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Discussion Starter · #1 ·
All,

I have a 2001 GMC Sierra, and I want to trade it in on a 04 Titan SE.. My problem is that the truck appraised at 10,500 and I owe 17,600 on it.. I would really hate to roll over that much onto a new loan cause my payments would sky rocket ( I pay 396.00 / month now ) ANy adive on what I could do?
 

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joel98z said:
All,

I have a 2001 GMC Sierra, and I want to trade it in on a 04 Titan SE.. My problem is that the truck appraised at 10,500 and I owe 17,600 on it.. I would really hate to roll over that much onto a new loan cause my payments would sky rocket ( I pay 396.00 / month now ) ANy adive on what I could do?
Wow, you're really upside down. I personally wouldn't even consider another vehicle in that situation. Don't take this the wrong way, but it seems you're over your head and should work on that before digging a deeper hole.
 

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Who appraised your truck??

I got $6k from my dealer for my 1997 Chevy Silverado 2wd extended cab (clean and in good, but not great, shape) with 140k miles (a week ago) when I traded it in for my Titan. So the value on your sounds a little low . . .

What does KBB or Edmunds say the trade-in value is? My trade-in value was right between a trade-in value for "good" and "excellent" condition and I was satisfied with that. Maybe run the specs on the truck through one of those sites, take the print-out to whoever appraised your truck, show it to them and see what they have to say . . .
 

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Discussion Starter · #4 ·
bvstone1 said:
Wow, you're really upside down. I personally wouldn't even consider another vehicle in that situation. Don't take this the wrong way, but it seems you're over your head and should work on that before digging a deeper hole.

Yeah you are right.. Currently my truck has 50k on it no warranty. I have 4 years left on the note, and I hate making payments but have no warranty if I have to make major repairs...

I am pretty sure I will just have to keep it, just thought there might be some wise people who might no some ways out..
 

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Discussion Starter · #5 · (Edited)
Billin' Time said:
Who appraised your truck??

I got $6k from my dealer for my 1997 Chevy Silverado 2wd extended cab (clean and in good, but not great, shape) with 140k miles (a week ago) when I traded it in for my Titan. So the value on your sounds a little low . . .

What does KBB or Edmunds say the trade-in value is? My trade-in value was right between a trade-in value for "good" and "excellent" condition and I was satisfied with that. Maybe run the specs on the truck through one of those sites, take the print-out to whoever appraised your truck, show it to them and see what they have to say . . .
One minor detail I forgot to add was the truck got hail damage a couple years ago.. I think that is why it appraised so low...

Carmax did the appraisel
 

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joel98z said:
All,

I have a 2001 GMC Sierra, and I want to trade it in on a 04 Titan SE.. My problem is that the truck appraised at 10,500 and I owe 17,600 on it.. I would really hate to roll over that much onto a new loan cause my payments would sky rocket ( I pay 396.00 / month now ) ANy adive on what I could do?
EDIT:
(I wrote this message about the same time you wrote the one about the hail damage, so it might not help....)


When you say "appraised", I assume you mean trade in value? If it's reasonably loaded, it should have a much higher street value. You could try selling it outright. Even better, talk to your dealer about doing a "pass through" deal. This is where you sell the car, but the dealer does the actual transaction for you, for a fee ($3-500 or so), and then the sale counts as a trade-in. Aside from selling the car for a higher price, you also save a bundle in sales tax. The sales price of your "trade in" counts against the price of your new car, meaning you only pay sales tax on the difference.

You probably won't come out even, unless your sierra is pretty loaded. In that case, it might be worth close to what you owe on the loan. That negative equity thing sucks.

HS
 

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joel98z said:
One minor detail I forgot to add was the truck got hail damage a couple years ago.. I think that is why it appraised so low...

Carmax did the appraisel[/QUOTE
? How much did you get from the Ins. On this. I whould have dump the truck right then if the damage was bad! I might think about selling it on your own. you will get more for it in most cases. but I've have not seen your damage! :)
 

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Discussion Starter · #8 ·
Deepwater said:
joel98z said:
One minor detail I forgot to add was the truck got hail damage a couple years ago.. I think that is why it appraised so low...

Carmax did the appraisel[/QUOTE
? How much did you get from the Ins. On this. I whould have dump the truck right then if the damage was bad! I might think about selling it on your own. you will get more for it in most cases. but I've have not seen your damage! :)
It is pretty bad on the hood and roof... Unfoutanetly I made the dumb mistake of pocketing the insurance money... Mechanically the truck is sound..
 

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joel98z said:
It is pretty bad on the hood and roof... Unfoutanetly I made the dumb mistake of pocketing the insurance money... Mechanically the truck is sound..
Well then you didn't make out to bad then. You got some money for the damage! Try selling it out right and see what kind of offers you can get! You never know someone might want your truck for a work truck and not care about the damage. It never hurts to see what you can get! :)
 

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joel98z said:
One minor detail I forgot to add was the truck got hail damage a couple years ago.. I think that is why it appraised so low...

Carmax did the appraisel

Mine Chevy had some minor hail damage, too. Particularly on the roof and the hood. I know for sure that Carmax will notice something like that. However, my dealer walked around the truck once and didn't want to drive it or look under the hood. Had a big rock chip in the windshield, too.

I guess that I'm trying to say that it may be worth getting a second opinion, say from a dealer that thinks you'll buy a Titan from him.
 

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Your better off, selling the vech on your own getting the most for your truck and then getting into a Titan.

But if your that upside down I hate to say it but your screwed. Carmax apprasial are not really the best, If you have a car that is paid off and you need quick money then they are the way to go. Remember they are in the business of reselling those cars at a profit.

Again go online see how much it would be to purchase your car used now, what the average price it is going for. Check out preowned from GMC dealers and see what they are selling for. You may still be able to get out of the hole if you can get the most of out the current market for that truck.
 

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Discussion Starter · #12 · (Edited)
Thankx for the input guys.. Went to edminds.com and got the value. It was 15,500 in perfect condition.. I suspect it would cost a couple grand to get the hail damage fixed, so 13,500 would be a fair price for it.. THat still leaves me 4,000 in the hole.. Damn well I guess no Titan for me..

If Nissan was giving rebates maybe I could justify it a little more, but from what I have seen they are not budging on the price....

:crying:
 

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The way Carmax explained hail damage to me was that if more than 3 body panels would have to repaired/replaced then the car would most likely have to be wholesaled or auctioned off and that it would not go on their lot. Hence, this is probably the reason they will not give you much for it at all. This info came straight from the Carmax appraiser...for what it is worth.
 

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Discussion Starter · #14 ·
dman said:
The way Carmax explained hail damage to me was that if more than 3 body panels would have to repaired/replaced then the car would most likely have to be wholesaled or auctioned off and that it would not go on their lot. Hence, this is probably the reason they will not give you much for it at all. This info came straight from the Carmax appraiser...for what it is worth.
Yeah, I asked how much more they would give for it if I got it fixed and was told since we already know the truck has damage we would not give you any more $$ for it... That tells me it does not meet there standards and would not be put on the lot..

I sold a car to them a couple years ago, and they gave me an awesome deal!
 

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joel98z said:
I sold a car to them a couple years ago, and they gave me an awesome deal!
Same here...sold my Tundra to them. They gave me about 3k more than the dealer was willing to give. In fact, they gave me more than private party value...the amount I would expect to get if I were to sell it on my own.
 
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