Is my Payoff amount a good selling price?

I purchased my 2008 sport new back in 07. Did it as a lease because I rolled over negative equity. Sold it 2 yrs later flat out no loss.

 

Ya I guess guys even profit come sell back / buy out time in some scenarios. Weird to me, never really looked into it, but definitely sounds like an option for OP. He mentioned 4runner downgrade so maybe leasing a bare bones SR5 4runner and rolling the neg. equity to help get it gone.

 

Could do. But a Tacoma holds value better. Which is why is covers negative equity so well. But a t4r isn't far behind in holding value.

 

True, feel bad for OP, dealers are out to get ya and even a well educated / informed consumer still gets screwed even if just a little. I know my last truck, lady was willfully surrendering her Tundra, sales guy told me her payments were like $1000 @ 72 and she was a waitress at a local diner. The auto industry is starting to parallel some of the things we saw in the housing crisis. Consumers are always getting screwed / taken advantage of whether it’s subprime mortgages or subprime auto loans.

 

Just have to do the research. I am lucky. I sold for Toyota for almost 10 years.

 

True and even with how often I go through vehicles I know all the little shell games and numbers, but still always find something they got or figured out to wiggle in, etc. Point was it really shouldnt be this way, I guess I'm not about making money off taking advantage of people or providing selling them something they probably can't afford.

 

Oh I understand. Yes there are many ways a dealer can steal from you if you dont know anything. And they will.

 

It's been stated elsewhere but if OP has $38k left after making payments for 1.5+ years, he definitely rolled negative equity over. So remember this isn't his first time being underwater.

Sounds like he's seriously got a problem as he's posted before, so there's no way he should be looking at a 4R limited. Scrounge together some cash and trade the truck in for a Civic, Corolla, etc with 150k+ miles and drive that thing for another 100. Anything else will have him posting the same problem in another year or 2. Tough, but that's the harsh reality.

On the original point of the trucks value, here's some more food for thought. Anybody who wants to pay $38k for this used truck isn't going to have the cash for that. And good luck getting a used car loan for that. Anybody who's responsible and has $38k in cash for a vehicle, no way in hell is buying an '18 Tacoma.

 

OP seems to have left the building.

 

Where is OP, I want answers!

 

Same here. Lease or Purchase? Was another loan rolled into this one, if purchase? Did he buy a $60,000 TRD Sport? Bad at math? Even looking at the other thread he started 2 weeks back, no info.

Good luck!

 

38k is a lot, about 7k upside down. I hope your lease payments were very reasonable which would account for the high residual. You know what do from here...
Sorry man

 

$1000 payments for 6 yrs.

 

Ya I was like dah fa.

 

Ya'll look hungry.

 

True... but if you learned from your past mistakes... it isn't all bad.

 

Unethical Life Pro Tip... get the gap insurance, wreck the truck...life is grand.

Don’t do this. Just couldn’t help but think about when I read gap insurance.

 

To put it in perspective my local dealer has a 2019 TRD Off-Road DCSB with 13k for 31,800. So you're very very high.

 

The problem with repossession is he still owes the bank $38k. So if he stops paying and turns it in the bank will then sell the truck, but OP still owes them the difference.

If they send it to auction and get $25k for it then he's on the hook for $13k on a truck he no longer has. He could probably get closer to $30k selling it himself, then maybe see about a payment plan for what he still owes.

 

Yeah I just bought my 2018 Tacoma off-road long bed with the premium package for $28,500 5 days ago