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Need your opinion on the sale of my new Taco

Discussion in '2nd Gen. Tacomas (2005-2015)' started by rwhite188, May 29, 2012.

  1. May 29, 2012 at 8:26 PM
    #1
    rwhite188

    rwhite188 [OP] Well-Known Member

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    Ray
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    I was informed today that I am getting a divorce. I was alsoinformed that I can keep the house since she can’t afford it. The bad part isthat I can’t afford the house and the Tacoma both. One has to go. Myproblem is that I just bought my 2011 TX-Pro just 3 months ago. Sticker pricewas like $31,500. Kelly Blue Book shows $29,900 as private party value, andpayoff on it right now is $29,266.22. Do you guys think there any way I will beable to at least get payoff by just selling it? It has just over 3300 miles.This truck is still brand new. Thanksfor your opinion.. I have a feeling that I am just screwed..:(
     
  2. May 29, 2012 at 8:32 PM
    #2
    Johns Taco

    Johns Taco I'm not 4x4, and have an open diff. So i'm 4x1

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    Sorry about your divorce, that's all I can say.
     
  3. May 29, 2012 at 8:34 PM
    #3
    Rich91710

    Rich91710 Well-Known Member

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    Sorry about the divorce, and you'll be lucky to get 25k for it. Low mileage, nice truck, but it's used. It lost 5k when you drove it off the lot.

    The economy sucks and it's a soft market. KBB and Nada have always been VERY optimistic in my experience. I've never pulled close to them.
     
  4. May 29, 2012 at 9:27 PM
    #4
    Leer

    Leer Well-Known Member

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    First I'd see how much I owe compared to to current market value of the house and see if there's enough difference to pay off the truck and just refinance. If there's not enough there, maybe try to refinance the house thrpugh someone else with a lower interest rate, that could save some $'s each month to put towards the truck!
     
  5. May 29, 2012 at 9:43 PM
    #5
    Rich91710

    Rich91710 Well-Known Member

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    This.

    Either that, or what I did with my Silverado, voluntary repo.
    It still hits the credit, but not as bad as a forced repo.
    They will auction it off, and you will still be liable for the difference, so you're taking a big chance there, but with the voluntary repo you save the fees that would normally go to the repo man.
     
  6. May 29, 2012 at 9:52 PM
    #6
    MountainEarth

    MountainEarth Well-Known Member

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    Wow. Sorry to hear OP.
     
  7. May 29, 2012 at 10:14 PM
    #7
    hutch606

    hutch606 Well-Known Member

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    For what it's worth...I think the market is a bit more soft on the coasts. I've been watching Tacomas in the midwest for the last few months and $21k will get you a semi-decent 4wd DC (as new @ $30k) truck with 100k miles. Or, $26-$28k will buy something very nice...like yours. I was thrilled to end up with a 2012 DCLB and 125k mile warranty for $26 (sticker @ $32). So, I'd wish you best of luck on the payoff, but you'll probably sell it quickly $26-27k. Sorry man.
     
  8. May 30, 2012 at 4:45 AM
    #8
    fadippides

    fadippides Well-Known Member

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    Never finance a vehicle for 30 years
     
  9. May 30, 2012 at 5:55 AM
    #9
    SplitDecision

    SplitDecision Phones Ringin Dude

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    Find a roommate to pick up the slack and keep both! FTW?
     
  10. May 30, 2012 at 1:44 PM
    #10
    rwhite188

    rwhite188 [OP] Well-Known Member

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    Thanks everyone for the opinions.. Hopefully I can figure something out. I would love to keep my tacoma but not real sure how just yet. My house was bought just under a year ago so the refince thing wouldn't do much. Not something I would really want to do anyway.. After working my ass off getting my credit score where it is at, I don't want it to take a hit. Maybe a second job for now until I can figure something else out..

    Again.. Thanks Guys..
     
  11. May 30, 2012 at 2:38 PM
    #11
    F75gunslinger

    F75gunslinger Ka like a wheel

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    Sell the house keep the truck ? Also keep in mind ( and I hate to be the bearer of bad news ) that if you have kids that'll get expensive quick,and she may want alimony as well. I wish you luck man...keep us informed and we'll keep thinking on it.
     
  12. May 30, 2012 at 2:42 PM
    #12
    03coma

    03coma Well-Known Member

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    Your in a tuff spot, good luck bud, but I think your going to loose some money on the truck. you might be able to sell the house faster than the truck.
     
  13. May 30, 2012 at 2:43 PM
    #13
    BuzzardsGottaEat

    BuzzardsGottaEat "Pick up some speed.. You'll make it."

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    If you can find someone who was about to buy new and explain what's going on is the only way you could get your pay off amount for it. If someone is willing to pay 30500 for brand new they might be happy to get a grand or two off on one with only 3k miles? Good luck man. Sorry about your situation.
     
