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I have a 2005 GMC sierra reg cab short box, 5.3/4L60E, 121k miles, dropped 2" in the back to level, blackbear tuned.
Now, here's the concern that leads to the questions. I'm broke. I'm out of money, and my truck is the last thing that I can sell/get rid of.
KBB says it's worth about $9400 right now. I owe just over $5k. As you can see, I have some respectable overhead. Even if I let it go for 8500, I still get about 3k out of the deal. Problem is that I don't want to sell my truck
I was thinking of trying to get the truck "refinanced" if you will. My title is at a credit union 2 hours away from me (I moved, and they don't have a branch up here). So even if I want to sell it, it's going to be a pain in the ass to get the buyer the title.
Now, I was thinking that I could perhaps go to a bank or other credit union, and get them to give me an auto loan for the amount owed and transfer the title into their name. Firstly I don't even know if they do that, so please let me know if they don't.
While I'm doing this, is it at all possible to instead of take out a 5k auto loan, take out an 8 or 9k loan, since it's worth about that much? Would this be a horrible idea?
Basically I'm trying to get that 2-3k of "equity" that I have in the truck out so that I can use it for other things. Right now the only way I see of doing this is to sell the truck and then go buy another vehicle and get similar payments so that month-to-month, there's no difference.
What are your ideas on this? Am I mentally handicapped?
Sounds to me like you are just going to burden yourself with more debt. If you are that broke i'd say you have to accept the fact that you cant afford to own that truck at the moment,I'd sell it and with the money left over buy a used Toyota Corolla type car until your financial situation improves..
The only way a bank will let you pull equity out of your truck if you refinance is if you need the money for repairs to the truck. And a bank that you don't currently have a relationship with is probably not going to do it anyway.
You might be able to refi at a longer term, which will lower your payment and free up a little cash on a monthly basis.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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The bank is not going to lend more than you owe, it's not a house.
The best you can do is to get a new loan for the balance stretched out as far as you can for the lower monthly payment. I agree with selling it and buying an economical beater for cash until your situation improves, or even taking the bus.
I can AFFORD it, but we're breaking even and I wanted to use the money to pay off an old bill that's about to bite pretty hard.
I figured it was best to probably just leave it for repairs that I might need.
I'm frightful of buying a cheap beater because of two reasons....first, they're not cheap anymore, and second, I'm buying someone else's problem at that point. What if the engine dies? What if the trans goes? What if the diff explodes? I would have no money and no tools/equipment to fix it.
I guess I'll just keep doing what I'm doing for now. Either that or sell it out-right, and get something with a similar payment (probably a car of some sort).
I'm frightful of buying a cheap beater because of two reasons....first, they're not cheap anymore, and second, I'm buying someone else's problem at that point. What if the engine dies? What if the trans goes? What if the diff explodes? I would have no money and no tools/equipment to fix it.
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First off beater is a misnomer as many used cars have been well cared for with all maintenance done,i've bought cars for under $1000 and ran them for a year or two with just minor problems., second if the car does need a repair or two just think of those truck payments you arent making any more and just call any repairs an extra truck payment..
Browse your local Craigslist..
First off beater is a misnomer as many used cars have been well cared for with all maintenance done,i've bought cars for under $1000 and ran them for a year or two with just minor problems., second if the car does need a repair or two just think of those truck payments you arent making any more and just call any repairs an extra truck payment..
Relieving myself of $320ish per month won't cover the cost of an engine or trans replacement, or even labor on an A/C replacement or something more simple
I'm trying to let you know that going further into debt isnt in your best interest. and having this idea only new vehicles are reliable is an expensive kind of logic, you make it sound like if you buy a used car you'll have to replace the engine every month... theres no reason you cant find a well maintained used car for under $3k and have it run reliably for the next 3 years needing only regular maintenance.Look for a honda or Toyota thats been well maintained and is a private seller..
You are asking for options,you may not like the ones i'm giving but in your financial situation you're going to have to make some compromises and going further in debt makes no sense to me..
Relieving myself of $320ish per month won't cover the cost of an engine or trans replacement, or even labor on an A/C replacement or something more simple
First of all, you're assuming that you'll have those problems on a monthly basis which is highly unlikely. Second of all, if you check the car out thoroughly you should be able to determine if there are any "major" issues on the horizon. The problems you are likely to have will more likely be minor things that might run $100-$200 and will pop up maybe 2-3 times a year.
That being said, you obviously want to keep your truck, so you should keep it. It's not really something you can rationalize, but that doesn't make it wrong.
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