need advice, stuck into new vehicle

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Aug 3rd, 2017 1:15 pm

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Aug 2nd, 2017 5:55 pm

dashhho [OP]: Newbie; Jul 21, 2017; 5 posts; 1 upvote

Aug 2nd, 2017 5:55 pm

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

Aug 2nd, 2017 6:12 pm

golf_guy21: Deal Addict; Nov 26, 2011; 1085 posts; 267 upvotes; ontario

Aug 2nd, 2017 6:12 pm

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?

Aug 2nd, 2017 6:25 pm

CNeufeld: Deal Guru; Mar 23, 2008; 13006 posts; 9966 upvotes; Edmonton

Aug 2nd, 2017 6:25 pm

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

Aug 2nd, 2017 6:30 pm

dashhho [OP]: Newbie; Jul 21, 2017; 5 posts; 1 upvote

Aug 2nd, 2017 6:30 pm

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.

Aug 2nd, 2017 6:48 pm

alanbrenton: Deal Expert; Apr 21, 2004; 56484 posts; 21536 upvotes

Aug 2nd, 2017 6:48 pm

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.

+1

Aug 2nd, 2017 10:49 pm

Nibbler2012: Sr. Member; Jul 23, 2015; 888 posts; 645 upvotes; Hamilton, ON

Aug 2nd, 2017 10:49 pm

No gap/walkaway or medical insurance to make payments while you're off sick?

+1

Aug 2nd, 2017 11:09 pm

smrtphur: Deal Addict; Oct 17, 2010; 1869 posts; 474 upvotes; South Western Ontari…

Aug 2nd, 2017 11:09 pm

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

+2

Aug 2nd, 2017 11:18 pm

alanbrenton: Deal Expert; Apr 21, 2004; 56484 posts; 21536 upvotes

Aug 2nd, 2017 11:18 pm

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.

+1

Aug 3rd, 2017 2:10 am

dashhho [OP]: Newbie; Jul 21, 2017; 5 posts; 1 upvote

Aug 3rd, 2017 2:10 am

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.