Automotive

need advice, stuck into new vehicle

  • Last Updated:
  • Aug 3rd, 2017 1:15 pm
[OP]
Newbie
Jul 21, 2017
5 posts
1 upvote

need advice, stuck into new vehicle

Recently bought a new truck ~4months ago. 47k loan, 2.99% financing over 8 years. My "stable" financial situation has changed from medical reasons and I need to get rid of the truck and lower my payments, whats the best way to go about it? I went to a dealer and they offered me 38k as a trade in... I have a few ideas

1) make aggressive payments until I can move the truck without having negative equity (say 1 year?)
2) Use some savings to lower the principal and get rid of the vehicle asap.

I doubt i will find anyone to take over my financing (is that a thing?) I'm not sure if its possible to move it privately (banks likely to not finance anyone? if they do im assuming the interest rate would be so high they would be better off buying new?

Appreciate any productive ideas/thoughts
10 replies
Deal Addict
Nov 26, 2011
1085 posts
267 upvotes
ontario
banks do suck

I just bought a car from dealership and wanted to see if bank could beat dealer
my credit score is something like 798
because it was used dealership gave me 4.99%
bank offered 10% with 72/84 months

and I don't think transferring payments can't be done because everyones credit/payment situation is different

if you go to dealership and say 'hey I have this person who can do 7.5 years @ 500/month' i can almost guarantee they would rather sell them a truck than help you

can you offer someone cash incentive?
Deal Guru
User avatar
Mar 23, 2008
13006 posts
9966 upvotes
Edmonton
My thoughts... you've got a depreciating asset that you're paying interest on. Might as well bite the bullet and dump it now. If you drive it for a year, you'll still be underwater on it (I'm guessing), and it will be worth that much less. Plus if anything happens to it in the meantime...

And don't sell it to a dealership, if you can help it. Sell it privately. You'll get more. After all, the dealer intends to buy it from you and resell it as used, and make a profit off it.

C
[OP]
Newbie
Jul 21, 2017
5 posts
1 upvote
jordanr19871 wrote: banks do suck

I just bought a car from dealership and wanted to see if bank could beat dealer
my credit score is something like 798
because it was used dealership gave me 4.99%
bank offered 10% with 72/84 months

and I don't think transferring payments can't be done because everyones credit/payment situation is different

if you go to dealership and say 'hey I have this person who can do 7.5 years @ 500/month' i can almost guarantee they would rather sell them a truck than help you

can you offer someone cash incentive?
Im thinking a cash incentive maybe the best way to get rid of it. The vehicle is fairly new with 6k kms.
Deal Expert
User avatar
Apr 21, 2004
56484 posts
21536 upvotes
there's the financing takeover that's affiliated with leasebuster but I think it's less active

can financing be transferred easily to a credit worthy buyer? If so, then check autotrader for pricing ideas and then offer incentives on kijiji or RFD though there may be just too many tire kickers. I posted some ads on Kijiji for a stroller and kiddie bike and I get these emails asking them to call them. I emailed back and they didn't bother to respond. It sucks so many weirdos playing pranks and thinking I'm silly enough to bother their old gf or bf at 10 pm.

Hoping you get over your ailment soon.
Sr. Member
Jul 23, 2015
888 posts
645 upvotes
Hamilton, ON
No gap/walkaway or medical insurance to make payments while you're off sick?
Deal Addict
Oct 17, 2010
1869 posts
474 upvotes
South Western Ontari…
alanbrenton wrote: there's the financing takeover that's affiliated with leasebuster but I think it's less active

can financing be transferred easily to a credit worthy buyer? If so, then check autotrader for pricing ideas and then offer incentives on kijiji or RFD though there may be just too many tire kickers. I posted some ads on Kijiji for a stroller and kiddie bike and I get these emails asking them to call them. I emailed back and they didn't bother to respond. It sucks so many weirdos playing pranks and thinking I'm silly enough to bother their old gf or bf at 10 pm.

Hoping you get over your ailment soon.
Finance buster sucks because the next owner has to pay tax on the vehicle as its considered used ; on top of existing montly payments that include the tax. So unless theres big incentives or crazy low montly payment because of big downpayment very hard to find a buyer
Deal Expert
User avatar
Apr 21, 2004
56484 posts
21536 upvotes
smrtphur wrote: Finance buster sucks because the next owner has to pay tax on the vehicle as its considered used ; on top of existing montly payments that include the tax. So unless theres big incentives or crazy low montly payment because of big downpayment very hard to find a buyer
Good to know ahead of time there's a big difference with the two services.
[OP]
Newbie
Jul 21, 2017
5 posts
1 upvote
smrtphur wrote: Finance buster sucks because the next owner has to pay tax on the vehicle as its considered used ; on top of existing montly payments that include the tax. So unless theres big incentives or crazy low montly payment because of big downpayment very hard to find a buyer
payments are 263 bi weekly.
Deal Expert
User avatar
Jul 30, 2007
32071 posts
19285 upvotes
Toronto
interest alone worked out to be $5700 over 8 yrs (on a $47000 loan).

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