Need some help

Times are tough. And I’ve recently had some things going on in my life that are making me think about selling my truck. I am currently financing through my local Toyota dealership. What are my options? How would I go about “giving the truck back” to the dealer if that’s even an option?

 

By "giving it back" do you mean stop making payments and let get repo'd? That will destroy your credit obviously. How much equity do you have in the truck? These things hold on to their value so well, the best option would be to sell it privately.

ETA, sorry to hear about the shitty times. Hunker down, I'm sure it will get better.

 

You can request for a buy back from different Toyota dealerships. Make sure to remove all upgrades as they would not pay extra for those.

Private sale is the best but depending on your current situation, might not be the best option.

Find out how much you owe on the truck and do some research on how much you can realistically sell.

A quick was to sell it would be AS IS including your upgrades. Price would have to well below current market value

 

X2

 

1. Sell it, pay off loan

2. Go park it at the dealer and tell them you are giving it back, not good for credit likely though, voluntary repo kind of thing

 

If it's a lease, just return it early and pay the penalties.

If you bought, then really the loan is what you owe. You can sell the truck and pay off the loan. You have a popular truck and I'm sure a dealership would make you an offer on it, but if you financed a large chunk of the truck, it might not be enough to pay off the loan, so you'd still be responsible for the difference.

 

Yeah sorry for being vague.
What I’m talking about is bringing back to the bleaker for a buyout. I imagine that (being a dealer) they wouldn’t pay for the truck back in its entirety.

 

Your Taco is there to help you get through the tough times. Enjoy it and start eating PB&J more often* and keep your little mule.

*if not allergic

 

Definitely call your loan company and ask for the payoff amount. Then you can start to figure out options such as to sell or trade-in. You really do not want to default on your loan so I'd avoid that at all costs.

 

Sorry man that really sucks.

 

How much do you owe? If you financed it through Toyota Financial Services (TFS), you can get the payoff amount through the app. Then you'll need to figure out what it is worth.

Selling it privately might be the best option if you are not in a hurry. If you are in a hurry, have the dealership appraise it. Then take it to carmax and some other used dealers and have them appraise it. Sell it to the highest bidder. The loan will be paid off at sale, and if there is extra money, that will be yours.

Sorry about your situation man. If I was at a place like that, I would eat potatoes and try to keep my truck as long as possible.

 

Go to CarMax (or you can do it online). The will give you an offer. You don't have to take it, but it's good for 7 days.
At least it will give you an idea of what you can unload it for.
NOTE: you can probably get more than CarMax will offer if you do a private sale, but you have to find a buyer.

 

I’ve done that back in the day. The truck never let me down. That ramen life tho was hard back then

 

1:If it’s financed, find out as stated get the pay off amount. 2: find out trade value, private party and retail. 3: if you need it gone ASAP. Sell for $500 over the payoff value of the loan is, no need to try and make money if getting out the payment is the end goal. (Hopefully you didn’t roll any negative equity into your loan)

 

Resale is really good but I'm sure you're upsidedown. You can always take it back and park it at the dealership, but there is also chapter 13 and keep the truck. If you're headed to jail, park it and walk. Just sayin
Zim

 

Yes. But the truck value is included in a payment plan, must maintain a job and can’t miss any payments or the vehicle is lost. But yes certain things can be kept.

 

Need more details. What do you owe? Vehicle details? Mileage, condition, etc.

 

I still owe $38,000 (TFS)
17500 miles
Condition: As close to new as it gets for a car that day on the lot for a year and driven daily for a year

 

It’s worth $28,000 on a dealer buy maybe as high as $30,375 depending on options. Retail max value is right around $33,950.

 

I’d stop buying grills and put that toward payments so you’re not upside down on the loan before doing anything. Really don’t have any options that won’t ruin your credit aside from that.