foxmulder Posted January 9, 2008 Share Posted January 9, 2008 I bought a new 08 truck the pay off is 29k. I would really want to get rid of it. (I didn't think it over very well) What would my best route of selling it be? (i understand as soon i drive off the lot the depreciation...etc) Link to comment Share on other sites More sharing options...
sevfiv Posted January 9, 2008 Share Posted January 9, 2008 I bought a new 08 truck the pay off is 29k. I would really want to get rid of it. (I didn't think it over very well) What would my best route of selling it be? (i understand as soon i drive off the lot the depreciation...etc)How long ago did you buy it? Link to comment Share on other sites More sharing options...
foxmulder Posted January 9, 2008 Author Share Posted January 9, 2008 How long ago did you buy it?Nov 27th 2007 Link to comment Share on other sites More sharing options...
TheNiche Posted January 9, 2008 Share Posted January 9, 2008 I bought a new 08 truck the pay off is 29k. I would really want to get rid of it. (I didn't think it over very well) What would my best route of selling it be? (i understand as soon i drive off the lot the depreciation...etc)You're very upside down on this note. There's no two ways about it, you've lost a lot of money. The first thing I'd do is to go back to the dealer and talk with their finance guy. Lay it all out to them and see what your options are. They've already made money on you and I promise that they're going to try and make some more, but at least get their take on it. Link to comment Share on other sites More sharing options...
jm1fd Posted January 9, 2008 Share Posted January 9, 2008 You've got a problem. If it is an import, then there's hope. If its a domestic, then bend over and kiss your ass goodbye.Take it to the dealer and see what they say...don't expect good news.Take it to CarMax and see what they'll give you for it. Expect better news than the dealer, but not by much.Try to sell it privately...you'll have to come up with some cash to get it off your hands.If we had some more details as to what exactly the truck is, and what your ultimate goal is you might get better advice. Link to comment Share on other sites More sharing options...
sevfiv Posted January 9, 2008 Share Posted January 9, 2008 Yeah, more details about the vehicle...and the only way would be to sell back to the highest offer and pay a lump sum for the difference.I was in a similar situation but decided that it wasn't worth the loss to get rid of it. Is getting a different vehicle with negative equity an option? Do you just not like it, or is it a financial issue and you need to get rid of it? Link to comment Share on other sites More sharing options...
jm1fd Posted January 9, 2008 Share Posted January 9, 2008 Is getting a different vehicle with negative equity an option? Do you just not like it, or is it a financial issue and you need to get rid of it?Don't you dare think about rolling the negative equity over unless there's some financial justification for doing so, and the numbers justify it. Taking on more debt like that is financial suicide. Link to comment Share on other sites More sharing options...
TJones Posted January 9, 2008 Share Posted January 9, 2008 Give the details of the truck please. Make, model, options, miles. ALL of it. I will give you a REAL value and you won't have to waste your time going to Carmax or a dealership. I have access to Blackbook, Manheim auction data, that most likely you may not have. Even without knowing all your details, I will say that you are about $8k to $10k in the hole, and without a serious down payment to help yourself out of this "ditch", rolling the negative equity would not even be an option unless you are about a 750 beacon or better. This will not lower your payment either. Rule of thumb : for every $1000 you are trying to borrow, it is about $20 to $25 worth of payment. With $8k of inequity, we are already working with $160 to $200 of payment before we even get into looking at a new car. Link to comment Share on other sites More sharing options...
TheNiche Posted January 9, 2008 Share Posted January 9, 2008 Jeez. Sounds like the best thing you can do is to keep it and look at what else can be cut from your budget. Link to comment Share on other sites More sharing options...
jm1fd Posted January 9, 2008 Share Posted January 9, 2008 Even without knowing all your details, I will say that you are about $8k to $10k in the hole$8-10k in the hole? That sounds WAY high unless its some absolutely horrible domestic. I'd pay $19k for an as new '08 Tacoma that stickered for $27k without giving it a second thought. Link to comment Share on other sites More sharing options...
TJones Posted January 9, 2008 Share Posted January 9, 2008 $8-10k in the hole? That sounds WAY high unless its some absolutely horrible domestic. I'd pay $19k for an as new '08 Tacoma that stickered for $27k without giving it a second thought.Number 1: It is not "new" any longer, it is Used, and it has been titled.Number 2: We are talking trade-in NOT retail chief. Find me a dealership paying retail for trade-ins. Dealership wouldn't pay $19k for a $27k "stickered" truck also, but, YOU aren't gonna pay $27k for a new Tacoma either, knowing what you claim to be your "history of buying cars", You would no doubt had paid $22-$23k for your $27k truck. Dealers know this also, they have to think about the profit margin.Another question for Mr.Mulder, was there a trade-in involved when you purchased THIS truck, and if so, was there inequity in that trade-in ? Link to comment Share on other sites More sharing options...
jm1fd Posted January 10, 2008 Share Posted January 10, 2008 Number 1: It is not "new" any longer, it is Used, and it has been titled.Number 2: We are talking trade-in NOT retail chief. Find me a dealership paying retail for trade-ins. Dealership wouldn't pay $19k for a $27k "stickered" truck also, but, YOU aren't gonna pay $27k for a new Tacoma either, knowing what you claim to be your "history of buying cars", You would no doubt had paid $22-$23k for your $27k truck. Dealers know this also, they have to think about the profit margin.Another question for Mr.Mulder, was there a trade-in involved when you purchased THIS truck, and if so, was there inequity in that trade-in ?That's why I said as new.He doesn't have to go to his friendly local auto dealer and get screwed over. He can sell it private party, ya know....I mis-spoke earlier....I should have said sold for $27k, not stickered for $27k. Hopefully he didn't pay sticker. Link to comment Share on other sites More sharing options...
