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jenward74 previously said:
It sounds like you've had a tough time of it, 7red7, sure hope things start looking up for you and you get back on your feet soon.
As for the FJ deal, I would have to agree with the others that it would be easier and more enticing to a buyer if you just stated a price. Lets say you price it at $27,000 or whatever it's worth, and someone wants to pay that, so they secure their own financing wherever they want, and they just hand you check for the total amount. Couldn't you just take the check to the credit union and use it to pay off the FJ and get rid of the debt?
I've never taken over payments on something so I don't know how that works, just seems more complicated and costly in the long run.
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I really wish I could, however it's not actually a sale. When taking over payments, I'm in a sense giving the FJ to the new owner clean and clear. The new owner signs a refinanced contract based on what my payoff is, and then assumes ownership and liability. I in turn, will then sign a release of liability. That's it. No actual sale taking place, just accepting my contract as their own under new terms and a different payment amount.
If someone would like to take out a personal loan with another financial institution of their choosing (instead of going with the credit union the FJ is currently financed through), it would then turn into an actual purchase, and my payoff would be the selling price. I would have to call to get the current payoff, as it's computed per-diem. However, I can say for a fact that at the end of April, it will be just over $32,000. That said, if someone wants to finance it through someone else, then it would be a sale, and that would be the closest estimate I can give without actually calling in to get the payoff. Once the payoff is quoted, the credit union will honor it for 10 business days.
Hope this further helps to clarify my situation, and the type of transaction I'm relying on happening.
Thanks again to everyone and your well wishes. It was a scary day today. I was at the gas station and needed to fill up, and my credit card was denied (I'm over the limit because I've had to use it to get by the past two months). Thank God our bank allows me to overdraft or else my wife would have been left at work without a ride home, and me stuck at the gas station. My situation is very real, and this is exactly why I need to get rid of my FJ.
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