Quote:
RocketJohn previously said:
are you sure you meant to type 84 month loan and not 48 month?
Truck looks to be worth about $27-28k... with 4,000 miles on it... hopefully your real payoff is close to something like that...
but you really need to find out and name a price b/c payment amounts and very long 7 year terms aren't going to get people around here, excited about assuming such an expensive long term obligation...
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The thing to remember is that my term and my payoff aren't going to be exactly what the new owner will be paying. The FJ has to be refinanced in the new owners name and the contract redone at their credit rating. The credit union is going to consider my FJ as a new vehicle, and offering the new owner a starting APR of only 6.99%. That's a huge benefit to the new owner. The original Factory Warranty is also transferred over. That's how "taking over payments" works. I have 7.9% APR with zero money down, and chose the long term to keep my payments as low as possible. The new owner can get lower payments than me if they get a lower APR approval rating, and can select the term they want up to 84 months like me if they choose. They can also choose to put money down to keep things lower as well.
My payoff at the end of April will be about $32,000...The Edmunds True Market Value lists my rig at exactly $28,554 as is with this many miles configured with the options mine has. California state sales tax comes out to $2,355 at that price. Tack on the dealer destination charges of $685 that I had to have added into my contract as well as the license, registration and dealer prep fees and the price of my FJ is right where the current market MSRP & said options and fees would be if you were to get it used from a dealership. My current payoff just so happens to be right about this figure. My credit Union already advised me that the new owner doesn't have to pay these fees again as they are already in the contract and simply transfered into their name once approved to take over liability and ownership.
As far as the cost goes; If you were to buy my FJ new at a dealership, they would likely have it listed at $27,000 and up. We all know that it's like pulling teeth to get one lower than MSRP and that dealers regularly have mark-ups. In fact, there are a lot of members here on the boards who paid over MSRP to get the rig they wanted (new or used). Even being used, they would resell my rig at 26-27 thousand I guarantee it. Then as is always the case, they will re-add the cost of the options packages, those destination, license & registration, document and prep fees and bang you're right where I am now all over again.
Anyone interested in my FJ will be at an advantage because they can get the color and options they want without having to visit dealerships and endure being four squared and haggled with to get it. Also, unlike a used dealership vehicle, my FJ is considered new by my credit union, so the original factory warranty is transferred and you can qualify for a new car APR. A used Toyota like any used vehicle would carry a much higher APR starting point and only has the certified used warranty. My FJ also comes with the piece of mind that it had the factory safety film over it and had yet to be PDI'd when I test drove it with only 2 miles on it. I'm the only person to own and ever operate my rig and it has never been off roaded. Buy a used vehicle or dealership demo and you have no idea who and how many have driven it and to what extent.
Check out this used listing for example.
http://www.cars.com/go/search/detail...eadExists=true It's an '07 with the now obsolete popular equipment package, and BFG All-Terrains and the TRD wheels. This listing price doesn't include taxes and fees. When the buyer pays them, it will cost more than my current payoff amount.
I can't afford to give away my FJ for a song, but no one will be paying more than what the current market says it's worth and total cost the average dealership would charge you. Oh and like any dealership I'm also going to detail it myself inside and out, top to bottom, and have a full tank in it as well
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I'm sorry for getting off on a tangent here, and RocketJohn it's in no way directed at you or was it typed out in any mean spirited manner whatsoever. I just feel like I had to explain my situation a lot better and your post was the perfect intro to what I needed to say so I quoted you
And I thank you for being awesome and putting your inquiry here on the boards. I only wish those others who chose to flame my personal email box would have done the same.
08 Sandstorm, CQ, OF, C7, CF
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