banky

hello fellow scionists, ive decided to sell my car after just two months of owning it. =/

just to get a few things out of the way before a possible flame, my reasons for selling are none to do with the car or anything to do with scion, just personal preference. i am also a college student and ive realized that i dont want to be tied down to a new car just yet. i plan on just purchasing an older car. seems like ive commited a mistake common to college students (or just teenagers my age).

anyway, i am being financed right now through a credit union and i wanted to know if anything has any experience with "taking over payments" thats how im going to basically advertise the selling of my car.

any comments or advice would be greatly appreciated. thanks in advance.

banky

Milhamscion

try www.swapalease.com

I dont know how well it works, but I bet it's worth a shot. Good luck.

StraitR

Sorry to see you sell your tC. My advise is to call the credit union and ask them directly. That way you know exactly what your up against and don't end up wasting time and energy on something that won't work due to contractual reasons i.e. people that don't qualify and people that do... Good luck..

PMDJoe

If you are in a lease, you can try leasetrader.com

But if you financed it (bought it) - There really isn't a way you can just have someone "take over" payments. You have to sell them the car at an agreed upon price. They likely would have to finance the car themselves and give you a check. They would have to agree to pay you what you owe on the car loan in order for you to get out from under it free and clear. If you put down a large down payment and are willing to sell it below sticker cost, then you shouldn't have too much trouble. If you financed everything (like I did) then you probably owe more than sticker (fees, taxes, title work, interest, etc.) and are likely going to be stuck with it for a while. Let us know how it turns out... and good luck.

banky

well, i just got off the phone with my bank right now, and i am really pleased. they said the potential buyer just has to call a branch and apply for the loan amount equal to my pay off amount and if they're apporved, just tell them that the loan is for a car being financed through the same bank and thats basically it.

anyway, if anyone is interested in a Super White tC (stock with no options) in the miami area, let me know! hehe

2eZee

Indeed. if u financed with a small deposit,
you are going to have to have someone buy it at a fair price AND give more money to your credit union to cover the hole you are in on it.

I would say you need to price it a thousand below retail, but do what u want : )

Fitty2005

Selling your car is going to suck, i understand the reason behind it, but i suggest you start saving for the balance left over....

I use to work at a credit union trying to sell repo and other CRAP !! Its tough to sell used cars... at auction your lucky now days to come with in a couple thousand of what NADA says its worth ..

I wish you the best of luck selling your TC...
Hopefully somebody will give you what you need...

banky

thanks for all the replies! actually, i have a few people at my job already whom ive spoke to that are willing to just take over payments from me as is...

Ivben_Blown

I haven't looked into it for a while but it used to be that the "take over payment" thing didn't fully release you from the liability of the note. The originator of the note becomes basically a co-signer for the new "owner" of the note. Again, I haven't looked into it for a while but you might want to check with lender/leaseholder will let you completely off the note.

2eZee

thats a great deal for you if you havent "spent" more than 1,500 to 2,000 by the time its all said and done.

consider it a learning experience to not pay taxes, fees and get options on a car you dont really want to own long term. gl

banky

actually, ive never looked into it before, but today was the first day i spoke to my bank about it, and it seems that if the buyer gets approved with them then its a direct switch over. with the names and everything. i wont have anything to do with the car once the other buyer "takes over my payments"

f1nch

im in the same situation bro so i know how u feel....only thing is i out 5 G's down so i'd be losing that 5G's plus tax/options etc. etc. ...i'd be down 7k best case scenario.. i can afford to pay for it now but im working at a job where i can afford it and when i go back to college im gonna be foocked!...so yea.. i'd rather not ____ away 7 thousand dollars so im gonna have to save up insurance for the next 2 yrs...(4k a yr x 2 = 8k) and that will cover my ___ so im stuck working on a boat for 2 weeks at a time for the next 8-10 months..... :twisted: grrrrr....!!

fearturtle44

You could send an e-mail to CyberGyspy to see if he/she wants to buy.

Kevin

zac

Hey bro sad to hear that you gotta sell your car but at least your smart enough to admit your situation you can always get another one!
just stay in school, good luck

udai

Heh makes me wonder if i should get the TC or just a used car until i get outa college :\

banky

ahh, yeah if i were you i would probably end up keeping the car instead of losing 7k.. i only put 2500 down so i mean whatever im taking a hit but not so bad.

udai: well the thing is i can afford it, but with my current job, im really tight with it. i dont like being so tight financially, i like to have more a headroom so to say..

well my friend from work is coming with me to the credit union who financed me to see if he can get approved for the loan and if he does, hes just gonna take over from there.. at the same time though im going to end up asking for a 7 thousand dollar loan for a used car.. still shopping around.

thanks for all the feedback

udai

Same thing with me man, im getting a job soon that pays 9.75$ an hour (not that great) but its enough to pay for the tc or w/e. I want to be sure that if i run into any snags in the future that im still able to keep up with my payments. I guess you always have to prepare for the worst..
anyways gl with the sale.