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post #1 of 10 (permalink) Old 05-19-2008, 10:07 PM Thread Starter
 
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Selling Truck, Need Advice

The time has come for me to sell my truck. It is to tall to load dirtbikes in.

I have had this truck only about 2 months and roughly owe 19K on it. I figure selling it I could get around 15K for it. But the loan/title is obviously in the banks name. How do I sell the truck/trade it in and not pay the remaining balance at once? Anybody done this before?
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post #2 of 10 (permalink) Old 05-19-2008, 10:46 PM
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Buy a low hauler trailer and your problems are over.
For the hit you are about to take, your trailer will be free...
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post #3 of 10 (permalink) Old 05-20-2008, 01:53 AM
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You can "roll over" the existing loan into a new one if you trade/purchase another truck, but I'm sure you know that you are "upside down" on the purchase. Don't mean to rain on your parade, but KBB.com shows a Private Party book value of about $10-12K for a '99 F350.

I'd look for an inexpensive trailer for the bikes.

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post #4 of 10 (permalink) Old 05-20-2008, 12:48 PM
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Originally Posted by ViperJ View Post
The time has come for me to sell my truck. It is to tall to load dirtbikes in.

I have had this truck only about 2 months and roughly owe 19K on it. I figure selling it I could get around 15K for it. But the loan/title is obviously in the banks name. How do I sell the truck/trade it in and not pay the remaining balance at once? Anybody done this before?
Take the lift off, and get some decent sized tires.

You'll take a lot of stress off the drive train, increase your fuel economy, and make so you can get the bikes in the back. You might even be able to sell the lift components.

In today's economy with fuel prices like they are, a lifted truck is a real liability. Looks cool, but god, you sure pay for it.

OMC

Feb 03 6.0 Silver F-250 SD SC XLT long box, 6-spd 3.73ls, Fx4, Stock, Spray-in liner, Contico box.HARPOONED.
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post #5 of 10 (permalink) Old 05-20-2008, 01:10 PM
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Originally Posted by ViperJ View Post
The time has come for me to sell my truck. It is to tall to load dirtbikes in.

I have had this truck only about 2 months and roughly owe 19K on it. I figure selling it I could get around 15K for it. But the loan/title is obviously in the banks name. How do I sell the truck/trade it in and not pay the remaining balance at once? Anybody done this before?
I have never known a bank to release the title until they are paid in full. If you are dead set on selling you will have to go and see if they will finance the remaining balance unsecured or get it from another source. If you have good credit it is pretty easy to get a 4k loan. That is a pretty big hit for two months of ownership. I would try to find some way to make it work for you without selling.
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post #6 of 10 (permalink) Old 05-20-2008, 01:43 PM Thread Starter
 
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Dirtbikes are part of the reason i am selling the other is that I owe another 20K on my corvette. So I want to get rid of the truck and buy a cheap old toyota truck for dirtbiking.
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post #7 of 10 (permalink) Old 05-20-2008, 07:12 PM
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You could try advertising the truck and line up a buyer for it. They get a loan for it or write a check to your bank, and you make up the difference it the amount is less than you owe.

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post #8 of 10 (permalink) Old 05-20-2008, 10:50 PM
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If your loan is through a small bank or a credit union you can go in to see the president and explain that they have a PARTIALLY secured loan (truck is not worth the face value of the loan) and ask them to give you a loan on the balance the truck doesn't bring when you sell it as they would be no worse off than they are now. If it is through a big bank you will have to get a personal loan for the difference........

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2003 F250 CC 4x4 6.0 HEADACHE! Traded before it blew!
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94 F250 4X4 IDI Turbo 7.3 5 spd 160K when sold
95 F250 S/C 4x4 PSD 5 spd with 146K when sold
00 F250 C/C 4X4 PSD 6 Spd with 126K when sold (180K now)
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post #9 of 10 (permalink) Old 05-21-2008, 03:09 PM
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To cover the difference between the selling price and what you owe, you will either have to ask the bank to give you an unsecured loan, which will have a higher rate of interest, or if you have anything of value, you may be able to put it up for collateral to get a lower rate of interest.

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post #10 of 10 (permalink) Old 05-22-2008, 09:41 AM
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Originally Posted by DonWarkentin View Post
To cover the difference between the selling price and what you owe, you will either have to ask the bank to give you an unsecured loan, which will have a higher rate of interest, or if you have anything of value, you may be able to put it up for collateral to get a lower rate of interest.


This is where the banks get stupid. They already have an unsecured loan so you would think they would just re figure the balance and adjust the payment. Damn it's nice to pay cash and not deal with this kind of garbage!! Paying myself a payment right now to a money market account and when their is enough in there i will write a check!!

11 F250 S/C 4x4 6.2 V8
10 Expedition 4x4 5.4 3 valve.

Former trucks:
95 F350 CC PSD 5SPD Gear Vendors O/D 4x4
2003 F250 CC 4x4 6.0 HEADACHE! Traded before it blew!
89 F250 2wd 7.3 5spd with 256K when sold
94 F250 4X4 IDI Turbo 7.3 5 spd 160K when sold
95 F250 S/C 4x4 PSD 5 spd with 146K when sold
00 F250 C/C 4X4 PSD 6 Spd with 126K when sold (180K now)
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