superredss Posted October 31, 2008 Report Share Posted October 31, 2008 Ok so most of you probably know that I am trying to sell the truck and find someone to take over the lease. AND BEFORE ANYONE TRIES TO BASH ME ABOUT BEING A RETARD FOR GETTING IN THIS RUT....I KNOW! I really need some advice here. I started the 4 year lease with this truck 2 years ago now, I am getting ready to take a HUGE pay cut switching jobs. I am going back to be a police officer, which I love doing. I hate the job that I am doing now, and since I got the offer to go to a good department with good benefits I decided to take it. Only bad thing is the $10,000 pay cut that goes along with it. There is no way I can afford the lease payment of $655 a month now. To make matters worse I am already a month behind. I talked to the finance dept at the dealership that I leased it from and they said that they might be able to get me out of it, but the catch is that they have to take the difference between the appraised value and the buyout value. Its basically a $10,00 difference. I tried going up to the dealership last night and seeing if we could put that 10 grand on top of another vehicle and use the truck that we have equity in as a downpayment. That would have been a $1,500 down payment. They said it would not work, becuase the banks would not finance it. I have not had any hits on the truck on leasetrader.com at all either. I also asked if I could go ahead and buy the truck, finance that amount, and use the $1,500 as a down payment, they said that would not work. Guys I really dont know what to do. At this rate in a few months, I will be WAY behind and I really dont want a repo on my credit. I would love to keep the truck but it just is not sensible to do so. The wife and I also thought about selling the little truck (the one with equity) just to give us some room financially. But the last time we tried that we didn't get any hits on it either, and now lending is even tougher! If anyone has any advice please I am all ears right now. Oh, and I have already stated checking into off-duty work and will be pulling as many extra hours as possible until I can my stupid butt out of this hole I am in. Man I will NEVER lease a vehicle again!! Quote Link to comment Share on other sites More sharing options...
eddieo818 Posted October 31, 2008 Report Share Posted October 31, 2008 Wow sorry to hear what your going through definetly rough times... My advice is park it in the worst neighborhood in your area with the windows down and a spare key in the center console wish fairwell and let your insur. handle the rest. Quote Link to comment Share on other sites More sharing options...
BOB47 Posted October 31, 2008 Report Share Posted October 31, 2008 Wow sorry to hear what your going through definetly rough times... My advice is park it in the worst neighborhood in your area with the windows down and a spare key in the center console wish fairwell and let your insur. handle the rest. Now, that's funny. Telling a cop to commit insurance fraud. Don't have any real advice for you. sorry. Maybe the dealer can buyout your lease and re-lease it to you at a cheaper rate? Sort of like a second mortgage on your house. Don't know if that can be done but it's worth asking. Good luck. Quote Link to comment Share on other sites More sharing options...
eddieo818 Posted October 31, 2008 Report Share Posted October 31, 2008 (edited) haha Thats not fraud!! Thats parking in a really bad area your not telling anyone to steal the truck! But sorry I really wouldnt know what to do in your situation> Good luck and I hope everything works itself out Edited October 31, 2008 by OneSlickSilvy (see edit history) Quote Link to comment Share on other sites More sharing options...
CoolBlueSS Posted October 31, 2008 Report Share Posted October 31, 2008 I've never been a fan of auto fleecing, but be that as it may. How much would it cost to buy out of your lease? Could you go to your local bank to finance that? I know it's hard trying to sell right now, but gas is coming down, so truck sales are going to pick up. Have you tried craigslist? Quote Link to comment Share on other sites More sharing options...
