Finance Buster's /finance take overs - any one have experience ?

[403Gemini]

Hey guys ,

Just wondering if any one has any experience with Finance Buster's , or taking over financing ?

I applied for a new job (management) so I wouldn't need my truck any more if I landed the job. I negotiated a REALLY good deal on it so I don't think it would be intimidating for someone to take on , but I'm just unsure how common this is . I'd rather do this than sell it and still have money owing (since I only owned it for a year and a half so far )

Let me know your guys experience with either finance Buster's , or taking over the financing

(Would I talk to the bank about the swap in financing, or the dealership?)

It's been awhile since I've posted here lol, but what's the frequency on the "For Sale" section of the forum having vehicle listed for finance take overs ?

[ExtraSlow]

Generally for someone to take over a lease, it needs to be a significantly better deal than leasing the current model year of that same vehicle. Thousands better.

[revelations]

Highly unlikely. Thats why new cars are such a joke if you end up selling them within a few years and ending upside down on the loan. You quickly realize what the ACTUAL market price for a vehicle is outside the dealer.

[relyt92]

If you owe more on it than the truck is worth I don't think you'd be able to find anyone to take over financing on that loan when they could go finance the same vehicle for less?

[Aleks]

Hey guys ,

Just wondering if any one has any experience with Finance Buster's , or taking over financing ?

I applied for a new job (management) so I wouldn't need my truck any more if I landed the job. I negotiated a REALLY good deal on it so I don't think it would be intimidating for someone to take on , but I'm just unsure how common this is . I'd rather do this than sell it and still have money owing (since I only owned it for a year and a half so far )

Let me know your guys experience with either finance Buster's , or taking over the financing

(Would I talk to the bank about the swap in financing, or the dealership?)

It's been awhile since I've posted here lol, but what's the frequency on the "For Sale" section of the forum having vehicle listed for finance take overs ?

I only have experience with lease takeovers not finance ones. As others have said the value of the truck needs to be close to what's left over on the loan for someone to realistically want to take it over. Lease takeovers are easier since monthly payments are much lower and there are more options with them. For a truck after a year and a half you shouldn't be really upside down much on your loan if you negotiated a good deal like you said.

[403Gemini]

Yeah all good points

I was looking at trucks similar to mine selling for 42,000 and put it in a loan calculator and the bi weekly payment is about $318, and my payment is only $306. Like I said , I negotiated a crazy good deal lol , I took the dealerships "best price" , gave it to my last companies fleet purchaser and he got me a better deal ... Then I took that deal back to the dealership and they shaved off more money

First time in my life I felt like I got a really good deal haha

Anyway appreciate the advice guys

Otherwise , what I may do is just sell the truck private , and the amount owing pay off with a line of credit .... Ya it sucks I'm paying for something I don't own for a year or two , but extra cash for not having to pay for gas or insurance on a vehicle that won't be driven much is better off in the long run

Thanks guys

[ExtraSlow]

Can't hurt to throw it up in the beyond.ca marketplace too.

[403Gemini]

For sure :) when I find out if I got the job, I'll list it right after

Would probably even include a $1000 cash incentive for fast transaction

[pheoxs]

Otherwise , what I may do is just sell the truck private , and the amount owing pay off with a line of credit .... Ya it sucks I'm paying for something I don't own for a year or two , but extra cash for not having to pay for gas or insurance on a vehicle that won't be driven much is better off in the long run

Thanks guys

So your upside down in the loan (owe more than the truck is worth) and expect somebody to take over your loan? Hate to break it to you but that isn't a 'crazy good deal' thats just your typical slightly used vehicle and there's very little chance anyone touches that.

[403Gemini]

So your upside down in the loan (owe more than the truck is worth) and expect somebody to take over your loan? Hate to break it to you but that isn't a 'crazy good deal' thats just your typical slightly used vehicle and there's very little chance anyone touches that.

It'd be very close if I sold it privately to breaking even , but yeah totally see what you're saying

One benefit I have is good interest rate - like I said , it's similar to loan payments I worked out on a loan calculator

And a $1000 cash incentive can be appealing

Regardless , worth a shot. Was just looking for people's past experience

[Team_Mclaren]

Just sell it straight up. Depending on the lender most wont just let someone assume the finance terms.

[Rocket1k78]

For a truck after a year and a half you shouldn't be really upside down much on your loan if you negotiated a good deal like you said.

LOL Every truck owner thinks they got a good deal on their truck. Unless you put down a decent DP or have high monthly payments most will be upside down for way more than a year and half id bet

[Aleks]

LOL Every truck owner thinks they got a good deal on their truck. Unless you put down a decent DP or have high monthly payments most will be upside down for way more than a year and half id bet

I'm not sure what OP financed but say you finance a $50,000 truck at 5 years and 0% interest. Nothing down. In a year and a half your loan should be around $35,000 remaining. If your 1.5 year old truck isn't worth about much on the used market, then the original deal wasn't the best.

[Rocket1k78]

I'm not sure what OP financed but say you finance a $50,000 truck at 5 years and 0% interest. Nothing down. In a year and a half your loan should be around $35,000 remaining. If your 1.5 year old truck isn't worth about much on the used market, then the original deal wasn't the best.

Thats a valid scenario but with vehicle prices sky rocketing and the loan terms going up to 96 months a lot of purchases are being financed for way longer than the old norm of 5 years. I was thinking about buying a couple year old f150 and most of them that i contacted were upside down and were going to have to pay an additional amount out of their pocket to sell.

[Chandler_Racing]

It'd be very close if I sold it privately to breaking even , but yeah totally see what you're saying

One benefit I have is good interest rate - like I said , it's similar to loan payments I worked out on a loan calculator

And a $1000 cash incentive can be appealing

Regardless , worth a shot. Was just looking for people's past experience

Honestly, unless you are buying under a major's fleet program you got the same deal as everyone else.

For some context, a $1,000 incentive wouldn't be interesting to me - I have done (3) lease take overs.

- $80k Audi included $10,000 incentive, winter tires (19") and $1,500 security, assumed 24 months
- $60k BMW included $6,500 incentive, winters tires, assumed 30 months
- $40k Toyota included $6,000 incentive, assumed 48 months

Lease / finance take overs need to be worthwhile or else the person will just go to the dealer.

Personally, would just sell privately and my guess is it will be at a loss. People always think their vehicles are worth more than they are.