So I’m top heavy in a 2006 Toyota Sport Rav4. The vehicle is good to excellent condition with tow pkg. and pretty good odometer reading, 33k. Kelly Blue book estimates the “retail” on the vehicle to be $18k to $22k. I owe just under $27k. I am confident the dealership will offer the trade-in value of $15 to $16k. Thus I am anywhere from $5k to $11k deep in on this vehicle. A crap deal that I was hoping to make better over this next year before I was offered a great job in Australia.
The bank will take the car back as a “voluntary-repo”, sell it at auction and whatever remains between the selling price and the amount owed will be the new balance, as well as a “repo” being applied to my credit, which sounds like that’ll definite hurt the credit for awhile.
I think I can get at $7k from my retirement.
My course of action right now is to keep it listed in vehix and the local paper for $20k and hopefully it’ll sell before my wife leaves in November.
Here’s my question or rather my confusion is this: say someone does put an offer on the vehicle before she leaves, and I want to sell it for that, then how exactly do I go about selling???
See I can’t get at my retirement funds until I actually terminate my present position, which is October 1. Then it’ll take roughly 30 days to process and distribute the retirement funds. So if were to try to sell it right now could I even do that??? I’m not seeing how and hopefully some of you smart folk might have some advice or been in a similar position.
Originally posted 2009-08-07 02:37:15.
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not much you can do. talk to the bank about selling the car for less and taking a loan for the remainder.
can you take the car to aus?