thats true very good point


Also with trade in, its guarenteed money to me no bounced checks, nobody coming back saying whats wrong with it, and if you have a lean its paid off, the old vehicle if out of your hair your clean from it.

 

Wow guys, thanks for all the advice. I listed my truck for around $1500 more than I expect to get for it from a trade, but only one person asked for more pictures.

My original idea was to sell the truck myself and use the equity there to pay off my credit cards- why pay 20% interest if I can roll it into a 2.99% loan? It will make my truck payments higher, but it will more than make up for what I'd save from the credit cards.

Like some of you have brought up, its not worth the headache trying to sell it myself for only a few bucks extra, or worrying about transportation until the new one comes in (and I definitely cannot afford 2 payments).

My plan now is to get a list of the dealers who are fairly close price wise, and shop my truck around to them and see who can get me the better deal OTD.

I'm actually starting to enjoy this. Weird, huh?

 

Well, sounds a bit perverted to me!

 

You can still do what you want as far as "rolling" cc debt into the truck if you trade it in. A common buying error is people view purchasing a vehicle as one large transaction-this is a flawed approach and will cost you money. The new vehicle purchase, financing, and trade in are all separate transactions and should be treated as such. The reason why I bring that up is you can trade your truck in, and rather than have them apply the value to the new vehicle, have them write you a check. It is perfectly fine to have them do this, and I guarantee you will not be the first person to have asked them to do it. Take the check, pay off the CC, problem solved. Now, the one thing I will say is as was mentioned earlier there can be some tax issues that pop up that I am not familiar with(I live in state with no sales tax). be sure to research what your tax obligations will be from selling the vehicle. Assuming everything works out, I agree that moving cc debt to a vehicle loan is a wise decision. Just keep in mind it will limit your ability to sell the vehicle down the road. Another option you could consider is buying the new truck and refi'ing the loan and rolling the cc debt in then. That would be an option to discuss with your bank. Anyway, sounds like you are trying to do what you can to prepare for your purchase, I hope everything works out the way you would like it too.