Having to sell a nearly new car

[BlamoHammer]

Well, since I ended up losing my job, it looks like the possibility of having to sell my new car is looming on the horizon. I have had it for just over a month now and the payoff on my loan is something like $29,850. The price I got on the car was about $25,750; how do I go about getting the most possible back?

Do I just sell it as I would a normal used car?

A friend mentioned to me that I should just have someone take over the payments...what does that entail?

 

[Drakkon]

i think people can only take over payments if its on a leasing plan. Other than that though your probobly screwed since once its off the lot its depreciates.
What kinda car? how many miles? what sorta options?

 

[jonnyGURU]

Wow. You had no money down, eh?

 

[BlamoHammer]

Originally posted by: jonnyGURU
Wow. You had no money down, eh?

Unfortunately no. I was planning on selling my Civic to a private party and immediately applying that to the loan as a quasi down payment after the fact but this recent turn of events has changed that plan a bit. Lesson learned I suppose.

 

[BlamoHammer]

Originally posted by: Drakkon
i think people can only take over payments if its on a leasing plan. Other than that though your probobly screwed since once its off the lot its depreciates.
What kinda car? how many miles? what sorta options?

2005 Subaru Legacy GT Sedan.

Still not definite in having to sell it, just trying to get an idea of what will be involved if it comes to that. Hopefully the interview I have on Thursday will pan out and this will all be a bad memory.

 

[puffff]

wow... that sucks. you're just gonna have to try to sell the car for as much as you can get, and take the hit. or maybe stop paying, and let the repo man come get the car.

this is actually my worst fear about buying and financing a new car.. what if i lose my job? which is why i've resolved to only drive cars i can pay for in cash.

 

[K1052]

Originally posted by: BlamoHammer

Originally posted by: Drakkon
i think people can only take over payments if its on a leasing plan. Other than that though your probobly screwed since once its off the lot its depreciates.
What kinda car? how many miles? what sorta options?

2005 Subaru Legacy GT Sedan.

Still not definite in having to sell it, just trying to get an idea of what will be involved if it comes to that. Hopefully the interview I have on Thursday will pan out and this will all be a bad memory.

That sucks.

I just got one of those myself. I would really hate to give it up.

 

[Lyfer]

Like the guy before said, car value depreciates the minute you drive it off the lot. That sux, you will have to take a big hit!

 

[lokiju]

Wow that sucks man.

 

[jonnyGURU]

Originally posted by: BlamoHammer
2005 Subaru Legacy GT Sedan.

Ouch.

I like Subarus (my mom owns two, an Outback and a Legacy Wagon), but I've noticed they're expensive and drop more in value than any other car once they leave the lot.

Good luck, man.

 

[kranky]

If you have to eliminate the payment totally, you are kind of limited. It means selling your new car for as much as you can get, and coming up with the balance you owe to pay off the loan. One way to do that, assuming your Civic is paid off, is to get a loan using your Civic as collateral. That should let you stretch out the amount you are upside down over some months.

My credit union makes such loans at used car rates, which are pretty affordable. It's a lot better than a personal loan.

 

[BlamoHammer]

Originally posted by: K1052

Originally posted by: BlamoHammer

Originally posted by: Drakkon
i think people can only take over payments if its on a leasing plan. Other than that though your probobly screwed since once its off the lot its depreciates.
What kinda car? how many miles? what sorta options?

2005 Subaru Legacy GT Sedan.

Still not definite in having to sell it, just trying to get an idea of what will be involved if it comes to that. Hopefully the interview I have on Thursday will pan out and this will all be a bad memory.

That sucks.

I just got one of those myself. I would really hate to give it up.

Don't I know it, I drove my Civic to get its smog cert yesterday and it actually depressed me after flying around in the Legacy for the last month. <sigh>

 

[dirtboy]

You could have someone take over your loan, but if you got a $0 down loan, why wouldn't they just go buy a brand new one instead of your used one? Good luck, but it appears you might have to take a hit. I think it would be worth working 2 or 3 jobs that you can find, even if they don't pay much, just to keep from losing it. Plus you have to pay off the difference on your loan if you sell it, because your loan probably has the car as collateral.

edit: Have you thought about just defaulting on the loan? It would jack your credit up, but then you wouldn't have any out of pocket expenses and you could drive it until the repo man comes.

 

[BlamoHammer]

Thanks for all the suprisingly apathy-free responses. Luckily if/when I sell my Civic, it will give me a 6 week cushion in which to find a job and not have to worry about bills. I also applied for unemployment insurance so once that starts rolling in (assuming I get approved. i should given the circumstances surrounding my departure) that will allow me to float for awhile.

 

[K1052]

Originally posted by: BlamoHammer

Originally posted by: K1052

Originally posted by: BlamoHammer

Originally posted by: Drakkon
i think people can only take over payments if its on a leasing plan. Other than that though your probobly screwed since once its off the lot its depreciates.
What kinda car? how many miles? what sorta options?

2005 Subaru Legacy GT Sedan.

Still not definite in having to sell it, just trying to get an idea of what will be involved if it comes to that. Hopefully the interview I have on Thursday will pan out and this will all be a bad memory.

That sucks.

I just got one of those myself. I would really hate to give it up.

