I did it!

[Duhockey]

I convinced my wife that she should sell her 2006 Mitsubishi Outlander (in the interest of saving money, and getting rid of a 410$ car payment) and we should buy a 3rd gen 4runner,

She wants the blue grey one, the problem is that we owe about 2k more on it than the clean retail NADA value.

I have to work this one out... I gotta find a good 3rd gen with decent miles that is gonna drive nice for her, Automatic of course for about 5-6 grand and then add the 2,000$ rollover from the mitsubishi,

but I also dont think they give loans out for more than 100% of the vehicle, How do I work this??

you think its possible?? I gotta call my Credit Union, I gotta make this happen!

 

[FoneRunner]

You are awesome! Yes, it's possible and very smart...let me know if you need any help making it happen!

 

[denverunner]

It IS possible, that's the good news.

It might be difficult though. Financing outside of a dealership can present difficulties as the indy places (cred unions, your bank, etc) are hesitant to grant loans for used vehicles (in excess of the actual cost) that are over 4 years old OR under $5-$7k. That's not to say it can't or won't be done. I think your greatest asset will be your credit score.

If you find the 3rd gen you want at a dealer, they will CERTAINLY devise a way to roll over the excess......

Getting rid of a car payment is such a great feeling! :cheers:

good luck!

 

[ric]

take your time in looking for a 3rd gen. when I was looking, I could not find within 200 miles, that had less than 200K that was under $12K I looked everyday for almost a month.

The ones I did find, was TRASHED, right at or over 200K miles, and they wanted like $14 :flipoff: but Im more than happy with my 04 :banana:
They are out there, with decent miles, that aint trashed or been abused, under $10K Ive seen a couple after, I got the 04, lol

One thing to remember, buying a used vehicle thats older than 5 years, your going to have a hard time getting any warrenty, and you dont know what the previous owner(s) have or havent done. Its a gamble

 

[salvaged]

ill be the downer in this thread as much as i think the runner is a better idea then the mitsu ,this sounds like a horrible idea. Rolling 2k negative equity into a almost 10year old car that you are over paying for anyway from dealer by at least 2k just to get out of your current car.So now your at least 4k negative on what the actual value of the runner is. Plus your interest rate will be crazy on the runner loan since the truck is old. Financing a 10 year old car is never a good idea if you cant pay cash then move on.

alternate scenario for what its worth.

double up your mitsu payments get down to a normal number and sell it to carmax or privately. Save those mitsus payment s for a few months and put a hefty deposit down on a good used one

sorry good luck in whatever you choose to do

 

[Mr. Leary]

Go buy a Taco. What use do you have with 2 SUVs?

 

[durrell]

I recently did almost the same thing. I sold my 2005 Xterra and went out and bought a 98 4Runner. The credit union financed me at 4.75 percent for 48 months. The loan amount was 6000 bucks. My payment went down by 165 dollars. It IS possible, but what you should really do is see if you can find a dealer who has 2k of wiggle room in a 4Runner and strike a deal. I know on mine the asking price was 6900 and he immediately dropped to 5700, so I jumped on it.

In my case, the credit union was even more willing to work with me because I was making such a smart decision. Maybe yours will be, too. Good luck.

 

[Ron Helmuth]

your wife truly wants another 3rd gen?

Save up for a house first trust me on this-then you'll have the double garage to hold your tools you need to do your mods.

It's a better financial time to be buying a house than a 10 year old truck.

I would venture a guess your wife would actually prefer something with an automatic and a bit more zip- and less money- than another 3rd gen. You're a persuasive guy... but get on her good side with a nice Honda or Yota car that holds the car seats safely and so on...

I love the 3rd gens as much as any of you out there- but an 01 or 02 automatic is then going to be heavily modded-i.e. strawberry milkshake prevention and so on- and your perceived savings is quickly eaten up. I think you'll find the selection of affordable 4 door cars much more plentiful and the ability to roll the negative equity into a grocery getter much easier than another 3rd gen.

Looking out for you financial future and marital bliss all in one posting....:bluejump:

Now something like this might be fun....dang it totally impractical...

