[Krmnnghia]

OK so I am starting to run into some financial problems after my latest purchase. I bought a 2002 Ford F150 Supercrew and my loan right now has 31K left. My payments of 600 bucks are killing me! Bills are getting cut to close and It was just a big mistake to purchase the truck. So what are my options other than letting the repo man take it

If I go to a dealership they will probably laugh in my face. IT is stock except for $7K in Stereo/DVD/TV's setup. Has 38K miles on it. Any advice from anyone? Problem is I would really like to just get like a cheap 4 door civic or accord with a really low payment. I know I will get screwed at the dealer but what should I do? Thanks!

 

[Krmnnghia]

Oh yeah also I have the 100K mile warranty and some other extras...can I get my money back on these to help at all? Thanks

 

[BUR_ZX3]

Private sale.... thats the way to go! Hopefully you can get some good coin for it there... and send a nice large check to Ford Credit!

 

[Krmnnghia]

But do you really think I can get 30K for it? I mean KBB says like 25ish plus I have a good chunk in the stereo but I just don't see a private buyer saying...OK no problem I will drop 30K for this truck because I like the stereo! Yah know! Ebay maybe???

[ 04-21-2003, 09:02 PM: Message edited by: Krmnnghia ]

 

[atmzx3]

I was only in the business for 3 months, but here's my 2 cents.

1. Sell the stereo, dvd, etc separate from the truck.

2. 38K is alot of miles for a 2002. Major deductions there.

3. Do not get a repo! I repeat, DO NOT REPO!!! You think Honda or whoever will float you a loan if you just had a $30K truck repo'd?!

4. Tell yourself right now that there is no way in hell you will get $30,000 for it. The best thing to do is sell it for as much as possible and cut your losses.

5. Yes you can get a refund on the extended warranty.

6. So you're basically going to roll over $6,000 into a new purchase. That's already ~$120 a month right there.

 

[Krmnnghia]

Originally posted by HotWheels:
I was only in the business for 3 months, but here's my 2 cents.

1. Sell the stereo, dvd, etc separate from the truck.

2. 38K is alot of miles for a 2002. Major deductions there.

3. Do not get a repo! I repeat, DO NOT REPO!!! You think Honda or whoever will float you a loan if you just had a $30K truck repo'd?!

4. Tell yourself right now that there is no way in hell you will get $30,000 for it. The best thing to do is sell it for as much as possible and cut your losses.

5. Yes you can get a refund on the extended warranty.

6. So you're basically going to roll over $6,000 into a new purchase. That's already ~$120 a month right there.

<font size="2" face="Verdana, Arial">Cool....well Stereo really can't be sold because alot of it is built into the truck(TV's, ciustom dash,fiberglass box/amp rack). Would my best bet be to try and find a dealer willing to give me more dough because of the stereo? There are a few dealers here in Lansing that buy Custom rides and sell them so I may try those...What do I do about the warranty and whatnot? Do I call the warranty company?

 

[Krmnnghia]

Anyone else this morning?

 

[03zx3]

sell all stereo maybe even on ebay seperate from the truck, cause the stereo wont add value to the truck. here is the problem, car market sucks u can get loaded new fullsize 4x4's near me for about 18-26,000, and i know the same is in CA where my bro lives. for example, my dad is looking to get a silverado 2500HD hd crew cab longbed duramax diesel, a year ago these things were around 35k, well he's getting it optioned out for 25,500. You might be able to get 18-21 for yours, but thats a load of miles. Here is another thing, i am not sure what your interest rates are, call up your loan company and negoiate lower ones, i have heard of people doing this, and you know what a loan company would rather u pay some interest then repo a truck they get d*ck for at an auction, let them know th miles too.

 

[03zx3]

one more thing, you will never get the worth of that stereo, even if it is built into the truck, if you sell it with the truck. you can sell customer setup's on ebay for a good $

 

[Auto-X-ZTS]

Originally posted by HotWheels:
I was only in the business for 3 months, but here's my 2 cents.

1. Sell the stereo, dvd, etc separate from the truck.

2. 38K is alot of miles for a 2002. Major deductions there.

3. Do not get a repo! I repeat, DO NOT REPO!!! You think Honda or whoever will float you a loan if you just had a $30K truck repo'd?!

