Pahnda
05-26-2010, 04:12 PM
So here is my situation:
I bought an '09 A4 last year knowing I would be leaving the country (or at least province) in either 2 or 3 years from then. I have decided to leave Spring of next year.
Now, I love the car and everything but I really don't want to be in the situation of having to sell, at the last moment, a car that I'm assuming will take months to sell due to the fact that it's still a considerable sum of money at current market value. So I've come to the conclusion I should take advantage of the last spring/summer in which conditions are good to show and sell the car then pick up something like an '07 G35 that would be quicker/easier to sell early next year, or, if I have to, store while I'm gone for a year.
The info:
I have a student line of credit that's good (won't be converted to a conventional loan) until November that is at about 3.1%. The car loan is at 2.9%. While there is a difference there, if I were to pay it out, I would have a smaller balance owing at the bank by $8,000 which should offset the interest rate difference provided I sell it in the short run of the next half a year or so.
My question:
Would it be significantly more difficult to sell it with a lien? If so, I'm thinking I may as well pay it out and then when I sell the car, just put the money in the bank. I'll have good wiggle room in the mean time anyway.
However, if it's not much of a pain to sell with a lien, or if it's possible someone could take over the financing at 2.9%, perhaps just staying as-is may be more approachable by buyers.
For the people out there who have had a lot of experience selling/buying pre-owned cars, which do you guys think is the way to go? Also, if anyone has experience with VW Financing, do you know if they allow transferring of the loans, provided the buyer qualifies?
I bought an '09 A4 last year knowing I would be leaving the country (or at least province) in either 2 or 3 years from then. I have decided to leave Spring of next year.
Now, I love the car and everything but I really don't want to be in the situation of having to sell, at the last moment, a car that I'm assuming will take months to sell due to the fact that it's still a considerable sum of money at current market value. So I've come to the conclusion I should take advantage of the last spring/summer in which conditions are good to show and sell the car then pick up something like an '07 G35 that would be quicker/easier to sell early next year, or, if I have to, store while I'm gone for a year.
The info:
I have a student line of credit that's good (won't be converted to a conventional loan) until November that is at about 3.1%. The car loan is at 2.9%. While there is a difference there, if I were to pay it out, I would have a smaller balance owing at the bank by $8,000 which should offset the interest rate difference provided I sell it in the short run of the next half a year or so.
My question:
Would it be significantly more difficult to sell it with a lien? If so, I'm thinking I may as well pay it out and then when I sell the car, just put the money in the bank. I'll have good wiggle room in the mean time anyway.
However, if it's not much of a pain to sell with a lien, or if it's possible someone could take over the financing at 2.9%, perhaps just staying as-is may be more approachable by buyers.
For the people out there who have had a lot of experience selling/buying pre-owned cars, which do you guys think is the way to go? Also, if anyone has experience with VW Financing, do you know if they allow transferring of the loans, provided the buyer qualifies?