Hey all, Ive got a question. Im getting rid of my truck cause i really want one of those 02 Ford SVT Focus'. The problem is that i currently own about 13,000 on my truck and i know the dealer wont give me enought money on the trade to get out of the hole for my truck. By selling the parts and other money i have saved up by the time the car comes out in February i should have close to 3,000-3,500 to trade on the car. I want to know if there is any way i can sell the truck outright and pay off the loan or get somebody to give me a little money and just take over payments. I think i can do the latter but if i sell it out right dont I have to have the title to give to the person buying the truck. If anyone knows the answer to this or any other way i could get out pretty even i would greatly appreciate it. Thanks.

 

Do not let someone take over the payments. If they foul up on payments, your credit rating suffers. Furthermore, you may not be able to qualify for a new loan because the existing loan could put you out of debt ratio.

POSSIBLE OPTIONS...

1. Try to sell the truck outright. Send the new buyer to their credit union or bank. They get a new loan, payoff your existing loan, title goes to their bank, you are free of the debt.

2. Talk to the dealer. They may be able to trade with you. If you have negative equity, the offset may be added to your new loan. This is not an ideal scenario, but it is an option. You'll have to look at the numbers and see if it works for you. Remember, it doesn't cost anything to talk, just make sure you understand the numbers before you sign.

 

Try selling it yourself, versus trading it in. Of course, this is a hassle so you have to figure out how much your time is worth. Go to the Kelly's Blue Book web site or visit your local bank/credit union to review the NADA price guides for trade-in, retail values. I've sold two vehicles simply by putting a "for sale" sign in the window. Newspaper ads are the pits, you end up with all types of "nuts" calling you. If someone sees the sign and is really interested, he or she will call you. Also, depending upon the laws in your state, be sure to include the value of sales tax in your computations. If you trade in your vehicle, most likely you will not pay the sales tax on that portion. If you sell the vehicle and pay/finance the entire amount on the new vehicle, you will pay sales tax on the full amount. Dependent upon the tax rate, that can amout to quite a bit.