Is my Payoff amount a good selling price?

lol Only you know for sure... although I’m sure there are a significant number on TW it applies to. In fact I don’t think it will be long before someone says how they are only doing it because it’s a 0-3% loan. Also makes sense because they are building good credit and helping the economy.

 

That's exactly why I buy shit.

 

We do it the same way.

 

PLOT TWIST!

I think I bought this Taco. See my Intro thread here: https://www.tacomaworld.com/threads/howdy-help-me-find-my-tacos-first-owner.689451/

I paid a lot for it through Carvana, but I wanted the color, I wanted the 4x4, and the SR5 hood. Paid about $36k.

I am now in it for what the OP had on his note at the original time of sale. OP - should I know of any hidden problems I should have taken care of under warranty?

Forum - think this thing is a bad deal? Should I use my opt out period and go get a new 2021 2x4 for about the same price?

 

I paid less for my brand new SR5 in 2018. Thats a shitty deal imo

 

OP.

At this point it is no matter if you overpaid or not. You are in for the loan. A true method to reduce the final loan amount is to reduce the interest part of the loan. To reduce this, you need to accelerate payment on the principle of the loan. This will help you to get rightside up on the truck. This is simple. Just make an extra payment to the loan of about $100 mid-month (when you can) and make the normal monthly payment ON TIME.

I'd suggest, painful I know, is to begin stripping and selling the add-on doodads from the truck. Take that cash apply it to the loan. Also take a hard look at your monthly spend. There are always things you can live without to generate cash flow. Do you really need the high package cell phone service? or will a pay as you go bare bones phone suffice?

Now, the hardest task. Negotiate with your fiance' about trimming the wedding plans. She probably won't go for a City Hall wedding, but you can possibly look at other costs. Example: The wedding cake. Always very expensive. Instead of having a 14 tier cake, get a 2 layer for the wedding party and sheet cakes for the guests. Instead of real flowers, decorate with paper flowers. Only the wedding party has real flowers.

My wife and I were married right out of college. We had college debts a little over $30 k, a car loan of $17 k. We trimmed everything possible for the wedding, moving and life for a few years. We were fortunate with scrimping and able to clear the loans within 3 years. Then we bought our 1st house. It was a money pit, built in 1886. But it was a start. Remodeling and up-grades began in 2nd year on cash only for materials with us supplying the labor. Much sweat equity was invested.

If you haven't learned......never let the dealer add-on any service. This is cash cow for them.

Good luck. You will need to live skinny for a bit.

 

Must be nice, 8 percent here.

 

38k is your pay off dam son u got boned ...

 

wow built in 1886? did it have an outhouse?

 

Man this thread makes me sad. So many people get in over their heads with the line of thinking, "oh, it's only $xxx.xx a month" But more and more, that's 72 or 80 months. 80 months for a car loan? I have a buddy who just bought a new Chevy 3500 dually. His payment is something like $1200 a month. That's almost as much as my mortgage...

My new rig, I financed $15k at 1.9% over 60, and I was still torn between just writing the check or taking the financing. At the end of the day financing makes more sense, because that 15k can sit in a mutual fund and (hopefully) grow 6-8%.

I don't think modern dealerships are really out to get people, but they definitely won't step in to correct someone's own misinformation or misunderstanding.

My baseline for buying a new (factory new) vehicle would be as follows. Is your mortgage / rent less than 30% of your take home pay? Do you have a 6 month emergency fund saved up? Is your 401k & IRA set for max contribution this year? If you buy a factory new vehicle can you put enough down so you will have positive equity when you drive off the lot?

Then and only then would I suggest it's prudent to buy a brand new vehicle. I'm financially equipped to do it, and even I know it's stupid to buy something brand new. But that's human nature. And marketing departments are really, really good.

Plus all of you are enablers.

 

Welcome to America.

 

@TexasPLCguy: looks like you did buy his old truck. looking at the pic library in his profile it has the exact same etsy sticker in the back as you do now. the truck is a sport, not an sr5.