Jump to content

Please consider disabling your adblocker for CreditBoards if you have not already done so.  This site depends on advertising revenue to stay online.


Question on getting dealer to pay off your car, and financing a new one?

Recommended Posts

Hey Marv, I am needing your expertise on this. We have a 2018 Dodge Durango and when I got it, I gave a lot of money down for down payment.

 

The result, is I’m breaking equal to what car is worth, not upside down. I want to get rid of it before the miles rack up and depreciate the value and put me upside down.

 

I’ve had dealers wanting to pay it out for me, if I get a car from them.

 

I have not done that, because my credit is bad and no one will finance me.

 

Question; when I do decide to get a new vehicle, how can I make sure the truck gets paid off, and paid in full?

 

I don’t want any sneaky surprises, I’m tired of getting screwed.

 

 

Share this post


Link to post
Share on other sites

The bulk of your vehicle's 5-year depreciation is already behind you.  If you replace this vehicle with something new, you start back at the steepest (most expensive) part of the depreciation curve -- and would pay hefty transaction costs (taxes, fees, dealer profit) on top of that.

 

What are you considering for a replacement?  Something like a 10-year-old Civic would be reliable, better on gas, and depreciate very little.  But if you're trading this for another new (or newish) SUV, you'll go backwards by thousands and thousands of dollars.

 

vbTETo8.png 

Share this post


Link to post
Share on other sites

We need a bigger SUV or truck, our needs have changed over all. The Durango is mid size not full size. I owe 25K to Chrysler capital and they gave me a rate of 20% after I gave them a large down payment.

 

Right now the model I have goes for 30K with the same miles as mine. So I owe 25K.

 

We need a bigger SUV like a Tahoe or a truck like Tundra.

 

So far every dealer I go to say they will buy it, but they act sneaky.

 

Reason I want to sell it because I’m going get screwed on trade they only offer 17K, that’s a no.

 

So when my scores improves, I want to sell it to a dealer and get something else.

 

My credit report is not bad, the only thing holding me back is a chapter 13 bankruptcy that is due to fall off around May. I’m try to get it deleted sooner, Transunion deleted 4 months early.

 Equifax deleted 2 months early, and Experian was last.

 

So Marv, if my bankruptcy is due to fall off soon, and I have 17 accounts in good standing, why am I struggling to find financing?

Edited by Killbadcredit

Share this post


Link to post
Share on other sites

They say too many inquiries 

DTI too high

New accounts reporting 

 public record reporting


other then this, all my accounts are good standing, showing paid as agreed.

Share this post


Link to post
Share on other sites

Ok, hey rules are rules right. 
 

Can you elaborate about the best way to get this Durango paid off and not get my eyes poked?

 

I currently owe around 25K, but the prices for these models are about 30K. I gave a huge down payment and well my needs have changed. I’m not upside down which is why I’m trying to sell it, before I am.

 

I just want a dealer to pay it off, granted I’m in good standing credit wise.

 

The last time I tried to sell it to get a truck, the Toyota sales guy said they would mail Chrysler a check, but was acting suspiciously weird.

Edited by Killbadcredit

Share this post


Link to post
Share on other sites

I was in a comparable situation.   I knew I couldn't be upside down much, if at all.   I won't give an endorsement to the business, but I found a local WeBuyAnyCar dot com establishment.  Painless and I walked out with a check although small with my equity. Note: I did not take their first offer.  I countered and they accepted.  From my perspective, I got what I wanted.

Share this post


Link to post
Share on other sites

Thanks Marv, so if I owe 25K, that’s what’s I should ask for or a little more?

 

Stupid question I know but I don’t know. Or should I just be happy with getting it paid off? 

Share this post


Link to post
Share on other sites
8 hours ago, MarvBear said:

I was in a comparable situation.   I knew I couldn't be upside down much, if at all.   I won't give an endorsement to the business, but I found a local WeBuyAnyCar dot com establishment.  Painless and I walked out with a check although small with my equity. Note: I did not take their first offer.  I countered and they accepted.  From my perspective, I got what I wanted.

From their perspective, they got what they wanted too, else they wouldn't have accepted the counteroffer.

Edited by Zanshiro
Spelling

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.





  • Member Statistics

    • Total Members
      179,639
    • Most Online
      2,046

    Newest Member
    nolm26
    Joined

About Us

Since 2003, creditboards.com has helped thousands of people repair their credit, force abusive collection agents to follow the law, ensure proper reporting by credit reporting agencies, and provided financial education to help avoid the pitfalls that can lead to negative tradelines.
×
×
  • Create New...

Important Information

Guidelines