Asking for advice
04-20-17, 08:10 PM
#16
Lexus Fanatic
I would agree that the situation is a $30,000 car financed with $500 monthly payments for a 6 year term.
What is the current balance on the loan? Do you need to replace this car with another car or can you just sell it and pay off the loan and make do with your other car?
Have you looked around to see what similar IS250s to yours are selling for privately? I agree that what you should be doing vs trying to trade it in. Advertise it on Craigslist, cars.com, autotrader.com etc. Be sure to be safe when showing it, and be sure you don't get scammed when you do get a buyer (you want certified funds, preferably a wire for the money (not an ACH, they can be reversed you want a wire).
Other options....you could refinance the car to a longer term to bring the payment down, but if you just bought it 6 months ago thats not going to make a huge difference.
What is the current balance on the loan? Do you need to replace this car with another car or can you just sell it and pay off the loan and make do with your other car?
Have you looked around to see what similar IS250s to yours are selling for privately? I agree that what you should be doing vs trying to trade it in. Advertise it on Craigslist, cars.com, autotrader.com etc. Be sure to be safe when showing it, and be sure you don't get scammed when you do get a buyer (you want certified funds, preferably a wire for the money (not an ACH, they can be reversed you want a wire).
Other options....you could refinance the car to a longer term to bring the payment down, but if you just bought it 6 months ago thats not going to make a huge difference.
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