual title, not some kind of scam. I usually have the buyer meet me at my bank with their cashier check, so we can close out with the banker and do the paper work there.
                  I have a private buyer already. He used to work at a Honda dealership so we would transfer it there. I was thinking about buying a Honda then, but I don't know what to do

                  Comment


                    #10
                    Originally posted by melissa15531 View Post
                    I have a private buyer already. He used to work at a Honda dealership so we would transfer it there. I was thinking about buying a Honda then, but I don't know what to do
                    So, you are replacing one car payment with another car payment? How will that help? Can you just sell it and use the difference to buy something decent with cash.

                    Comment


                      #11
                      Originally posted by melissa15531 View Post
                      I have a 08 Chevy Silverado that I owe $14,000 on. I have 2 more years to pay on it at 2.9%. My dilema is that my husband was unemployrd and we had no income for 2 months. The bank worked with us, and now my husband had found a job. He will not get a paycheck until the end of January. I cannot make January's payment of $463 and I don't think Chevy will work with me. Now I have a friend who will buy my truck for $17500, but I know it is worth more according to KBB. I was thinking of taking it to Carmax and selling it out right. Would you sell it for the $17500 or take it to Carmax where you could get $2000 more for it? Would you sell it at all? I would then need to buy another vehicle because this is my only one. I was hoping to get a new car with a lower payment and use the excess cash from my truck to pay some bills. I really need help on this. Thanks!
                      Being that you are in a bind, I would sell to the individual for $17,500 and be done with it. Assuming that he has the money or can get the financing, then sell it and be done with it. Then buy something that you can afford. You can try to get a few more thousand by listing it and selling it to someone else, but trust me when I tell you, newer vehicles that are above $10,000 can be for sale for a long time. Above 10K, a lot of people don't have the money or can't get financed. Your truck may be reposessed long before you find a buyer. Sell it now, take the hit, and get yourself out of debt.
                      Brian

                      Comment


                        #12
                        If you know this truck, need a truck, and think it's the vehicle for you for 3-4 more years, then I would do anything to locate the money for January's payment. You state you cannot be without a vehicle. Not knowing the true condition of any replacement vehicle in that price range, can quickly cost significant money. If you sell this one, and turn around in February and buy another one for about the same bucks, you'll probably be paying multiples of the January $460 payment in sales tax, registration, license, and fricking dealer documentation fees and the like. This might be one of the rare instances that I would consider a credit card cash advance to make that January payment, and then repay that CCCA when spouse gets the paycheck.

                        Comment


                          #13
                          OK so Carmax offered me $19000 for my truck. That will pay it off and give me $5000. We are trying to decide whether to buy a new car with a lower payment or a cheap junker and bank some cash and catch up on some bills.

                          Comment


                            #14
                            Originally posted by melissa15531 View Post
                            OK so Carmax offered me $19000 for my truck. That will pay it off and give me $5000. We are trying to decide whether to buy a new car with a lower payment or a cheap junker and bank some cash and catch up on some bills.
                            Personally, I would pay cash and start a car fund. I love having paid for cars and a car fund.

                            Comment


                              #15
                              Originally posted by melissa15531 View Post
                              OK so Carmax offered me $19000 for my truck. That will pay it off and give me $5000. We are trying to decide whether to buy a new car with a lower payment or a cheap junker and bank some cash and catch up on some bills.
                              Why would you possibly even consider taking on another car payment? Learn from the mistake you made with this truck. Sell it for 19K and take 5K and buy a nice used car. No reason to buy a cheap junker at all.
                              Steve

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