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So, here is a stupid situation: While I was in school I drove a 2001 Ford ZX2. I financed it at the time because I really needed a new car (my previous car, a Jeep, had crapped out), and I didn't want to tap into savings or anything. I got a $4k loan at 4.5% and got 60 month terms, so my payments on the ZX2 are like $36/month. I just started a new job, and I'm driving more now so I wanted to get a nice new ride. I got preapproved for a $30k loan through USAA, decided on an Infiniti G35, found a beautiful lightly used one listed at $28k. I went to the dealer and proposed that they pay off the remaining $3,300 on my ZX2 and give me the Infiniti. They said they could do it for $31k. I thought this was a bad deal, so I just paid the $28k and kept the ZX2. Now, I have the ZX2 sitting there doing nothing and costing me $36/month. It still has a lien on it, although I do have the title. I would like to get rid of this thing and pay off as much of the $3,300 I owe on it while doing so. Blue Book for a private sale is around $3,200. Is there an easy way for me to sell this on eBay or craigslist or something despite the fact I have a lien on it? What other options have I? bewbies fucked around with this message at 15:44 on Jul 8, 2010 |
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Jul 8, 2010 15:37
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sanchez posted:That loan is hilarious, do you have enough cash to pay it off completely? It is impressive that you've managed to get upside down on a car you paid $4000 for. Yeah the guy I bought it from was...amused as well. That said I don't think I could managed a cheaper car for the last 9 months. $40 payment and $25 insurance! Over the last month I've had to shell out close to $5k for moving expenses and whatnot, so I'm not very liquid at the moment. The only way I'd have the cash on hand is if I tap into my retirement business and I'm not interested in doing that.
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Jul 8, 2010 16:01
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I have plenty of credit left on my card...would my loan company go for that? I guess they probably wouldn't care one way or another. Any other unforseen issues in using a credit card to get the lien released?
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Jul 8, 2010 19:59
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