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Financial advice needed...

Discussion in 'Off-Topic Discussion' started by Keith120286, Nov 23, 2010.

  1. Nov 23, 2010 at 9:17 PM
    #1
    Keith120286

    Keith120286 [OP] Well-Known Member

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    Ok I have a 2006 Tacoma X-Runner. I need to sell it. My payments are $417/month. Between that and the full coverage insurance, I'm stretched to thin. This wasn't the case when for the first year I had but not things are getting tight.

    The X has 106K miles on it and NADA and KBB valued it right around 10,500 for trade in and 13,100 for private party sell. I owe 13K exactly right now. I want to get at least payoff for it so that I may be out from under the loan.

    However, in this economy, it seems tough to sell. I was thinking of trying to get what I could out of it. I'm thinking 11,000 - 12,000 might be the price to move it. The problem there is that that's les than my payoff amout. I don't have 2K sitting in the bank to cover the difference. My hope is to get a loan for no more than 2K so that I can bridge the gap. Without a truck payment and full coverage - I'd be up 500 bucks per month. I could pay a 2K loan off in a year or less.

    Another problem is there though. My credit is not too good. Is there a loan company out there speciallizes in these types of loans? It would an unsecured loan of course but surely they could I'd be up 500 bucks/month and would obviously be able to pay such a miniscule loan payment with low terms (1 year or less)

    I've learned a valuble lesson from all this though...Always make a decent sized down payment to keep from being so close to being upside down. Also, not to stretch myself so thin financially.
     
  2. Nov 23, 2010 at 9:22 PM
    #2
    Keith120286

    Keith120286 [OP] Well-Known Member

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    Would anyone here suggest CarMax? They have two in Austin.
     
  3. Nov 23, 2010 at 10:52 PM
    #3
    Toph

    Toph Addicted to V8s

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    From my experience carmax will give you a rock bottom offer...I'd guess somewhere around 9-10k. I had a lexus before my tacoma and they offered me just over half of what I ended up selling it for. With your truck, they're going to send it to auction where some lower end used car lot will buy it to sell off. Given that someone has to make money at each step, there's not much they can offer you.

    But it's worth a shot...it's free to have them appraise it.
     
  4. Nov 23, 2010 at 11:59 PM
    #4
    ilovetacos

    ilovetacos Well-Known Member

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    If you have "not too good credit" check out American General Finance. There rates are pretty high but their loans have no prepay penalties which means you can pay it off within a few months and only pay interest for the period of time you have the loan. They can do small unsecured loans as low as $1000.
     
  5. Nov 24, 2010 at 5:14 AM
    #5
    Pugga

    Pugga Pasti-Dip Free 1983 - 2015... It was a good run

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    Someone will financial expertise will need to let me know if this could actually work, but how about something like this. Sell the truck for say 11,000, put that lump sum towards the pay-off and then continue to make truck payments on the loan until it's paid off. The issue is the buyer would be essentially buying a truck with a lein and wouldn't the title until you paid off your loan. If you find a buyer willing to work with you, that wouldn't be a bad option. You also wouldn't have to pay the insurance so it would free up some more money, allowing you to make a higher monthly payment.
     
  6. Nov 24, 2010 at 5:38 AM
    #6
    Aggie97

    Aggie97 Well-Known Member

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    I doubt anyone is going to want to buy your truck unless they can get the title with it. They're not going to want to risk waiting for you to pay the rest off.

    I'd hate to get a loan just to be able to sell my truck. Is there no way you can keep it...2nd job, cut some other costs?

    I'd say the best option you have is to have someone pick up the payments, but there again, you may have a hard time finding someone to do that.
     
  7. Nov 24, 2010 at 5:47 AM
    #7
    Simon's Mom

    Simon's Mom Wag More Bark Less

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    What is the market in your area for used Tacomas? (listings off Craigslist & Edmunds True Market Pricing etc. private party).

    No info on the Bridge Loans, do you have a family member who can help out with the difference even if it means you sign a note with them? I have done this for my sister. The idea of a second job may help knock off the gap too is a good suggestion. It won't be forever & you will be back on track financially quicker. Yeah I hate these painful lessons. Been there done that myself a long time ago.
    I wish you the best of luck getting out of the situation.
     
  8. Nov 24, 2010 at 5:48 AM
    #8
    TACOMA TRD

    TACOMA TRD Well-Known Member

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    Ok, You would have to get approved for an unsecured loan first for the remainder of loan. Trade value would be you target number so if you do get some offers you would have the available cash to pay off the rest of loan.

    Not sure of an option, maybe you can check with your bank to re-finance your current loan and keep the truck. What kind of shape is truck in? what does it need?
     
  9. Nov 24, 2010 at 9:50 PM
    #9
    Keith120286

    Keith120286 [OP] Well-Known Member

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    The truck is in excellent shape. It needs nothing. The only thing holding it back I think is the mileage - almost 106K. However, its a Toyota and it will go for 250K+ miles. I have to drive my vehicle. I commute 50 miles per day roundtrip for work. I don't have the luxury (if thats what you want to call it) of having an expensive machine that has the sole purpose of holding the driveway down.
     
  10. Nov 24, 2010 at 9:53 PM
    #10
    Keith120286

    Keith120286 [OP] Well-Known Member

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    The market here is good for X-Runners. There's at least 8 here that I know of. I guess the reason for an influx of X's is the fact that this is a military town.

    I see them go all the time here with low miles (less then 50K) for mid to high teens. I can see why they sell fast and mine doesn't lol. Then again, its not like I'm asking above KBB or NADA.
     
  11. Nov 24, 2010 at 9:55 PM
    #11
    Keith120286

    Keith120286 [OP] Well-Known Member

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    Anyone that would want to buy the truck would have to join me here at a local Capital One branch to do the paperwork and to release the lien on it once payoff is made. Then from there on, I guess its the buyer's responsibility to take over from there with the financing and transfer of lien from Cap1.
     
  12. Nov 24, 2010 at 9:56 PM
    #12
    Keith120286

    Keith120286 [OP] Well-Known Member

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    I will look into this. They have a branch office right down the road in Killeen.
     
  13. Nov 25, 2010 at 6:08 PM
    #13
    Keith120286

    Keith120286 [OP] Well-Known Member

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    Look like I will make a trip to AutoMax just to see what they'll offer. Maybe I'll get lucky...
     
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