4. Tell yourself right now that there is no way in hell you will get $30,000 for it. The best thing to do is sell it for as much as possible and cut your losses.

5. Yes you can get a refund on the extended warranty.

6. So you're basically going to roll over $6,000 into a new purchase. That's already ~$120 a month right there.

<font size="2" face="Verdana, Arial">I have 11 years in the biz...

The above is pretty sound advice; when you sell the truck you need to have a clear title w/o a lein. You will need to find some ca$h--or a credit card advance--or a signature loan--to make the difference between what you get and what you owe.

If you trade, there is no way to roll $6000 of negative equity into a small car--most lenders draw the line at 120% of MSRP. If you trade, the best bet is to find a car with a BIG rebate, and use that plus the markup to pay the negative equity.

In short there is now easy, painless way to fix this situation. Sorry dude.

[ 04-22-2003, 07:44 AM: Message edited by: Auto-X-ZTS ]

 

[llama_in_a_focus]

Originally posted by Auto-X-ZTS:
</font><blockquote><font size="1" face="Verdana, Arial">quote:</font><hr /><font size="2" face="Verdana, Arial">Originally posted by HotWheels:
I was only in the business for 3 months, but here's my 2 cents.

1. Sell the stereo, dvd, etc separate from the truck.

2. 38K is alot of miles for a 2002. Major deductions there.

3. Do not get a repo! I repeat, DO NOT REPO!!! You think Honda or whoever will float you a loan if you just had a $30K truck repo'd?!

4. Tell yourself right now that there is no way in hell you will get $30,000 for it. The best thing to do is sell it for as much as possible and cut your losses.

5. Yes you can get a refund on the extended warranty.

6. So you're basically going to roll over $6,000 into a new purchase. That's already ~$120 a month right there.

<font size="2" face="Verdana, Arial">I have 11 years in the biz...

The above is pretty sound advice; when you sell the truck you need to have a clear title w/o a lein. You will need to find some ca$h--or a credit card advance--or a signature loan--to make the difference between what you get and what you owe.</font><hr /></blockquote><font size="2" face="Verdana, Arial">this is my entire life in the buisness......since i was about 3 i was walking around dealerships with my dad......he ran them. anyway, do what these guys say, there is no way i could have put it in any better words, good job guys. i bought my car from hotwheels, he knows what he is talking about, DO NOT REPO!!!!!! EVER!!! hows it been hotwheels?

[ 04-22-2003, 07:42 AM: Message edited by: llama_in_a_focus ]

 

[blueovaldave]

Your best bet to roll that negative equity is to find a vehicle with hugh rebate and then do a lease.
This all depends on how much you drive. With a lease you can lower your payment somewhat and roll the negative equity into the lease and was it all in 3 - 4 years then start over. You are going to have to run that negative equity in somewhere there is now way around it.
Purchasing a car will just put you back into the same predicament you are in. You will still have a big payment and a vehicle you will never be able to get out of because of the N.E. tacked on top of whatever you buy.
One thing you may want to try. Find out what you want. Work a deal and get them excited about what you are doing then throw the trade at them. If they do not give you close to what you want and they won't then try to work out a deal and go see what CarMax will give you for it. Have the dealer stroke you a check for the N.E. and CarMax will give you the difference and you have a new car. This may or may not work depending on what you are looking for and if you want a lower paymetn you may have to drive somethign you are not really crazy about for a couple of years but at least you can make the bills and not get dinged on your credit.
That is the hardest hole to get out of is bad credit. Good luck.
Email me if I can help you or explain anything else to you.
Been doing this for the last 11 years so I have a little experience but not as much as some I am sure.

 

[TippsTheFoo]

Yup. You'll need to find a car with a large rebate right now to offset the negative. You probably don't want one, but a Taurus may be your best bet (as they often run large rebates on them).

 

[gsmooth75]

here are some solutions:

1. If your interest rate is on the high side (8% or higher) you can try to refinance it to as low as 4.9% through certain credit unions.

2. Sell it privately, take a small loss if possible ($2-3K), pay the loss w/ a credit card and start fresh w/ a new vehicle, no trade is involved.