superredss Posted October 31, 2008 Author Report Share Posted October 31, 2008 (edited) No I havent tried craigslist yet, I havent tried them or ebay, mostly becuase its in a lease and the buyout - to buy the truck is like $32,000 - to dump the lease and give the truck back i would still owe $12,000. So to sell it to someone and get a title for them I would have to get at least $32,000...that aint happening. I didnt realize how royally screwed I was getting until last night when the manager was explaining everything to me....funny how they don't explain all that when you are asking to buy it! Thinking about it now, I really dont understand how I got approved for it in the first place. The wife usually does the budget, she didn't like the way I was doing it, and a few months ago I found a major error in her calculation...basically our bills were more than we were bringing home! We thought we were fine all this time, but she has had student loans for the past couple of years until now, and we never noticed it, that was a big mistake on my part. I should've done more and looked into it closer. I figured that we were just blowing money on crap, I had no idea that it was all bills. Boy was I in for a shocker. But no trust me, I have thought about parking it with the key in the ignition....but then I thought if I got caught I would be screwed and plus the truck has onstar with magic GPS. I even had a sales guy last night tell me to wait until it rained again and drive it downtown, where it floods everytime it rains lmao!!! I just called the dealership again and they are gonna talk to the bank and see if they will let me buy the truck and finance that wonderful $32,000 and use the truck that has equity as a down payment....I think they understand my situation now. If I can do that, that would save me at least one car payment and insurance, probably 400 a month, that would give me a little breathing room. Just keep your fingers crossed for me! I told my wife last night, "this sucks, you can't even get out of debt when you are honestly trying to get out!" Imho, DONT LEASE! Oh yea... and guys thanks for the support, it means a lot! Edited October 31, 2008 by superredss (see edit history) Quote Link to comment Share on other sites More sharing options...
CoolBlueSS Posted October 31, 2008 Report Share Posted October 31, 2008 I understand what you're going through, as do millions of other people out there. It sometimes feels like you're alone, but you're not. We're working on becoming debt free. No more credit cards, car payments, or loans once we're done. I know it's hard, but there is light at the end of the tunnel. Keep at it you'll get there. You may have some dings on your credit in the proccess, but it the big scheme of things it really doesn't matter. Check out Dave Ramsey. Quote Link to comment Share on other sites More sharing options...
SSleepingbeauty Posted November 1, 2008 Report Share Posted November 1, 2008 What's worse? Staying at your present job which YOU don't like and getting yourself out of debt, or taking the job that YOU like, but stressing and going into financial ruins. Seems like you need to make a decision and sit down with your wife and do whats right for the household. Sometimes people only look at the short term instead of the big picture. Like the rest of you and your wife lives together. The fact is, money is the #1 reason for divorce. So if it where myself, I would do whatever it takes as long as it was within Gods law & mans law to get out of the situation. There will ALWAYS be other opportunities as far as jobs go. Just my $.02 Quote Link to comment Share on other sites More sharing options...
FireRescueSS Posted November 1, 2008 Report Share Posted November 1, 2008 Myself, I would stick with the job you hate, until you got out of the current situation, then adjust your budget, and get prepared for the pay cut. Do you have kids? If not, it'll be easy for the both of you, to work two jobs, if you can get them, but they are also hard to find now too. Just to bring it to your attention, with the economy being so bad, and the jobless rates going to record highs (at least locally), taxes/levies for emergency services has been barely passing. They used to pass with 85% - 95% approval, last time around, they have only passed with 61%. Once they start to fail, department cuts then arises. Quote Link to comment Share on other sites More sharing options...
[email protected] Posted November 1, 2008 Report Share Posted November 1, 2008 Myself, I would stick with the job you hate, until you got out of the current situation, then adjust your budget, and get prepared for the pay cut. Do you have kids? If not, it'll be easy for the both of you, to work two jobs, if you can get them, but they are also hard to find now too. Just to bring it to your attention, with the economy being so bad, and the jobless rates going to record highs (at least locally), taxes/levies for emergency services has been barely passing. They used to pass with 85% - 95% approval, last time around, they have only passed with 61%. Once they start to fail, department cuts then arises. i would suck it up as well till the situation gets better financially, either way you look at it, you wont enjoy either route, go with the one that wont mess up your credit. i to once was in the same situation and they took my truck with a payoff of 12k, then i settled for 7.?.... my credit was jacked up for 2 yrs+, i could not get a loan to save my life! my credit score dropped to low 400's, but today it is at low 700's cause of the fact that i paid out of my ass to get it cleared and learned from my mistake..... other issues that followed were the fact that i had to pay annual fees for my credit cards cause my credit was so f'ed up... the economy is jacked up and loans will be harder to get... sell your mods, sell your 52"+ flat screen, make up the payments now! that will buy you time to find a buyer of fix your situation.... YOU DO NOT WANT A REPO! IF IT HAPPENS, OH WELL, ITS NOT THE END OF THE WORLD, IT WILL BE THE END OF YOUR CREDIT.......... AND ITS ONLY TEMPORARY.... Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.