Cannot sell fiancee's car!!
The following 2 users liked this post by justnspace:
achenator (10-15-2012),
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10-11-2012, 12:46 PM
#42
In the Mid-South meow
iTrader: (2)
nope, car loan is low. i dont know where these assumptions are coming from.
what boggles the mind is that some portions of the student loan are up to 13+%. we start payments in one month. that comes first. we sliced away portions of our portfolio and will execute on variable lines of credit without prepayment penalty, since prime rates are low. we will be juggling about 200k coming in and out the door from credit lines to Sallie Mae, and paying down credit lines quickly. Then we moved some allocations to fed funds to hedge the prime rate, in case the variable lines of credit blow out in a short window. All in all, we cut our accrued interest from ~400k to ~40k. this will all happen very rapidly, and i want to put our best interests in this.
having another 6k tied up for a month, or two, or three, to hold title (while some bozo craiglister continues to waste our time) is 6k that could be MUCH better used, as mentioned above.
what is astonishing is that im asking for advice on where to sell non-private, but yet im getting nothing but financial lessons. Do I need to upload our excel hedging model to prove a point? Cmon guys. I made it clear that im not coming out on title, just leave it at that. I am simply asking on WHERE to sell.
what boggles the mind is that some portions of the student loan are up to 13+%. we start payments in one month. that comes first. we sliced away portions of our portfolio and will execute on variable lines of credit without prepayment penalty, since prime rates are low. we will be juggling about 200k coming in and out the door from credit lines to Sallie Mae, and paying down credit lines quickly. Then we moved some allocations to fed funds to hedge the prime rate, in case the variable lines of credit blow out in a short window. All in all, we cut our accrued interest from ~400k to ~40k. this will all happen very rapidly, and i want to put our best interests in this.
having another 6k tied up for a month, or two, or three, to hold title (while some bozo craiglister continues to waste our time) is 6k that could be MUCH better used, as mentioned above.
what is astonishing is that im asking for advice on where to sell non-private, but yet im getting nothing but financial lessons. Do I need to upload our excel hedging model to prove a point? Cmon guys. I made it clear that im not coming out on title, just leave it at that. I am simply asking on WHERE to sell.
10-11-2012, 12:59 PM
#43
Safety Car
Thread Starter
1. based on responses, and feedback, i eventually stated that i dont want to pay down title. then asked about specific places to sell...simple...
2. continued responses as to why i should get title
3. then put in a position to divulge my payment plan to prove a point as to why i am better off not getting title
4. who said anything about credit cards?... you continue to provoke, bad mouth, then say how it was a waste of your time. if you dont like my answers to YOUR questions, then dont ask.
im just trying to be upfront here. dont want to pay down title. for my specific scenario, i would rather take a hit with a dealership. i understand why others think i should get title, and i would agree 9 times out of 10. are there reputable dealerships in north jersey that do buybacks without trade-ins?
2. continued responses as to why i should get title
3. then put in a position to divulge my payment plan to prove a point as to why i am better off not getting title
4. who said anything about credit cards?... you continue to provoke, bad mouth, then say how it was a waste of your time. if you dont like my answers to YOUR questions, then dont ask.
im just trying to be upfront here. dont want to pay down title. for my specific scenario, i would rather take a hit with a dealership. i understand why others think i should get title, and i would agree 9 times out of 10. are there reputable dealerships in north jersey that do buybacks without trade-ins?
Last edited by ThermonMermon; 10-11-2012 at 01:11 PM.
10-11-2012, 01:04 PM
#44
אני עומד עם ישראל
All dealers will buy it, some will low ball you more than others. I'd start with Mazda and see what they offer you.
10-11-2012, 02:44 PM
#46
Senior Moderator
When taken in context to the replied post, which was equating "very successful" to having enough money to not worry about $5k, I think my point is a little clearer but was still worded poorly.
Maybe I should have made reference to the occupiers who have 6 figures worth of student debt and no job to show for it.
10-11-2012, 03:03 PM
#47
Some dude
The car sounds like it looks like crap. Most people won't buy a car like that from a private seller without the title. You also come of sounding like a shady seller so its no wonder people don't want to buy from you.
The way you speak about finance and priorities I can honestly see a thread about your upcoming bankruptcy in the future.
The way you speak about finance and priorities I can honestly see a thread about your upcoming bankruptcy in the future.
10-11-2012, 04:24 PM
#48
Safety Car
Thread Starter
I would say I would be more likely to head to bankruptcy if I acted like a normal person, put a car loan ahead of student loans, and sat back and made Obama's "suggested" payments on 9-13% interest loans, while accruing 400k of interest over the next 25 years.
10-11-2012, 05:06 PM
#49
Regional Coordinator (Texas)
iTrader: (38)
lets not turn this into a personal finance thread.
OP, your best option is to pay it off, get the title and sell it. (suffer the lowest loss possible, most likely of time, no more than a month)
second, to keep the listing going, hoping someone will actually give you all of their money and wait for you to get the title and then sign it over (highly unlikely)
you are going to end up paying on other sites, and will have the same result.
third, sell it to a dealership and take a loss of 1000-2000k, which would be a bad idea, id rather wait than do that.
