Lets say the balance on the loan is $2500 and the value of the vehicle is $5000..And you only had 5 payments left..Most companies would add a repo fee of about $500..So the profit of repoeing the vehicle is about $2000..Chances are vehicle will be picked up
Not only that, it wouldn't be a sale, LOL. Nobody is suggesting that somebody try to sell a car without a title -- where in the world did you get that idea?! The seller must first arrange to get out from under the "upside-down" loan -- usually with another loan, by selling something else, whatever it takes. Whenever a car is sold, the new owner assumes responsibility for the title. Doc
I disagree with you there Doc. Everywhere I have ever been and had any experience with such things the seller of the vehicle usually has no more than 30 days to provide clear title to the purchaser. That's the law in most states as far as I know. Maybe all of them.
I don't think they'd have to be unintelligent, but patient. I'm in the process of selling my car, and I've written out an agreement stating that they will receive delivery of the car and title when A. the check clears B. the loan company submits the title. No complaints so far. My .02 DB
Is the payoff amount mentioned here the real payoff or the total of monthly payments owed? There's a big difference. Everyone is correct in stating that he cannot sell the car without clearing the full balance owed. Here's my suggestion: Find a cheaper new car with a BIG rebate! That will help to get out from under the Extera by eating up some of the negative equity. Plus, a regular passenger car will be cheaper on insurance, gas, etc... Either way, he's going to take something of a hit, but ANYTHING, and I mean ANYTHING, is better than a repo, voluntary or not. I've never had one, but I was in the car business for several years and a repo is one of the worst things to have on your report.
Do NOT turn in that car or have it repoed. My mother had an involuntary repo in 1988, and my father had a voluntary repo in 1988. My mother had to get a co signer for a car loan in 1993, the earliest someone who allow her to have a car loan again. My father, with $XXX,000 income, couldn't find a co signer, so no car loan until it fell off around 1998. My dad thought turning in the truck would be helpful. It wasn't. I'm not judging you, I'm sure there are uncontrollable circumstances (theirs were job loss, health) that caused the situation. But I would find some way to keep that car or sell it without repo. A bunch of lates beats a repo.
I LOVE the Xterra. Is it yellow???? How far upside down are you if you were to sell it for a bit below blue book. You know you can get the values on line. I believe Kelly Blue Books website is: http://www.KBB.com. Just out of curiousity, if you wouldn't mind disclosing, what did you pay for it and how much are your payments?
