Sell or repo?

[Anonymous]

Hello,

I wanted to get some feedback as to whether or not it's possible to sell a new vehicle? It's a month old (2015 Kia Optima), I make my first payment next week. The cost of the car was 25K, do I need to save up 5K before trying to sell it in order to cover the depreciation amount? Or should I let it repo? At this point I really don't have a choice but to get rid of the car somehow. My spouse tells me to take it back and cut my losses. 

[ojefferyo]

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@Anonymous wrote:

Hello,

I wanted to get some feedback as to whether or not it's possible to sell a new vehicle? It's a month old (2015 Kia Optima), I make my first payment next week. The cost of the car was 25K, do I need to save up 5K before trying to sell it in order to cover the depreciation amount? Or should I let it repo? At this point I really don't have a choice but to get rid of the car somehow. My spouse tells me to take it back and cut my losses. 

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Well that's a tough cookie, why not try to find someone to "take over"? In order to sell it you would need to have the pink slip in hand and in order to have the pink slip the vehicle has to be paid off, unless you find someone that's willing to give you the whole amount so you can pay it off, get the pink slip then transfer it to them. Personally if someone approached me with that idea I would walk away so fast. 

Can I ask you why you want to sell/repo it already?

[Anonymous]

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ojefferyo wrote:

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Scot-Free wrote:

Hello,

I wanted to get some feedback as to whether or not it's possible to sell a new vehicle? It's a month old (2015 Kia Optima), I make my first payment next week. The cost of the car was 25K, do I need to save up 5K before trying to sell it in order to cover the depreciation amount? Or should I let it repo? At this point I really don't have a choice but to get rid of the car somehow. My spouse tells me to take it back and cut my losses. 

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Well that's a tough cookie, why not try to find someone to "take over"? In order to sell it you would need to have the pink slip in hand and in order to have the pink slip the vehicle has to be paid off, unless you find someone that's willing to give you the whole amount so you can pay it off, get the pink slip then transfer it to them. Personally if someone approached me with that idea I would walk away so fast. 

Can I ask you why you want to sell/repo it already?

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Thanks for responding, I won't go into detail but my spouse isn't happy about it and all I can say is that it's been very uncomfortable for the past few weeks. It's sort of a get rid of the car or else situation. From the looks of things it's not likely that I can get rid of it so "or else" seems to be inevitable. 

Thanks again

[ojefferyo]

Sorry to hear especailly when you're trying to rebuild. Hopefully you won't have to do a volunteer repo. In their eyes a repo is a repo and shows up as that.

[DrJim]

Check with the dealership and see if they will "unwind" the deal.  It may cost you something, and they might not be willing to do it, but it never hurts to ask.

[Anonymous]

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@DrJim wrote:

Check with the dealership and see if they will "unwind" the deal.  It may cost you something, and they might not be willing to do it, but it never hurts to ask.

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I'll contact the salesman. 

Thanks

[Anonymous]

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@DrJim wrote:

Check with the dealership and see if they will "unwind" the deal.  It may cost you something, and they might not be willing to do it, but it never hurts to ask.

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Do you think I'd have a chance at trading it in for a used vehicle? I originally wanted a used vehicle but was talked into a new one, naturally. 

[1GaDawg85]

You can trade it in...

[Anonymous]

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@1GaDawg85 wrote:

You can trade it in...

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Thanks! I'm formulating an email to the salesman now.

[Anonymous]

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@Anonymous wrote:

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@1GaDawg85 wrote:

You can trade it in...

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Thanks! I'm formulating an email to the salesman now.

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I wish you the best but know going into this you are in a financially bad position.  Even if you can trade it in you are going to lose a ton of money on it.  If you didn't put a lot of money down on the initial purchase all that depreciation will be added to the cost of the used vehicle so I'm not sure you're going to end up in a better position.  The absolute worst time to try to trade a new car in is a month after you purchased it. Is your spouse's problem with the purchase about it being a Kia or the price?