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11-07-2013, 07:08 PM | #1 |
Scooby Newbie
Member#: 359201
Join Date: Jun 2013
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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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11-07-2013, 07:15 PM | #2 |
Scooby Specialist
Member#: 327495
Join Date: Jul 2012
Chapter/Region:
Tri-State
Location: Ozone Park, Queens, New York
Vehicle:2012 Impreza WRX 5DR Plasma Blue |
Ouch man... Sorry to hear that
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11-07-2013, 07:17 PM | #3 |
Scooby Newbie
Member#: 346017
Join Date: Feb 2013
Location: Southeast WI
Vehicle:2013 STi Wagon Satin White Pearl |
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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11-07-2013, 07:22 PM | #4 |
Scooby Newbie
Member#: 331617
Join Date: Sep 2012
Chapter/Region:
TXIC
Location: DFW
Vehicle:2012 wrx DGM |
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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11-07-2013, 07:24 PM | #5 | |
Scooby Newbie
Member#: 297642
Join Date: Oct 2011
Chapter/Region:
Tri-State
Vehicle:2011 STi PBP |
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11-07-2013, 07:35 PM | #6 | |
Scooby Newbie
Member#: 359201
Join Date: Jun 2013
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11-07-2013, 07:36 PM | #7 |
Scooby Newbie
Member#: 359201
Join Date: Jun 2013
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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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11-07-2013, 07:39 PM | #8 |
Scooby Guru
Member#: 204578
Join Date: Mar 2009
Location: I'll see myself out
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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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11-07-2013, 07:49 PM | #9 |
Scooby Specialist
Member#: 126587
Join Date: Sep 2006
Chapter/Region:
SCIC
Location: sunlandia
Vehicle:16 Silverado |
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 |
11-07-2013, 08:09 PM | #10 |
Scooby Specialist
Member#: 242205
Join Date: Mar 2010
Location: Dallas
Vehicle:2009 I don't know Dirt |
Sell it now. Buy another later.
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11-07-2013, 08:21 PM | #11 |
Scooby Specialist
Member#: 292113
Join Date: Aug 2011
Chapter/Region:
NWIC
Location: Humid Butthole
Vehicle:'15 cwp rex '12 DGM rex sold |
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! |
11-07-2013, 08:25 PM | #12 | |
Scooby Newbie
Member#: 346017
Join Date: Feb 2013
Location: Southeast WI
Vehicle:2013 STi Wagon Satin White Pearl |
Quote:
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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11-07-2013, 08:38 PM | #13 | |
Scooby Newbie
Member#: 346017
Join Date: Feb 2013
Location: Southeast WI
Vehicle:2013 STi Wagon Satin White Pearl |
Quote:
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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11-07-2013, 08:47 PM | #14 | |
Scooby Newbie
Member#: 287293
Join Date: Jul 2011
Location: SF
Vehicle:2012 WRX Premium DGM |
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11-07-2013, 08:48 PM | #15 |
Scooby Specialist
Member#: 33850
Join Date: Mar 2003
Chapter/Region:
NESIC
Location: Pittsfield, MA
Vehicle:2006 WRX Wagon WRC Blue |
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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11-07-2013, 08:53 PM | #16 |
Scooby Newbie
Member#: 369247
Join Date: Sep 2013
Chapter/Region:
NWIC
Location: Seattle, WA
Vehicle:2013 WRX Hatch WRB |
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! |
11-07-2013, 09:14 PM | #17 |
Scooby Newbie
Member#: 372678
Join Date: Nov 2013
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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. |
11-07-2013, 09:43 PM | #18 | |
Scooby Newbie
Member#: 359201
Join Date: Jun 2013
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11-07-2013, 09:45 PM | #19 | |
Scooby Newbie
Member#: 359201
Join Date: Jun 2013
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11-07-2013, 09:46 PM | #20 |
Scooby Newbie
Member#: 362728
Join Date: Jul 2013
Chapter/Region:
MWSOC
Location: Missouri
Vehicle:2012 wrx hatch PBP |
Wait to find out whats going on with your job before you make any hasty decisions.
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11-07-2013, 09:48 PM | #21 |
Scooby Specialist
Member#: 333099
Join Date: Sep 2012
Chapter/Region:
NWIC
Location: Vancouver, WA
Vehicle:2013 WRX STi ISM |
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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11-07-2013, 10:10 PM | #22 |
Scooby Specialist
Member#: 168181
Join Date: Jan 2008
Chapter/Region:
TXIC
Location: El Paso TX, Klamath Falls OR
Vehicle:1999 EJ205 RS coupe |
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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11-07-2013, 11:00 PM | #23 |
Scooby Newbie
Member#: 359201
Join Date: Jun 2013
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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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11-08-2013, 07:26 AM | #24 |
Add Lightness
Moderator Member#: 13699
Join Date: Dec 2001
Chapter/Region:
NESIC
Location: Hopkinton, MA
Vehicle:2021 Building It Better |
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. |
11-08-2013, 07:45 AM | #25 |
Scooby Specialist
Member#: 352025
Join Date: Mar 2013
Chapter/Region:
South East
Location: Indiana
Vehicle:2014 XV Crosstrek SWP |
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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