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Old 11-07-2013, 07:08 PM   #1
Photog1
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Default Have had the car one week, now I might have to sell it

Preface: Ordered car Aug 10. Got VIN October 10 with a Nov 7th delivery date.
I got a call from the dealer last Tuesday saying car had came in early (now I am wishing it hadn't). So I rush around get loan papers signed and taken care of(5 yr with also $6.5 k down). Then brought the car home Halloween evening. So happy!

Now one week later today I am told company is shutting down operations sometime next year(could be Feb could be Dec) and moving it to another place. This was totally unexpected. Some people will have jobs at the new place others will not. No decisions on who at this time or when it will take place. I am in panic mode. One reason cause of uncertain future another reason is because I now have a 5 year car loan. I wish the car had come in later this week like scheduled then I could have just cancelled my order

The panic part of me is to sell it fast and get out from under the car loan to start saving any money possible to plan for the worst. The other part of me is telling me to wait a couple months for some more information.
Heck the car only has like 40 some miles on it. Though right now I am afraid to drive it for fear of something happening to it. I still have my old car. Thankfully I decided not to trade it in. It has over 125000 on it but still runs good.

The other thing is I have never sold a car that has a car loan on it still and I have no idea how difficult it is to do that?? Has anyone done that before?
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Old 11-07-2013, 07:15 PM   #2
Navendra94
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Ouch man... Sorry to hear that
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Old 11-07-2013, 07:17 PM   #3
Turd Nugget
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Think of it this way...you have lots of time to find another job. I wouldnt wait around to see if they will keep you, its too much time lost in searching for another. I wouldnt go into panic mode but I can understand where your coming from, I stress out bigtime over any loan I have even though I have a bad ass job. I waited until I could pay cash to buy a new STi for that reason, I even bought my first house in cash just because I couldnt fathom the idea of being tied down to a loan and "working for the man".
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Old 11-07-2013, 07:22 PM   #4
Duboval
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Best thing to do is have your potential buyer get a loan for the amount owed and pay it off. The bank can forward the title info to the new lender. They could also apply at the bank that carries your note and take it over.
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Old 11-07-2013, 07:24 PM   #5
craze191st
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Quote:
Originally Posted by Turd Nugget View Post
Think of it this way...you have lots of time to find another job. I wouldnt wait around to see if they will keep you, its too much time lost in searching for another. I wouldnt go into panic mode but I can understand where your coming from, I stress out bigtime over any loan I have even though I have a bad ass job. I waited until I could pay cash to buy a new STi for that reason, I even bought my first house in cash just because I couldnt fathom the idea of being tied down to a loan and "working for the man".
Impressive! But yea, I wouldn't panic just yet, but I'd be searching for something new now...like a mad man probably. I'm really sorry to hear that, just goes to show just how uncertain life is, hope everything works out.
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Old 11-07-2013, 07:35 PM   #6
Photog1
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Quote:
Originally Posted by Turd Nugget View Post
Think of it this way...you have lots of time to find another job. I wouldnt wait around to see if they will keep you, its too much time lost in searching for another. I wouldnt go into panic mode but I can understand where your coming from, I stress out bigtime over any loan I have even though I have a bad ass job. I waited until I could pay cash to buy a new STi for that reason, I even bought my first house in cash just because I couldnt fathom the idea of being tied down to a loan and "working for the man".
At this point in my life I am too old to find something else I think (50's) and too much time invested with this company plus all the medical benefits currently have.
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Old 11-07-2013, 07:36 PM   #7
Photog1
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Quote:
Originally Posted by Duboval View Post
Best thing to do is have your potential buyer get a loan for the amount owed and pay it off. The bank can forward the title info to the new lender. They could also apply at the bank that carries your note and take it over.
Well seeing as I had also put down 6k I would prob ask for more than what is just due to the loan to try and recoup some of that back.
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Old 11-07-2013, 07:39 PM   #8
SoapBox
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Lucky for you, supplies are very limited, and no more orders are being taken. You could potentially find a buyer for it for right about what you paid.
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Old 11-07-2013, 07:49 PM   #9
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i feel sorry for you, others should take note from this and always keep some money in the bank and not live paycheck to paycheck

in my line of work (freelance), i have learned to always have at least 6 months in the bank...no possession is worth the anxiety and stress


my thoughts are you could ride out and see what happens,...hit the job search hard

and/or...sell the car (talk to the dealer and your bank if local),...take a $2500 hit, tuck your tail and find a beater (an older truck will keep it's value better for when you resell)

good luck
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Old 11-07-2013, 08:09 PM   #10
Thunderpaw
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Sell it now. Buy another later.
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Old 11-07-2013, 08:21 PM   #11
J_mythsuby
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Depending on your area (No profile info filled out), you could always take it to a Carmax and see what they offer you for it. I had to go that route when I had to get rid of a car that I owed more than it was worth (for other people to repair) and carmax offered me just shy of my loan, which I took the hit and paid myself.

