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Call Me Crazzzy.....

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Schoolbuskid
Valued Contributor

Call Me Crazzzy.....

As some of you know i purchased an 05 Nissan Pathy in Sept 08, and guess what..... i am thinking about selling it!

 

Its not that i cant handle the payments, its just that i really dont like having that much debt reporting to the bureaus. I have more debt reported than i make!

 

So i have looked up what most Pathfinders are selling for around here and most are in the 15k range with mileage between 40-80k miles. Now mind you my Pathy only has 30k miles! I'm thinking about starting witha price of 16k, i would be making a pretty good profit with that amount!

 

Do you have any advice as far as making the right moves when selling your car?

Rebuilding and Reducing Debt, is my game plan.
Message 1 of 5
4 REPLIES 4
Anonymous
Not applicable

Re: Call Me Crazzzy.....

Just a few comments.

 

First, unless you are selling the car for more than you bought it, you are not making any profit.  If you sell the car for more than you owe, then you have equity, but you still lost money, as is the case usually with all autos.

 

Second, what will you replace the vehicle with?  What is the replacement cost?  How much will the TTL cost you?  Unless you trade in the current, you will pay taxes on 100% of new purchase.  The combination of what you lost on the current plus new TTL and depreciation may be quite an actual loss.

 

Third, I wouldn't buy or sell a vehicle solely due to what it is doing to FICO.  I would determine if you can afford the vehicle, save money while making payments, debt to income, etc.  If you can't afford it, then definitely sell it and buy a reasonably priced pre-owned and concentrate using the difference to pay debt, save money/emergency funds and preparing for future puchases on a cash basis.

 

Good luck whatever you do Smiley Happy

Message 2 of 5
Anonymous
Not applicable

Re: Call Me Crazzzy.....

Selling a car privately that currently has a note on it is a PAIN.....

 

Good Luck.

Message 3 of 5
Schoolbuskid
Valued Contributor

Re: Call Me Crazzzy.....

Yea i kinda of figured it would be a little hard since i have a lien on it! But i will not be making another purchase for awhile, once this vehicle is sold. My mom has two cars and i plan on driving her other one(04 Chevy Impala).

 

 

I owe around 13.7k on my Pathy, so if i find someone who is interested in buying around 16k, i'd say that was a profit. The least i am willing to take is 15k.

Rebuilding and Reducing Debt, is my game plan.
Message 4 of 5
Anonymous
Not applicable

Re: Call Me Crazzzy.....

From my understanding installment loans and there high balances do not affect your FICO as much like credit card debts. It's better to owe $15K on a car than $5K on a credit card.
Message 5 of 5
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