Losing Truck Without Losing My Shirt
January 4, 2010 9:44 PM Subscribe
Have: 2007 Toyota Tacoma pickup, $7000 in payments to go, good credit, and practically nothing in the bank. Need: $4000 in cash, something to drive, and good credit to remain intact. What's my best course of action?
posted by anonymous to work & money (12 answers total)
Now that my wife and I are divorcing, her mother is calling in the $4000 loan she gave us to put down on my truck. Under my particular circumstances, I'm on the hook for the entire amount, and repaying the loan in installments is not an option.
I'm fine with selling the truck to repay mom-in-law, but I need something to drive (job requires it), and I still owe about $7k in truck payments. The Kelley value on the truck is about $11,000, though I suspect that's a little high for the market in my area.
I'm not terribly savvy about these matters, so... sell to a private party? Try to get a dealer to work with me? Some other arrangement? I'd like to maximize the amount I get to spend on a new vehicle, and minimize the degree to which a dealer can take me for a ride (har har). I'd also like to avoid any arrangements with the bank that will harm my credit or jeopardize my getting a new loan. Your ideas?