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NiNoMArksLA
Posts: 117
Registered: ‎11-01-2012
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Need Help Selling Are Trade In

[ Edited ]

Hey i have a couple things to do i am really confused i have a loan from santander at 24.9 apr and called today and payoff is $19,160 and i went to carmax and offed me $15,500 and i can put the difference but i dont know i really dont wanna refinace this truck i hate it i wanna burn it lol or i can trade it in at a dealer and try and get 15-16k and put $4k Down and get a suv i really like my paid off my credit cards so my scores we will be going up soon 

 

So Trade In Or Sell? but if i sell i can a take over payment from somebody i know ?

 

let me know the best deal thanks very much 

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sghosh5
Posts: 474
Registered: ‎02-28-2013
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Re: Need Help Selling Are Trade In

what your credit looks like? what are your scores? I have a car loan with Santander too for 24.9% rate. I am willing to trade in and have $7500 balance left ($8600 pay off). Do you know if its good to apply online with banks or apply through dealers?


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New Contributor
NiNoMArksLA
Posts: 117
Registered: ‎11-01-2012
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Re: Need Help Selling Are Trade In

AAOA 1 Year & 9 Months

Scores Low cause cards are maxed out but paid them off and gotta wait to report to credit as 0 Blances and I don't know what to do ??
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Creditaddict
Posts: 21,659
Registered: ‎10-23-2007
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Re: Need Help Selling Are Trade In

SELL SELL SELL... don't complicate a deal with a trade in if you don't have too... it just leaves more figures and lines in paperwork for them to move numbers around and confuse you and screw you...

I can tell you when it has come to the lease of my Infiniti and my partners, the dealership literally TOLD US to go sell the car to CarMax because they were giving us way more than they would.

Fico Scores: EQ- 653 Cap1., TU 696 Walmart, EX 695 Chase (11-05-14)
You will have to put up Electric Fence to keep me in the garden!
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StartingOver10
Posts: 4,416
Registered: ‎03-06-2010
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Re: Need Help Selling Are Trade In

^^^I agree here. Sell it. Pay the difference so you start off fresh with a different vehicle and different loan at a better interest rate.

 

It takes a while for the sold vehicle to show up on your credit report so do it sooner rather than later then all of your updates will post and your score will hopefully increase to get you out of those high rates you have been paying.

 

The F&I guys at dealers are experts at moving figures around to your detriment. The best thing for you is to sell it either to CARMAX or sell it yourself and take the trade off the table so they can't confuse the issue. Frankly, selling to CARMAX is much easier and cleaner than trying to sell it yourself to some random person.

 

Once you have that deal done and all your credit cards have updated, your scores increased, then get your new financing approval from a CU. Then go shopping for a vehicle. That really puts you in the best position to negotiate the best deal.

Epic Contributor
Creditaddict
Posts: 21,659
Registered: ‎10-23-2007
0

Re: Need Help Selling Are Trade In


StartingOver10 wrote:

^^^I agree here. Sell it. Pay the difference so you start off fresh with a different vehicle and different loan at a better interest rate.

 

It takes a while for the sold vehicle to show up on your credit report so do it sooner rather than later then all of your updates will post and your score will hopefully increase to get you out of those high rates you have been paying.

 

The F&I guys at dealers are experts at moving figures around to your detriment. The best thing for you is to sell it either to CARMAX or sell it yourself and take the trade off the table so they can't confuse the issue. Frankly, selling to CARMAX is much easier and cleaner than trying to sell it yourself to some random person.

 

Once you have that deal done and all your credit cards have updated, your scores increased, then get your new financing approval from a CU. Then go shopping for a vehicle. That really puts you in the best position to negotiate the best deal.


+1 I have sold 3 cars to CarMax and bought 2.... all different times.

Since you owe money you have to go during business hours so they can get newest payoff and all that jazz but otherwise it is not a long prcoess.

Fico Scores: EQ- 653 Cap1., TU 696 Walmart, EX 695 Chase (11-05-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
Lowest Limit: Target $200
65 Cards and Counting :smileytongue:

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