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octotron3000 OP t1_j6i2e8y wrote

Reply to comment by t-poke in I have a financed car and less than 30 days before navy basic training. by octotron3000

It's not possible to come up with that difference, could I sell it back to the dealer and make up the difference through my normal payment with auto pay? I won't have access to my phone in basic.

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EmberOnTheSea t1_j6i2mm2 wrote

That isn't how it works. In order to be able to transfer the title the loan must be paid in full.

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FormsForInformation t1_j6if6t7 wrote

Correct, you just need to pay the difference.

Car loan with bank A has a 18k pay off

Dealer agrees to buy for 17k

You need to provide 1k to the dealer so they can forward complete 18k payment to bank A

You sign paperwork that allows bank a to send title to dealer.

The difference can be provided in cash, credit card (up to a limit defined by dealer and may have fees, ach, check (some don’t accept personal checks), cashiers check.

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123456478965413846 t1_j6ipi9j wrote

>Incorrect, you just need to pay the difference.

Which is what this whole comment chain is saying. If you sell the car for less than you owe than you have to come up with the difference out of pocket so that you can pay the loan in full and transfer ownership to the new owner.

You aren't adding to the conversation, you are correcting people that are correct and you are trying to say the same thing they said but you are doing it in a more confusing manner.

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Nickyweg t1_j6i2o92 wrote

Nope.

You’d need a personal loan for the difference if you can’t come up with it in cash.

Maybe ask family to borrow it and pay them back?

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octotron3000 OP t1_j6i391q wrote

Would yall recommend making payments through basic, and then sell it when I have my enlistment bonus to make up the difference, it'll be 7 months before I get time to sell it.

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SolutionLeading t1_j6i3ezv wrote

If you can’t afford to pay the difference on the loan and can’t get $18k for it in private sale, then this is probably your only option.

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NoFilterNoLimits t1_j6i3roo wrote

Have you even tried to sell it yet? Try. Based on the KBB values you posted, it’s entirely possible you break even. Don’t hold the car for 7 more months while it depreciates because you assume you’ll get under 18k now. You said KBB goes as high as 22k. It doesn’t cost you a dime to take it by Carmax or Carvana and at least find out.

Make your decisions with facts, not assumptions

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123456478965413846 t1_j6ippdc wrote

> You said KBB goes as high as 22k

Actually, OP said new it was 22k. They said they owe 18k and the KBB value is 15k.

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NoFilterNoLimits t1_j6kkex2 wrote

D’oh. It was too early for me to be reading correctly

I’d still get a quote before trusting KBB in this market

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123456478965413846 t1_j6lbrka wrote

Definitely, KBB is a good place to get a rough idea of value. But I have had cars where I got way more or way less than KBB estimated they were worth.

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octotron3000 OP t1_j6i7kzy wrote

Does it depreciate from time or mileage? Because It will not be moving, thank you for this advice btw.

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curtludwig t1_j6kf6c8 wrote

Both but KBB is slow to react to market changes and this has been a very hot sellers market. Call Carvana/CarMax/whatever is in your area and see if anybody wants it.

Just because KBB says $15k doesn't mean that's what you can actually get. Look around and see what a comparable car would cost.

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Imaginary_Shelter_37 t1_j6i42gb wrote

Where will the car be when you are in basic? If it is parked the entire time, you may be able to lower the cost of your insurance. That should give you some extra money to make up the difference.

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octotron3000 OP t1_j6i7217 wrote

At my grandma's in a safe place, no one can drive it because gap insurance will not cover it.

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EcoAffinity t1_j6i8060 wrote

A lack of insurance will not stop a more unscrupulous family member from joyriding your car.

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octotron3000 OP t1_j6i8ta9 wrote

It's guaranteed no one will drive it, I'm in a unique circumstance so that's no issue.

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Imaginary_Shelter_37 t1_j6idnjt wrote

Put the bare minimum insurance that is required to keep the cost down. A higher deductible may help too.

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Rubicksgamer t1_j6i627l wrote

Also your insurance is the same. Shop around over the next week and get that cheaper.

Because you have a Leon on it you will still need full coverage you should be able to drop off a couple hundred a month just from that.

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YesICanMakeMeth t1_j6jxn6o wrote

It's a lot better to get rid of it. Then you're not paying interest on the loan and also riding the depreciation curve on the asset value. You'll have more money in the end if you do it that way than paying for a car you aren't using. But yeah, if you can't find enough to cover the difference via a reasonable interest loan then you have no choice.

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