Arif
Full time employment: Posting here.
- Joined
- Jun 21, 2005
- Messages
- 761
OK I have a dilema with a vehicle I no longer use and wanted to sell. The depreciation is horrendous as it is a domestic SUV. I currently have two options on the table:
1. Sell to a stranger for $16,200 (below blue book) for cash
2. Sell to a friend for $17,000 but the catch is I would hold the note and they would pay me monthly payments for 2 years and 4 months (the balance of my original loan). The reason we explored this option was my interest rate is very low and they would like to keep the lower rate. I am not worried about them paying the loan back but I am wondering if the $800 difference is worth the hassle.
BTW the blue book is $17,800 and I am looking to selling it before I head back to Panama on Tuesday.
OK break out your financial calculators
1. Sell to a stranger for $16,200 (below blue book) for cash
2. Sell to a friend for $17,000 but the catch is I would hold the note and they would pay me monthly payments for 2 years and 4 months (the balance of my original loan). The reason we explored this option was my interest rate is very low and they would like to keep the lower rate. I am not worried about them paying the loan back but I am wondering if the $800 difference is worth the hassle.
BTW the blue book is $17,800 and I am looking to selling it before I head back to Panama on Tuesday.
OK break out your financial calculators