A brand new subaru with less than 100 miles on it shouldn't be too difficult to move, even with a lien on it. Best of luck OP!
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Old 11-07-2013, 08:25 PM   #12
Turd Nugget
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Quote:
Originally Posted by SoapBox View Post
Lucky for you, supplies are very limited, and no more orders are being taken. You could potentially find a buyer for it for right about what you paid.
I was thinking the opposite, I know wrx's/sti's seem to hold their value incredibly well, although I feel (at least in my mind) if I'm buying a car like that, unless I could get it for 3-4k less than I could go out and buy a new one for, I'd just buy a brand new, original titled car. I just picked up my STi a few weeks ago and was looking at a few very low mile used ones but the asking prices were literally only 2-2.5k less than a spanking new one I could buy from a dealer with no hasstles of dealing with getting a title cleared from someone elses lending company. It was an easy decision for me to just buy a new one. WRX/STi's are not "rare" I can gaurentee you I could walk into my local dealer and have a brand new one there within a few days.

Edit: Maybe its just my location, but there seems to be new 13/14' WRX/STi's sitting on every subaru dealers lot, and the dealer I bought mine from pulled up a list on his computer with a bunch more, I could have got just about any color/options I wanted within a day or two that were sitting at other dealers in the area.
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Old 11-07-2013, 08:38 PM   #13
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Quote:
Originally Posted by Photog1 View Post
At this point in my life I am too old to find something else I think (50's) and too much time invested with this company plus all the medical benefits currently have.
I wouldnt say that, or at least wouldnt shy away from looking. Who knows you might find something you wish you would have done 20 years ago and love it. About a year ago I took a leap of faith and left a great paying, stable job in the community I eventually want to go back to in order to take another position. Lets just say I'm glad I did, it changed my career outlook big time. I would never say its too late. I didnt have as much time as you invested in my previous employer (only 7 years) but I lost 3 weeks of vacation and the health benefits here are not quite as good but I would do it again in a second.

I understand what you are thinking though, now adays companies love to get rid of high timers and fill their seat with some zit faced kid they can pay half as much, the problem is the young punks would love to take that job making half as much as you. The feeling has got to be pretty bad, I feel for you. I'd get my resume polished up if I was you, from what it sounds like you might not have a say in the matter anyway in a few monts so you might as well be ahead of the game, good luck.
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Old 11-07-2013, 08:47 PM   #14
Synchromesh123
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Quote:
Originally Posted by Turd Nugget View Post
Think of it this way...you have lots of time to find another job. I wouldnt wait around to see if they will keep you, its too much time lost in searching for another. I wouldnt go into panic mode but I can understand where your coming from, I stress out bigtime over any loan I have even though I have a bad ass job. I waited until I could pay cash to buy a new STi for that reason, I even bought my first house in cash just because I couldnt fathom the idea of being tied down to a loan and "working for the man".
While I agree with you that paying cash is always the best I'm kind of curious, how did you pay cash for your house? Because where I live now (CA) and where I lived before (MA) it'd take you literally years if not DECADES to save up cash to pay for any house in any decent area providing you have a regular 9-5 job.
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Old 11-07-2013, 08:48 PM   #15
aerosaaber
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OP where are you and what are the specs on the car. A friend of mine has been wanting to get a new wrx...
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Old 11-07-2013, 08:53 PM   #16
Zitro
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WRX's hold their value pretty well....I'm only on the 3rd car payment on my '13, and the value of my car is already more than what I owe on it, so I can sell it and break even if I wanted to. The gap will only grow as I make more payments.

I'd probably search for other job opportunities while seeing if you can find out more info on your potential to remain with the company after the changes. Don't go into panic mode and sell the car just yet!
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Old 11-07-2013, 09:14 PM   #17
Addictedhealer
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Another reason I don't believe in buying a brand new car. For the amount of money you lost rolling off the lot you could have made a few year older wrx or sti as nice and as fast. On average a car loses 11% of its value the second you drive it off the lot. Granted wrx and sti tend to do better. I wish I could buy a brand spanking new sti because I probably would if I had 50% down.