I know you have repeated it several times that you dont wanna pay it off and rather hold on to the cash.
my recommendation is to get a loan for 5-6k cash and pay the bank off and when you get the money out of the car, then pay it towards it.
one of the best, cheapest ways is to do a balance transfer on your credit card. assuming you have a credit line available for that amount, just call them and tell them you have a small loan (another credit card, family's debt) that you want to pay off and they will loan you the money. I wouldnt care about the interest rate since you will be paying it off fast. There is usually a 3-4% charge, so at 5k, you are looking at about 150-200 bucks.
and again on where to sell, craigslist is your best option for a car in this price range. you will not get a better response from anywhere else
OP, your best option is to pay it off, get the title and sell it. (suffer the lowest loss possible, most likely of time, no more than a month)
second, to keep the listing going, hoping someone will actually give you all of their money and wait for you to get the title and then sign it over (highly unlikely)
you are going to end up paying on other sites, and will have the same result.
third, sell it to a dealership and take a loss of 1000-2000k, which would be a bad idea, id rather wait than do that.
I know you have repeated it several times that you dont wanna pay it off and rather hold on to the cash.
my recommendation is to get a loan for 5-6k cash and pay the bank off and when you get the money out of the car, then pay it towards it.
one of the best, cheapest ways is to do a balance transfer on your credit card. assuming you have a credit line available for that amount, just call them and tell them you have a small loan (another credit card, family's debt) that you want to pay off and they will loan you the money. I wouldnt care about the interest rate since you will be paying it off fast. There is usually a 3-4% charge, so at 5k, you are looking at about 150-200 bucks.
and again on where to sell, craigslist is your best option for a car in this price range. you will not get a better response from anywhere else
Last edited by nspec_ya4; 10-11-2012 at 05:11 PM.
10-11-2012, 11:57 PM
#51
05/5AT/Navi/ABP/Quartz
10-12-2012, 12:17 AM
#52
אני עומד עם ישראל
10-12-2012, 06:30 AM
#53
get the title or keep the mzada...jmho...weddings are a huge waste of money..court house and used the money saved to pay down your student loans....good luck
10-12-2012, 06:36 AM
#54
My first Avatar....
10-12-2012, 07:14 AM
#56
Senior Moderator
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I reached out to him via pm yesterday (but he hasn't responded yet), I can make it quick, simple and easy for him, now it's his choice if he is interested in helping himself or to continue fighting off the people here in this thread...
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10-12-2012, 08:57 AM
#58
Safety Car
Thread Starter
sorry, saw it. personal email is blocked at work, and ive basically been here since last night. get back to you via email this weekend. thanks, shoof.
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10-15-2012, 01:08 PM
#59
Three Wheelin'
There should be no need to have the title in hand for buyers to be serious. Many people have outstanding loans on their vehicle and the title is held by the financing company.
So everyone telling you to pony up and pay for the outstanding loan debt first I don't really understand that logic. Problem is, your fiancees car is at a price point where many people want something for nothing and will haggle even for the slightest thing.
Now on the flip side, you should have just lowered the price of the car and not try getting the exact amount of the loan that you still owe. You've been sitting on this car for 3 months and have lost how much in interest because you don't want to drop the price $500.
Drop it to $5k and see if you get some more bites.
So everyone telling you to pony up and pay for the outstanding loan debt first I don't really understand that logic. Problem is, your fiancees car is at a price point where many people want something for nothing and will haggle even for the slightest thing.
Now on the flip side, you should have just lowered the price of the car and not try getting the exact amount of the loan that you still owe. You've been sitting on this car for 3 months and have lost how much in interest because you don't want to drop the price $500.
Drop it to $5k and see if you get some more bites.
10-15-2012, 06:32 PM
#60
Safety Car
Thread Starter
shoof, thanks for reaching out. basically been at work since last week, and havent gotten a chance to get on personal email to respond.
anyway, we got a blindfolded payment of 5.2k. ordered title. buyer is picking up this week. only had to come out of pocket a few hundred...with just a few weeks to spare, we were able to put full efforts forward to shuffle a 2.74% 100k credit line to take out some 10-13% rate Sallie Mae loans before they hit off, as planned. All worked out perfectly. that 6k in cash we didnt come out of pocket for could have effectively cost us 10k. our cost of the dollar was critical this month. all worked out for the best
anyway, we got a blindfolded payment of 5.2k. ordered title. buyer is picking up this week. only had to come out of pocket a few hundred...with just a few weeks to spare, we were able to put full efforts forward to shuffle a 2.74% 100k credit line to take out some 10-13% rate Sallie Mae loans before they hit off, as planned. All worked out perfectly. that 6k in cash we didnt come out of pocket for could have effectively cost us 10k. our cost of the dollar was critical this month. all worked out for the best
Last edited by ThermonMermon; 10-15-2012 at 06:44 PM.
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