finance help: Quick question, need advise! - Help.com

Quick question, need advise!

I am trying to cut back expenses. My husbands job gave him a company truck for permanant, therefore his truck is not being used and we want to get rid of it to save 600 dollars a month. We just want someone to take the notes up on it, we don’t want to make any money. We have it financed through our bank and not the dealership. My mother in law suggested that we just take it back to the dealership and tell them we can’t afford it and don’t want it anymore, that thats what her stepson did, and it didn’t harm him in anyway, he purchased a new truck later on with no problems. I mentioned it to my hubby and he said “Yes and when you do that and try to get a loan later on your interest rate will be outrageous.” We plan on building a in the next few years and really don’t want a high interest rate. Any ideas on this or any advise?

This closed post was written 9 months, 3 weeks ago | V/U/S: 155, 10, 1 | Edit Post | Report Post


Reciprocity (0) Reciprocation Failure -- The poster has NOT helped anyone else yet!

Since writing this post Nellie may have helped people, but has not within the last 4 days. Nellie is a verified member, has been around for 9 months, 3 weeks and has 4 posts and 237 replies to their name.

Post Tags (3)

Replies (10)

Where were you?

Click and drag to move the map around. FAQ: How we place people on this map »
You can also watch events on Help.com as they happen
Mouse over the map for 2 seconds to see an expanded, interactive view

Anonymous #
9 months, 3 weeks ago (7 minutes after post)

SALE it u dont want to keep it in your name right???
put it in the local paper that’ll be money, craigc list, EBAY - I LOVE EBAY!
get the 10 day pay off, and sell it for that!!!!
I would not take it back to the dealer - now people have to have GREAT credit- and that would not be good….

Quote this reply Report this reply to moderators
calemus offline Verified User (1 year) Long Term User Shouts: 2 #
An Unknown Location | 9 months, 3 weeks ago (8 minutes after post)

post it on autotrader .com, yahoo autos, ebay moters make sure all advertisements say take over payments

Quote this reply Report this reply to moderators
Help me with: post links like this
Anonymous #
9 months, 3 weeks ago (9 minutes after post)

network it if you took good care of it and your friends and family know that network…

Quote this reply Report this reply to moderators
Nellie offline Verified User (9 months, 3 weeks) Long Term User Shouts: 1 #
An Unknown Location | 9 months, 3 weeks ago (16 minutes after post)

It’s an 07, great shape, hubby has a couple of friends that say they want it, but just I wanted to get some other options incase that doesn’t go through.

Quote this reply Report this reply to moderators
Jules22871 offline Verified User (10 months, 4 weeks) Long Term User Shouts: 1 #
An Undisclosed Location | 9 months, 3 weeks ago (5 hours, 14 minutes after post)

You need to sell it and get the loan paid off. You don’t want someone to just take over payments in your name. What if they don’t pay? It is your credit that will be effected. Also, if you take it back to the dealership it will go on your credit as a voluntary repo which is just as bad as a regular repo and will greatly effect you later when you try to build. What you could try to do is talk to the dealership and see if they will try to sell it for you. You will still have to make any payments that come due while they are trying to sell it though.

Quote this reply Report this reply to moderators
Nellie offline Verified User (9 months, 3 weeks) Long Term User Shouts: 1 #
An Unknown Location | 9 months, 3 weeks ago (5 hours, 24 minutes after post)

Thanks Jules good idea!

What we were going to do with someone taking the notes up, was get a ten day payoff, give the buyer the amount and then have them finance under their name.

Have their bank pay our bank, and them owe theirs! “I think I confused myself” HA!

Is that how that way would work?

Quote this reply Report this reply to moderators
Jules22871 offline Verified User (10 months, 4 weeks) Long Term User Shouts: 1 #
An Undisclosed Location | 9 months, 3 weeks ago (5 hours, 32 minutes after post)

Yeah, that would work best. And just think, not only will you be losing that big payment but you won’t have to pay the insurance on it anymore either!

Quote this reply Report this reply to moderators
Nellie offline Verified User (9 months, 3 weeks) Long Term User Shouts: 1 #
An Unknown Location | 9 months, 3 weeks ago (5 hours, 36 minutes after post)

Exactly, really will be saving about 750 dollars! Thats the plan! Thanks Jules!

Quote this reply Report this reply to moderators
Jules22871 offline Verified User (10 months, 4 weeks) Long Term User Shouts: 1 #
An Undisclosed Location | 9 months, 3 weeks ago (5 hours, 41 minutes after post)

You’re very welcome~!

Quote this reply Report this reply to moderators

Nellie closed this post.

This post has been closed, no more replies. Thanks!

Invite Others to Help

Seeing as this post is closed, no invites are allowed.