 

[jsmithjr732]

www.penfed.org

Best CU I've ever used. Says you need to be in the armed forces, but you can sign-up for a military family association for $20 or so and qualify.

Rates are the best I can find.

 

[Duhockey]

I recently did almost the same thing. I sold my 2005 Xterra and went out and bought a 98 4Runner. The credit union financed me at 4.75 percent for 48 months. The loan amount was 6000 bucks. My payment went down by 165 dollars. It IS possible, but what you should really do is see if you can find a dealer who has 2k of wiggle room in a 4Runner and strike a deal. I know on mine the asking price was 6900 and he immediately dropped to 5700, so I jumped on it.

In my case, the credit union was even more willing to work with me because I was making such a smart decision. Maybe yours will be, too. Good luck.

see and thats the thing, our interest rate on the 14,900 we owe on the Mitsu is at like 7.? something percent, and when I called the credit union they said they can get me low 5's again. so the diff between say a 5.5 percent on a 6-7,000 dollar loan and a 7.x on a 14,900 is huge.

I think we got it all worked out, will take a few weeks to get things in order/cleaned/set for sale on craigslist, I actually talked to the Mitsu Sales Manager about a buyback he couldnt give us enough for it, but was helpful and thinks I can get what I think I want for it retail on CL.

Ron, Yeah, neither of us likes cars and Lysa loves the 4runners too. she wouldnt want a car until the kid is old enough to get another convertible.
As far as housing, not a chance. Neither of us want a house right now. and I know alot of people think that the market is "perfect" for buying again, but Im not "sold" (LOL, catch the pun! :lmao: )

edit: oh, and the other thing, is that once we have the cash saved up after paying off debt, she wants a 4th gen 4runner, I will then take the 3rd gen shes been driving as my DD and then the Runner I have now will be strictly a trail rig!

 

[WrexHAmm]

I used to work for US Bank and I have two unsecured lines of credit that I am able to pull cash from. They are a tad difficult to get, I have a FICO score of around 803 so that helped me a lot. They allow me to pull money whenever I need to for around 5%. Not to shabby. Allow me to pick up my 01 with cash and without taking out a car loan. I can pay the minimum each month or as much as I feel like. Allows a lot of freedom!

I am also in the Denver area, actually like pretty close to DU. Keep you eyes on Craigslist for your Runner. I will keep mine out for you too. I found mine up in Longmont with 79K on the clock. I had to act super fast cause the guy had a list of people coming to look at it. If you have the patience you'll find one.

Hit me up sometime, I'd love to take a look at your rig. You have a lot of mods that I would be interested in looking at in person.

 

[danilomoran1]

I work for a Toyota dealer and you can't roll negative equity onto a unit that old. The bank won't finance something that old so on top you are adding an extra 2000. Your best bet is to sell it privately for at least your pay out or find a newer 4th gen cheap enough to roll the equity.

 

[durrell]

The bank doesn't have an age limit as long as the car is worth what you pay for it. My bank will do 110 percent of the value of the car. Since NADA value on a 98 4Runner was around 7k retail, they easily financed 6k.

 

[Duhockey]

I work for a Toyota dealer and you can't roll negative equity onto a unit that old. The bank won't finance something that old so on top you are adding an extra 2000. Your best bet is to sell it privately for at least your pay out or find a newer 4th gen cheap enough to roll the equity.

I wont be rolling negative equity onto the car loan, I have an unsecured line of credit at a low rate that the excess will go onto. its like a super low interest credit card

 

[RunningRick]

you will find one trust me i look for atleast a month and every one happed to want 6500 to 12k in my area with 150k miles on then or more they hold there value well here in phx. i happen to be driving home and saw one parked in a yard with a for sale sign it was a 96 with only 115k and the guy wanted 5k for it and i gave him 4600 for it. it was in great condition the interior was almost perfect the only a few little things were needed it needed new brakes got everything i need for 110 buck and thats with new rotors and it need new front struts but i had already planned to get a toytec lift asoon as i bought a tr4 so that did not matter either for me. Oh also the kicker in the deal was that it was and SR5 with locking rear locker if you can get a deal get one i love this thing already and ive only had it for 3 weeks