  14. May 30, 2012 at 2:56 PM
    #14
    Cypherian

    Cypherian Well-Known Member

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    Whats the housing market like in your area most it's depressed but if you can get what you owe on it and walk that would be best. She will have to sign off but if you have equity right now or make anything on the sale she is entitled to half of that after all marital debts are paid which btw would include the house if your truck has her name on it along with yours then it too would be in the mix. I am sorry to hear about your impending divorce I have been there. I would highly advise you to lock your emotions down as best you can and look at everything as a business deal now. There is alot more to divorce then just saying I don't want to be with you anymore. I hope there are no kids involved that makes it that much worse. But first lock down all credit cards any bank accounts with money in them IE savings take half and move it to your access only any electronic deposits reroute if they are yours. Run a credit check on yourself and make sure she has not opened accounts your not aware of ( Ask me how I know this one) "{. Ensure you change your life insurance to someone else I know she is not likely to kill you for it but you can forget to do it and something bad happens and she gets the money ( saw this happen along time ago and no the ex bitch didn't give it to the family or the new wife) If there are children there is alot of ins and outs to add to this. Once again I am truly sorry to hear this but now it's a protect your self and assets propostion. Beware of the roomate deal some states have cohabition laws which state if you live with somene one regardless of sex you are cohabitating and property / money distribution is sometimes affected.( Yep seen that one too) My previous profession and current have an extremely high incidence of divorce:{



    Cypher
     
  15. May 30, 2012 at 3:01 PM
    #15
    TacoDawgfan

    TacoDawgfan Hunker Down You Hairy Dawg!

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    Talk to your mortgage co. They have different programs out there that could help you. My brother had kinda the same thing happen, his wife left and he could have gotten some kind of refi done based on a program they had for his reduced income but couldn't do only because the ex was hateful and wouldn't sign for it and her name was on the loan. It can't hurt to try, they don't want to lose out, they probably already have many foreclosures and don't need or want anymore on their hands. His was an online refi of some sort that didn't require a closing cost if done online.

    Imo this is your best bet, because your truck is too new and you will lose your a$$ on it. Good luck!
     
  16. May 30, 2012 at 3:15 PM
    #16
    TacOffRoad11

    TacOffRoad11 Well-Known Member

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    Sorry to hear about your situation. Thats really all I can say.
     
  17. May 30, 2012 at 3:20 PM
    #17
    bubbagumps

    bubbagumps Well-Known Member

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    The story about a vehicle depreciating $5K the minute you drive it off the lot is utter nonsense and an old wive's tale.

    If this were true, KBB would also have an additional question they have you enter about your vehicle--

    "Is your vehicle new but driven off the lot?"*

    * Subtract $5,000 from the KBB value we estimate.

    You really won't know what you can get until you put it up for sale. It all depends on the demand in your area and the current AVG price people are paying for used tacoma's in your area. KBB are always optimistic and $29,500 will probably be hard. IMO, you shouldn't have a whole lot of trouble getting somewhere around $28K. It may take some time but this is not a well-stocked trim and someone may be looking for one, so the demand is higher than your typical Taco trim. Although it may seem triviail, the fact that the truck is black also helps as that is one of the most in-demand colors for a truck.

    Just advertise it for the price you want or best resonable offer. See what kind of inquiries you get.

    Also, people tend to really exaggerate what they paid for their vehicle so don't use that as an estimate. e.g. there is no way a dealer would let fully equipped DC TRD trims go for $25-$26 etc. This doesn't happen. Again, fish stories and old wive's tales. Pay attention to KBB value but also you need to know what the demand is for used trucks in your area.
     
  18. May 30, 2012 at 8:28 PM
    #18
    Rich91710

    Rich91710 Well-Known Member

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    If it's the only option, it's the only option.

    I considered that to "save" the Silverado, but the insurance was a secondary issue, and I had no place to park it (had been issued a company car).
    It needed to go.

    I bought it because we were planning to buy a toy hauler that never materialized.
    Should have kept the Tundra... it was paid off.
     
  19. May 31, 2012 at 4:29 AM
    #19
    03coma

    03coma Well-Known Member

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    Buying a car is not an investment, and it should never be viewed as such. A new car depreciates the minute you drive it from the showroom floor. In the first year of ownership, a new car can lose up to 20 percent of its value, and by the fifth year, your car will depreciated by over 65 percent. Supply and demand will also affect how fast a car depreciates.

    Not to be hating on the OP, he's just in a bad spot and might take a loss on the truck. you need to find someone thats willing to pay that kind of money on a use truck.
     
  20. May 31, 2012 at 6:11 AM
    #20
    elmo7

    elmo7 Easily Replaceable Member

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    Not sure I understand the "she can't afford it" part. Was this just dropped on you? Have you spoken to an attorney? If I got that you live in Arkansas, she gets half of the property per equitable distribution, unless you can prove otherwise. So typically any equity you have in the house would be split in half. If you bought w/o much down, then you're likely at a loss after selling, which puts her on the hook for half the pain. I assume she adds something since you have a truck and a house but that's not affordable on your own.

    Just make sure you get legal counsel if not already.

    And divorces aren't cheap as it can obviously put you in a bind. Selling a truck is no fun but consider all options. Trade, ebay motors, etc. to determine where you can get the most for it. I'd bet you can come out close on it, or not lose much. You just suck it up as some friction from the divorce and move on. Which is about the best you can do. Best of luck.
     
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