TJones Posted January 10, 2008 Share Posted January 10, 2008 I agree that he should sell it privately. It is the only way he is gonna get the most for his truck. The question is whether he has the time for the looky-loos, and the money for advertising and such. I say throw it up on craigslist.com and see what happens. The bigger problem is that there are very few people who have the cash to pay $29k all at once, or know how to go about getting their financing together without the help of a dealership. Link to comment Share on other sites More sharing options...
foxmulder Posted January 11, 2008 Author Share Posted January 11, 2008 I agree that he should sell it privately. It is the only way he is gonna get the most for his truck. The question is whether he has the time for the looky-loos, and the money for advertising and such. I say throw it up on craigslist.com and see what happens. The bigger problem is that there are very few people who have the cash to pay $29k all at once, or know how to go about getting their financing together without the help of a dealership.It's an 08 chevy silverado ext cab LT black short bed. I took it to car max and they offered me $20,000 i bought it for 23,995+warranty+finance So if i sell it to them i need to come up with 9,000. Do any car dealers "buy" trucks like carmax? Link to comment Share on other sites More sharing options...
GREASER Posted January 11, 2008 Share Posted January 11, 2008 Carmax offers the highest price...a dealer may make a better offer, but only if the can cash in on another facet of the deal. Why are you wanting to get rid of it? Financial or mileage problems? Link to comment Share on other sites More sharing options...
jm1fd Posted January 11, 2008 Share Posted January 11, 2008 It's an 08 chevy silverado ext cab LT black short bed. I took it to car max and they offered me $20,000 i bought it for 23,995+warranty+finance So if i sell it to them i need to come up with 9,000. Do any car dealers "buy" trucks like carmax?You may be able to get a refund on the warranty since you haven't made a claim on the warranty. That should help some.If you don't absolutely have to sell it then I suggest you live with your decision. You can buy a whole lot of gasoline for $9,000. Link to comment Share on other sites More sharing options...
TJones Posted January 11, 2008 Share Posted January 11, 2008 You will definately get a "pro-rated" amount for the extended warranty you bought. You need to call the lender your loan is through and get an exact 10 day payoff. Taking off the extended warranty will get you credit toward the end of your loan, if you keep the truck, and you won't get a check cut back to you until after you trade in the truck, if you decide to take the hickey. If you take the warranty off NOW, and keep the truck, you won't get a check cut, you will simply get a credit towards the end of the loan which will reflect the pro-rated amount.Yes, dealerships will also buy your truck off of you, but like Carmax told you I'm sure, "You have to come up with the difference in order for us to get the title." Also, believe me on this, Carmax is giving you ALL the money on the truck, you WILL get less from a dealership.NOW, jm1fd, it still wouldn't matter if it was a brand spanking new Toyota Tundra CrewCab with the 5.7 liter, that puppy is gonna be worth $8-$10k in the ditch. I know you buy cars about every 2 to 3 years, but I buy and sell them EVERYDAY, except Sunday, Christmas. Link to comment Share on other sites More sharing options...
foxmulder Posted January 11, 2008 Author Share Posted January 11, 2008 You will definately get a "pro-rated" amount for the extended warranty you bought. You need to call the lender your loan is through and get an exact 10 day payoff. Taking off the extended warranty will get you credit toward the end of your loan, if you keep the truck, and you won't get a check cut back to you until after you trade in the truck, if you decide to take the hickey. If you take the warranty off NOW, and keep the truck, you won't get a check cut, you will simply get a credit towards the end of the loan which will reflect the pro-rated amount.Yes, dealerships will also buy your truck off of you, but like Carmax told you I'm sure, "You have to come up with the difference in order for us to get the title." Also, believe me on this, Carmax is giving you ALL the money on the truck, you WILL get less from a dealership.NOW, jm1fd, it still wouldn't matter if it was a brand spanking new Toyota Tundra CrewCab with the 5.7 liter, that puppy is gonna be worth $8-$10k in the ditch. I know you buy cars about every 2 to 3 years, but I buy and sell them EVERYDAY, except Sunday, Christmas.I make 1500 every two weeks, my note was $550 gas is $60 a week. So i'm getting rid of it for financial reason(i can't justify keeping it) I think i have full refund on the warranty for 60 days, Link to comment Share on other sites More sharing options...
RedScare Posted January 11, 2008 Share Posted January 11, 2008 NOW, jm1fd, it still wouldn't matter if it was a brand spanking new Toyota Tundra CrewCab with the 5.7 liter, that puppy is gonna be worth $8-$10k in the ditch. I know you buy cars about every 2 to 3 years, but I buy and sell them EVERYDAY, except Sunday, Christmas. My Tundra is worth more today than when I bought it. Link to comment Share on other sites More sharing options...
rapturematt Posted January 11, 2008 Share Posted January 11, 2008 Maybe you can find someone that can take over the payments for you. Be careful though, I would not do that with just any joe blow on the street. Link to comment Share on other sites More sharing options...
TJones Posted January 13, 2008 Share Posted January 13, 2008 We just appraised 2 Toyota Tundras today. One '07 reg cab, small V8, one '08 crew cab, big V8. The '07 was only $6k buried, the '08 was a heartbreaking $11k upside down. Both were buy bids from our Toyota store, meaning that Toyota would take them off our hands for set amount of dollars. Link to comment Share on other sites More sharing options...
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