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Selling a vehicle when you're value is upside down

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  • Selling a vehicle when you're value is upside down

    Long story short. I'm recently divorced and have a 2015 truck. My payments are very high and I am needing options. I am about 6K upside down so I'm not sure what to do that's in my best financial interest.The truck is financed through Toyota and I have a very low interest rate so I don't think refi is the way to go. Any thoughts?.

  • #2
    Try to sell it yourself to make you LESS upsidedown. Who is the truck registered? What are the specs on the truck?

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    • #3
      If you sell it yourself, you will need to come up with the difference to pay off the loan. Toyota isn't going to keep the note once the truck is sold since they will no longer have any collateral. If you can't come up with the difference, then moving to something a lot cheaper and rolling the negative equity into that loan if possible is the only way to go other than just keeping the truck and making the payment. If you are willing to look at hail damage, there are some great deals down in Plano right now. I saw the Hyundai had some cars marked down $10k+
      Here's a joke you might not laugh at:
      All the poorest work the hardest for the smallest
      Do what you got to do

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      • #4
        Good point. I bought my 2017 Outback for 50% off at Subaru of Plano.

        She looks like a gravel truck unloaded on her at 80 MPH but she has that new car smell. Subaru had over 300 cars with extensive hail damage to get rid of.

        Here is an example of a hail car.

        http://www.subaruofplano.com/used/Su...d3080dcb9d.htm
        Last edited by Drivin'tooFast; 05-17-2017, 11:47 AM.

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        • #5
          Is $22k the original price or the sale price? I went by the Toyota used car lot on Preston/GB Tollway and they only had theirs marked down $1k and all their dents looked a lot worse than the damage to my car and they wanted to take almost $7k off the value of my car in trade.
          Here's a joke you might not laugh at:
          All the poorest work the hardest for the smallest
          Do what you got to do

          Comment


          • #6
            That's the post hail price. The original price was $34-37K. Subaru of Plano got insurance checks for $10K+ on each car. Subaru will replace all safety items prior to sale like headlights, taillights, windshield, sunroof.

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            • #7
              Huffines Hyundai had cars at 40% off but they are beat to S. That's one of those 1 year later "Damn, why was I so stupid to buy this car" mistakes in my mind.

              Back to the OP, first off, I hope you are coping with and working through the divorce. It's one of lifes toughest times and I wish you the very best.

              As to the vehicle, I hope you learn from this. As was suggested, roll the debt into something with 100K but reliable and pay that dog off ASAP. Save up half of a good used car and go buy it, paying off the balance in 2 years. (Something like $12-15K total.) Keep it 2 more years while saving. Repeat the process but put down a higher percentage. Eventually you get to the point where you have a nice used car every 4 years, have saved for it and are always ahead of the game.

              Car payments suck. New car payments are for the idiots who I so appreciate!!!
              There are 3 things that America will be remembered for 2000 years from now when they study this civilization: The Constitution, Jazz music, and Baseball. These are the 3 most beautiful things this culture's ever created. Gerald Early

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              • #8
                My truck is a 2015 tundra that I bought new. It's got 30k miles. I really think my only option is to trade for something much less expensive however I'm unemployed but looking for a job.

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                • #9
                  Originally posted by ThisCharmingMan View Post
                  Huffines Hyundai had cars at 40% off but they are beat to S. That's one of those 1 year later "Damn, why was I so stupid to buy this car" mistakes in my mind.

                  Back to the OP, first off, I hope you are coping with and working through the divorce. It's one of lifes toughest times and I wish you the very best.

                  As to the vehicle, I hope you learn from this. As was suggested, roll the debt into something with 100K but reliable and pay that dog off ASAP. Save up half of a good used car and go buy it, paying off the balance in 2 years. (Something like $12-15K total.) Keep it 2 more years while saving. Repeat the process but put down a higher percentage. Eventually you get to the point where you have a nice used car every 4 years, have saved for it and are always ahead of the game.

                  Car payments suck. New car payments are for the idiots who I so appreciate!!!
                  My divorce sucked. Hard. If I had known I was getting a divorce I would have never bought that new of a truck. I would have kept my 2012 Tundra. Figures right.

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