Best of luck to you and yours. I hate see you sell it since you worked so hard for it. This happened to my brother, he bought a brand new 2012 5.0 mustang and his wife lost her job. He is still sad about it to this day because he had to sell the love of his life. Hang on if you can. Do what you can to keep it because lord knows you wan't to.
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Old 11-07-2013, 09:43 PM   #18
Photog1
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Quote:
Originally Posted by Turd Nugget View Post
I was thinking the opposite, I know wrx's/sti's seem to hold their value incredibly well, although I feel (at least in my mind) if I'm buying a car like that, unless I could get it for 3-4k less than I could go out and buy a new one for, I'd just buy a brand new, original titled car. I just picked up my STi a few weeks ago and was looking at a few very low mile used ones but the asking prices were literally only 2-2.5k less than a spanking new one I could buy from a dealer with no hasstles of dealing with getting a title cleared from someone elses lending company. It was an easy decision for me to just buy a new one. WRX/STi's are not "rare" I can gaurentee you I could walk into my local dealer and have a brand new one there within a few days.

Edit: Maybe its just my location, but there seems to be new 13/14' WRX/STi's sitting on every subaru dealers lot, and the dealer I bought mine from pulled up a list on his computer with a bunch more, I could have got just about any color/options I wanted within a day or two that were sitting at other dealers in the areap
Around here in NE Ohio I see the cars disappear from incoming inventories and usually don't sit on the lot long. Most I see on a lot is 2.
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Old 11-07-2013, 09:45 PM   #19
Photog1
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Quote:
Originally Posted by Addictedhealer View Post
Another reason I don't believe in buying a brand new car. For the amount of money you lost rolling off the lot you could have made a few year older wrx or sti as nice and as fast. On average a car loses 11% of its value the second you drive it off the lot. Granted wrx and sti tend to do better. I wish I could buy a brand spanking new sti because I probably would if I had 50% down.

Best of luck to you and yours. I hate see you sell it since you worked so hard for it. This happened to my brother, he bought a brand new 2012 5.0 mustang and his wife lost her job. He is still sad about it to this day because he had to sell the love of his life. Hang on if you can. Do what you can to keep it because lord knows you wan't to.
I looked for used, nothing really in the way of hatches or hadn't been modded.
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Old 11-07-2013, 09:46 PM   #20
550_Cord
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Wait to find out whats going on with your job before you make any hasty decisions.
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Old 11-07-2013, 09:48 PM   #21
Teedub21
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Dude, step back from the ledge and take a deep breath. You aren't sure you're being let go, you have time to find another job, and its just a car loan. Whats the payment, $400-$500? Not a big deal, you can handle it. Why panic and lose your ass? Repeat after me, "it will all work out, it will all work out, it will all work out".
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Old 11-07-2013, 10:10 PM   #22
Chaz2.5
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If you do sell, it's not too difficult with a current loan on it. All the buyer would have to do is get a loan for the agreed selling price, and have the payment made to the bank which holds the loan/car title. If it's more than what is owed, the bank will either give you a check for the difference or deposit it into your bank account. Hope everything works out for you man!
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Old 11-07-2013, 11:00 PM   #23
Photog1
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Everyone here has posted some good helpful suggestions and help. Will give me lots to think about. Though like a poster mentioned above I need to step back for a moment and breath. I was getting into a mode where I wanted to make a decision right this instant and was stressing big on what to do. I need to step back and not get all panicky and force a decision. I can spend a week or two weighing things and hopefully dust will settle and more info can be had. In meantime I will take the car on short jaunts to at least get it broken in.
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Old 11-08-2013, 07:26 AM   #24
Jack
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You still have the old car that you could sell. At 50, you're still in good shape to get a job (I changed jobs a year and a half ago and am in your age group and have had several companies chasing after me to jump ship to them). But if this is just giving you too much anxiety, maybe go to the dealer and tell them you situation and see what they would give you for the car. I once sold a Wrangler to a Jeep dealer. They gave me $500 off my craigslist asking price, which I would have been more than happy to take from a craigslist buyer.

I do agree that you want to start looking for another job now. Build yourself a safety net. Good luck.
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Old 11-08-2013, 07:45 AM   #25
drewhumphrey
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Start looking for a new job. Maybe you will have to sell it and take a loss...but I/we are not aware of your financial situation. Better to secure a new job than role the dice on your current one.
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