sdimedude Posted December 25, 2007 Report Share Posted December 25, 2007 I'm thinking about getting rid of my truck in a couple months. I'm tired of being in debt. Any tips on getting rid of it? I bought it brand new about a year ago and it has roughly 23,000 miles on it. I know I'm going to loose money on it, but I just don't want to make the payments anymore. thanks in advance and merry xmas! Quote Link to comment Share on other sites More sharing options...
Simon Posted December 26, 2007 Report Share Posted December 26, 2007 You shouldn't have any problems selling that truck. Just clean it good price it right and place an add in truck trader. The fully loaded will help you alot. Quote Link to comment Share on other sites More sharing options...
sdimedude Posted December 30, 2007 Author Report Share Posted December 30, 2007 (edited) You shouldn't have any problems selling that truck. Just clean it good price it right and place an add in truck trader. The fully loaded will help you alot. Well if I sell it privately how do I work it out since I still owe a bunch of money on it? I'm just not sure how that is going to work since I know I'm probably not going to get what I owe on it. I guess what I am saying if someone does give me money for it, I'm still not going to have enough to pay off the lone. I someone would please explain to me how all this stuff works. thanks in advance. Edited December 30, 2007 by sdimedude (see edit history) Quote Link to comment Share on other sites More sharing options...
FireRescueSS Posted December 30, 2007 Report Share Posted December 30, 2007 Should sell well, but since it's about January, you may have to old off selling it until closer to next winter, which prolly isn't a big problem in S.C. I would say start off by seeing what your current payoff is. Quote Link to comment Share on other sites More sharing options...
Big O Posted December 31, 2007 Report Share Posted December 31, 2007 You will probably have to take out a loan to pay off the difference between what you owe and what you collect in the sale. Quote Link to comment Share on other sites More sharing options...
8hnpSS Posted December 31, 2007 Report Share Posted December 31, 2007 It depends on what your payoff is. I bought my SS off of a guy who couldnt make his payments anymore. Alls I did was ask him what his payoff was, witch happened to be pretty good ($21,000) and I gave him the money and he paid if off at the dealer. Once he got the title in the mail he put my name on it and the truck was mine. Not as hard as i thought. If you can sell it for what your payoff is thats basically what you have to do. IMO I wouldnt sell it for anything less than your payoff. But thats IMO. Quote Link to comment Share on other sites More sharing options...
sdimedude Posted December 31, 2007 Author Report Share Posted December 31, 2007 You will probably have to take out a loan to pay off the difference between what you owe and what you collect in the sale. So will a bank loan me money even though I don't have collateral? The truth is guys, is that I can't afford this truck. I thought I could handle it, but money had to go here and there and now I'm having trouble paying other bills and I ran up a credit card trying to bail myself out. Quote Link to comment Share on other sites More sharing options...
FireRescueSS Posted December 31, 2007 Report Share Posted December 31, 2007 You'll just have to sell it for the current pay off, eventually the payoff amount will reach the amount someone will pay for it. Also, not sure of how it's legally done, but I've seen ads in the paper, where it says "you take over payments" for the amount of the car/truck. Selling it for less then payoff, you're still going to lose money, and lose the truck, basically, lose everything. Have you considered and looking into refinancing, yes, you'll pay more in the long run, but you may be able to get your payments lower.... Quote Link to comment Share on other sites More sharing options...
Big O Posted December 31, 2007 Report Share Posted December 31, 2007 Depending on how big the loan will be, yes. You can take out a line of credit loan or no collateral loan. Did you finance through a bank or GM? If a bank, maybe talk with them and see what your options are, they don't want to repo the truck, so they might cut you some breaks and work the angles. Do you have another ride? If you sell the truck what are you going to do for transportation, if the answer is buy something cheaper you might be able to get upside down in that loan for a little bit to keep your head above water <not very good advice, but it will get you out of a jam> Quote Link to comment Share on other sites More sharing options...
sdimedude Posted January 1, 2008 Author Report Share Posted January 1, 2008 (edited) Depending on how big the loan will be, yes. You can take out a line of credit loan or no collateral loan. Did you finance through a bank or GM? If a bank, maybe talk with them and see what your options are, they don't want to repo the truck, so they might cut you some breaks and work the angles. Do you have another ride? If you sell the truck what are you going to do for transportation, if the answer is buy something cheaper you might be able to get upside down in that loan for a little bit to keep your head above water <not very good advice, but it will get you out of a jam> So what you are saying is trade my truck in on something cheaper? Then they pay off a certain amount of the loan depending on what they think the truck is worth. Then they stack the remainder owed on the truck on the new cheaper vehicle? I think this is somewhat the same when I traded my tacoma in for this truck except I traded a cheaper truck for a more expensive truck. Oh and yes I have another ride, but I haven't got it back on the road yet. Edited January 1, 2008 by sdimedude (see edit history) Quote Link to comment Share on other sites More sharing options...
sdimedude Posted January 1, 2008 Author Report Share Posted January 1, 2008 You'll just have to sell it for the current pay off, eventually the payoff amount will reach the amount someone will pay for it. Also, not sure of how it's legally done, but I've seen ads in the paper, where it says "you take over payments" for the amount of the car/truck. Selling it for less then payoff, you're still going to lose money, and lose the truck, basically, lose everything. Have you considered and looking into refinancing, yes, you'll pay more in the long run, but you may be able to get your payments lower.... Well I have it financed for 75 months at $592 a month which is set at 9. something %. So far I have about a year payed off on it. Quote Link to comment Share on other sites More sharing options...
Fireman31 Posted January 1, 2008 Report Share Posted January 1, 2008 Well I have it financed for 75 months at $592 a month which is set at 9. something %. So far I have about a year payed off on it. OMG no wonder your having difficulty, look at the amount of your monthly, and that interest rate is crazy too. There is one more option not mentioned here, if your loan is through GMAC it is possible for the buyer to asssume your payments. I would call GMAC just out curiosity and check out your options. Quote Link to comment Share on other sites More sharing options...
sdimedude Posted January 1, 2008 Author Report Share Posted January 1, 2008 OMG no wonder your having difficulty, look at the amount of your monthly, and that interest rate is crazy too. There is one more option not mentioned here, if your loan is through GMAC it is possible for the buyer to asssume your payments. I would call GMAC just out curiosity and check out your options. No it is through Sovereign Bank. Quote Link to comment Share on other sites More sharing options...
FireRescueSS Posted January 1, 2008 Report Share Posted January 1, 2008 Well, call the bank tomorrow, find out what the current payoff is, and see what your options are. Quote Link to comment Share on other sites More sharing options...
Big O Posted January 1, 2008 Report Share Posted January 1, 2008 yeah that is tough, long term and high(ish) interest will make it very hard to break even on your truck. Mind you putting the excess loan on your new vehicle is a very poor choice, but it is one none less. You will be stuck with that next vechicle FOREVER, thats if they will carry it over. I would strongly suggest sitting down with your bank and weighing your options. I think there is some good financial planning needed to get you out of this hole without screwing for a long time down the road. You can get out from under this truck, it will just take some serious effort and a well thought out plan. Quote Link to comment Share on other sites More sharing options...
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