3. W/ little or no money down you can trade it in for a vehicle w/ a huge rebate. The most vehicle for rebate right now is the Dodge Durango. I actually work for a Dodge dealership and the rebates on these things are $4500!!!
Plus, dealers will be willing to sell these at below invoice because of the new model coming out in September. For exmaple, you can get into a '03 Durango for about $9000 off MSRP. That's $4500 dealer discount plus $4500 rebate. Plus, the deal structure would be pretty good w/ this vehicle in terms of being advanced on your loan. This gets a little complicated, but basically 120% financing means financing 20% more of the bluebook value ot the car being purchased. This is important when negative equity is being rolled over into a new loan.

If you lived in California I could give you this deal. This all depends on your credit of course and as long as you are flexible on term (you'd probably need a 6 year loan, which alot of people are doing anyways so it's not a big deal)I am sure I could lower your payment.

Anyways, goodluck. If you pass by Lithia Dodge of Concord anytime soon send me an email.

 

[gsmooth75]

here are some solutions:

1. If your interest rate is on the high side (8% or higher) you can try to refinance it to as low as 4.9% through certain credit unions.

2. Sell it privately, take a small loss if possible ($2-3K), pay the loss w/ a credit card and start fresh w/ a new vehicle, no trade is involved.

3. W/ little or no money down you can trade it in for a vehicle w/ a huge rebate. The most vehicle for rebate right now is the Dodge Durango. I actually work for a Dodge dealership and the rebates on these things are $4500!!!
Plus, dealers will be willing to sell these at below invoice because of the new model coming out in September. For exmaple, you can get into a '03 Durango for about $9000 off MSRP. That's $4500 dealer discount plus $4500 rebate. Plus, the deal structure would be pretty good w/ this vehicle in terms of being advanced on your loan. This gets a little complicated, but basically 120% financing means financing 20% more of the bluebook value ot the car being purchased. This is important when negative equity is being rolled over into a new loan.

If you lived in California I could give you this deal. This all depends on your credit of course and as long as you are flexible on term (you'd probably need a 6 year loan, which alot of people are doing anyways so it's not a big deal)I am sure I could lower your payment.

Anyways, goodluck. If you pass by Lithia Dodge of Concord anytime soon send me an email.

 

[Krmnnghia]

So it is looking as if selling it privately would be my best bet even if I end up only selling it for a little less. I may try ebay and see if anything good happens or autotrader. We shall see. Thanks everyone for all your help!

 

[gsmooth75]

I guess you don't like Durangos...

sorry about the double post, and goodluck!

 

[PaperJam]

Very nice system! I say take a 15 year loan out on your house and pay off the truck. That should reduce your payments enough to where they aren't a burden, but maybe this is just a stupid idea.

 

[c-grimmace]

Originally posted by gsmooth75:
here are some solutions:

1. If your interest rate is on the high side (8% or higher) you can try to refinance it to as low as 4.9% through certain credit unions.

2. Sell it privately, take a small loss if possible ($2-3K), pay the loss w/ a credit card and start fresh w/ a new vehicle, no trade is involved.

3. W/ little or no money down you can trade it in for a vehicle w/ a huge rebate. The most vehicle for rebate right now is the Dodge Durango. I actually work for a Dodge dealership and the rebates on these things are $4500!!!
Plus, dealers will be willing to sell these at below invoice because of the new model coming out in September. For exmaple, you can get into a '03 Durango for about $9000 off MSRP. That's $4500 dealer discount plus $4500 rebate. Plus, the deal structure would be pretty good w/ this vehicle in terms of being advanced on your loan. This gets a little complicated, but basically 120% financing means financing 20% more of the bluebook value ot the car being purchased. This is important when negative equity is being rolled over into a new loan.

If you lived in California I could give you this deal. This all depends on your credit of course and as long as you are flexible on term (you'd probably need a 6 year loan, which alot of people are doing anyways so it's not a big deal)I am sure I could lower your payment.

Anyways, goodluck. If you pass by Lithia Dodge of Concord anytime soon send me an email.

<font size="2" face="Verdana, Arial">Hey gs,
can you do anything on grand cherokees? or ram 1500 4x4's? It doesn't have to be new, i am looking but the focus trade in is teh suck as everyone knows, last dealer told me 3k...

Anyways, i have a check right now i can use for up to 19k...HELP PLEASE!!!

 

[Krmnnghia]

Actually I love Durangos but they are as expensive as what I have now and also they are as bad if not worse with MPG. I get 16 now if I'm lucky!