Don't I know it, I drove my Civic to get its smog cert yesterday and it actually depressed me after flying around in the Legacy for the last month. <sigh>

I drove my truck for the first time in a few weeks today. It felt like I was driving the Empire State Building pulled by a mule in comparison to the GT.

Well, at least you will save money on all the speeding tickets you would get with the GT. I am starting a savings fund in expectation of mine.

 

[RossMAN]

First of all put yourself into a car buyers shoes, what do you look for and what do you like?

Next read up on Edmunds.com Selling Tips

My personal tips:

• Either detail it yourself or pay someone to do it. First impressions are everything.
• List it everywhere online and especially in local newspapers. Don't forget eBay Motors, CraigsList and UseNet.
• Buy a short easy to remember domain like 04maxima.com and contact me for free web hosting. List lots and lots of pictures. In your newspaper ad put a teaser at the end like
  Pictures at www.04maxima.com

There are people out where willing to pay more than blue book you just have to find them then entice them. Our last 94 Toyota Corolla was a SALVAGE TITLED CAR (which is nearly impossible to sell). I was expecting about $1,800 but got $3,400 for it instead. The buyers said what really impressed them was the newspaper ad had a URL with pics and it was detailed, clean inside and out.

 

[Passions]

I can help you out my friend.

I can offer you $10,000 for the GT.

We can work together on this.

 

[mugs]

Is it normal for the payoff amount to be higher than what you paid for the car? That would mean they're including interest that hasn't even accrued yet. I can see the payoff being more than the car is worth, that's pretty common, but more than you paid? I don't know much about these things, but the estimated payoff on my car doesn't include future interest.

 

[isekii]

Just be glad you didn't buy American.

 

[KEV1N]

Good to have a plan B, but plan A should be getting another job.. on which I wish you all the luck!!!

 

[BlamoHammer]

Originally posted by: K1052

Originally posted by: BlamoHammer

Originally posted by: K1052

Originally posted by: BlamoHammer

Originally posted by: Drakkon
i think people can only take over payments if its on a leasing plan. Other than that though your probobly screwed since once its off the lot its depreciates.
What kinda car? how many miles? what sorta options?

2005 Subaru Legacy GT Sedan.

Still not definite in having to sell it, just trying to get an idea of what will be involved if it comes to that. Hopefully the interview I have on Thursday will pan out and this will all be a bad memory.

That sucks.

I just got one of those myself. I would really hate to give it up.

Don't I know it, I drove my Civic to get its smog cert yesterday and it actually depressed me after flying around in the Legacy for the last month. <sigh>

I drove my truck for the first time in a few weeks today. It felt like I was driving the Empire State Building pulled by a mule in comparison to the GT.

Well, at least you will save money on all the speeding tickets you would get with the GT. I am starting a savings fund in expectation of mine.

Hahaha, its funny cause its true! A silver Mustang pulled up next to me yesterday at a stoplight about 1/4 mile from a freeway onramp. Driver was your typical 17 year old, top down with three friends in the car (all guys). He revs his engine and I start laughing to myself. It was a funny exchange:

Him: "What are you laughing at buddy?"
Me: "Nothing man, just your hood scoop."
Him: ""Oh yeah, whats so funny about it?"
Me: The fact that is servies no purpose."

He and his buddies got all uppity and start revving at me . THe light turned green and he got a small head start due to the fact that I wasnt really paying all that much attention. For kicks I punched it and by the time we hit the freeway onramp I had him by about 3 lengths.

I :heart: that car.

 

[ViperSSD]

someone taking over the payments would basically be someone paying off the car with their own loan and then making the same exact payments........the reason i doubt some will do this is because your car depreciates a lot the second you drive it off the lot so unless you have a friend who is really nice or really wants your car, i dont see this happening.

 

[BlamoHammer]

Originally posted by: RossMAN
First of all put yourself into a car buyers shoes, what do you look for and what do you like?

Next read up on Edmunds.com Selling Tips

My personal tips:

• Either detail it yourself or pay someone to do it. First impressions are everything.
• List it everywhere online and especially in local newspapers. Don't forget eBay Motors, CraigsList and UseNet.
• Buy a short easy to remember domain like 04maxima.com and contact me for free web hosting. List lots and lots of pictures. In your newspaper ad put a teaser at the end like
  Pictures at www.04maxima.com

There are people out where willing to pay more than blue book you just have to find them then entice them. Our last 94 Toyota Corolla was a SALVAGE TITLED CAR (which is nearly impossible to sell). I was expecting about $1,800 but got $3,400 for it instead. The buyers said what really impressed them was the newspaper ad had a URL with pics and it was detailed, clean inside and out.

As always an extremely helpful post. Cheers RossMAN

 

[BlamoHammer]

Originally posted by: mugs
Is it normal for the payoff amount to be higher than what you paid for the car? That would mean they're including interest that hasn't even accrued yet. I can see the payoff being more than the car is worth, that's pretty common, but more than you paid? I don't know much about these things, but the estimated payoff on my car doesn't include future interest.

Nothing down and it includes tax, license, warranty and gap coverage. The evil side of me says to leave it unlocked in a crime ridden part of town and let gap coverage do its thing.

 

[BlamoHammer]

Originally posted by: Passions
I can help you out my friend.

I can offer you $10,000 for the GT.

We can work together on this.

LOL, I'll keep it in mind!