Thinking About Letting My Truck Go..

[sablowme]

well guys im in a little bit of a pickle, dont know weather or not to do this. I love my truck but it cost to much to have it....payments i mean. Its been good and mechanicly sound ive done just about everything myself to it and made shure not to cut any corners.

 

So im looking at buying this 05 sierra denali....its a 4dr crew, with a max motor, black,sunroof ...ect only about $18k Its got about 50k miles on it . My prob is that my truck i owe about 10k on it and puts my payments at a rough $450 p/month. Blue book says my truck is worth about 10k so i figure if they give me blue book,(wich i doubt, cuz of aftmarket crap) that leaves me with only 8k to finance that should put my payments down alot..lol.

 

I will remove some aftermarket stuff to swap to new truck...Hood, tonneau..and maybe thats it. Im going to loose alot , i have about 10k in aftermarket addons along with gm adons. ANd some cool stuff like programmers, lift and exaust which is a must have for me.

 

tell me what you all think i should do. im in a bad spot and realy dont want to loos my truck but it might be better.

[longhorn_giant]

I've never traded in a vehicle that I owed on still, but be careful. Most advertisements I've seen for trading in all have the disclaimer, "Money owed on current vehicle carried over to new loan." So I don't know if it'd actually help or not.

 

If you're trying to cut down on monthly payments you could always try to re-finance. Go see if you can get a longer note on the truck, that would lower your overall monthly cost, and you don't lose all your aftermarkets.

 

Just my .02

[tobias]

well guys im in a little bit of a pickle, dont know weather or not to do this. I love my truck but it cost to much to have it....payments i mean. Its been good and mechanicly sound ive done just about everything myself to it and made shure not to cut any corners.

 

So im looking at buying this 05 sierra denali....its a 4dr crew, with a max motor, black,sunroof ...ect only about $18k Its got about 50k miles on it . My prob is that my truck i owe about 10k on it and puts my payments at a rough $450 p/month. Blue book says my truck is worth about 10k so i figure if they give me blue book,(wich i doubt, cuz of aftmarket crap) that leaves me with only 8k to finance that should put my payments down alot..lol.

 

I will remove some aftermarket stuff to swap to new truck...Hood, tonneau..and maybe thats it. Im going to loose alot , i have about 10k in aftermarket addons along with gm adons. ANd some cool stuff like programmers, lift and exaust which is a must have for me.

 

tell me what you all think i should do. im in a bad spot and realy dont want to loos my truck but it might be better.

 

It always sucks to hear a fellow truck guy have to consider getting rid of his baby for any reason other than he actually wants to. Sorry about your situation.

 

As for your questions:

If you owe 10K and they give you 10K you'll be back to zero meaning that you'll have to finance all 18k. Maybe I missed something here and you expected them to give you $20 somehow but I can tell you right now, you are not going to get more than blue book for your truck.

 

If you are in a bad spot, upgrading to an '05 Denali doesn't really make sense. If times are truly rough, sell the truck and buy something in the $2500 - $4000 range and start saving some money.

 

That's all I have.

[66nova]

well guys im in a little bit of a pickle, dont know weather or not to do this. I love my truck but it cost to much to have it....payments i mean. Its been good and mechanicly sound ive done just about everything myself to it and made shure not to cut any corners.

 

So im looking at buying this 05 sierra denali....its a 4dr crew, with a max motor, black,sunroof ...ect only about $18k Its got about 50k miles on it . My prob is that my truck i owe about 10k on it and puts my payments at a rough $450 p/month. Blue book says my truck is worth about 10k so i figure if they give me blue book,(wich i doubt, cuz of aftmarket crap) that leaves me with only 8k to finance that should put my payments down alot..lol.

 

I will remove some aftermarket stuff to swap to new truck...Hood, tonneau..and maybe thats it. Im going to loose alot , i have about 10k in aftermarket addons along with gm adons. ANd some cool stuff like programmers, lift and exaust which is a must have for me.

 

tell me what you all think i should do. im in a bad spot and realy dont want to loos my truck but it might be better.

 

It always sucks to hear a fellow truck guy have to consider getting rid of his baby for any reason other than he actually wants to. Sorry about your situation.

 

As for your questions:

If you owe 10K and they give you 10K you'll be back to zero meaning that you'll have to finance all 18k. Maybe I missed something here and you expected them to give you $20 somehow but I can tell you right now, you are not going to get more than blue book for your truck.

 

If you are in a bad spot, upgrading to an '05 Denali doesn't really make sense. If times are truly rough, sell the truck and buy something in the $2500 - $4000 range and start saving some money.

 

That's all I have.

 

 

+1

 

Daddy, I must have missed something also??

 

Don't "upgrade" your truck if you can't afford the payments now. I also would not even consider trading your truck in. If you want to get anything out of the aftermarket goodies you have put on your truck, you are going to have to sell it yourself.

 

IMO, 18,000 for an 05 Denali is too much. I know it's a denali, but the truck has 50,000 miles and is basically 4 years old.

 

I like Daddy's idea. If you can't afford what you have, buy a truck for 4-8 thousand (you can get a really good truck right now for that much) and save your money.

[sablowme]

 

It always sucks to hear a fellow truck guy have to consider getting rid of his baby for any reason other than he actually wants to. Sorry about your situation.

 

As for your questions:

If you owe 10K and they give you 10K you'll be back to zero meaning that you'll have to finance all 18k. Maybe I missed something here and you expected them to give you $20 somehow but I can tell you right now, you are not going to get more than blue book for your truck.

 

If you are in a bad spot, upgrading to an '05 Denali doesn't really make sense. If times are truly rough, sell the truck and buy something in the $2500 - $4000 range and start saving some money.

 

That's all I have.

 

 

...lol wow sorry im a jack ass didnt think about what i was typing, sorry im at work and do this with 6 differnt windows open at the same time. So this is what im trying to do , im hoping to get more truck for less money and or out of the situation im in with my current truck, wich isnt that bad. .I only owe 2 years on this truck and its mine....kinda funny a bank owns a realy cool fixed up truck. I also may be trading in a newer Pontiac G6 along with this i just need to get rid of cars, and got a new baby so the situation is kinda complicated. But me and my wife will plan on being in on this cuz the other car is hers. Wich she dosent need cuz she's got a company vehicle.

 

I know this sounds nuts cuz its like im trading in a 30k truck for a used 50k truck but the over value of both are next to nothing and this might acctualy work in my favor. This is not realy about rough times more less about consolodating debt and moving it around..lol ..and or having better debt if that makes sence

[Darkanion]

If you're thinking you're going to get much for the upgrades and mods, don't. They're going to screw you on all of that stuff. With the truck market and economy the way it is, I wouldn't bet on even breaking even on the truck.

 

I haven't looked up the values, but $18k for a 4 yr old 50k mile truck seems a little steep to me...

 

Best of luck figuring it all out!

[slomo007]

This makes no sense whatsoever. Refinance your truck for 3 years or so if the current payments are too high. Moving up to a used Denali is not the answer here.

[pm26]

I would not do anything at this point if I were you. I have an '06 truck that's paid for. I have funds to pay cash difference for a new one but I am in no hurry to do it. Economy sucks and it will most likely get worse. It does not hurt to save some money for some rainy days.

[The Chosen One]

18k + "neg equity"(2K) saing they do give a good trade-in = $20k 20K even with a decent interest rate is still gonna be $400+/month @ 60mos. so if u think u really want the other truck go for it, dealerships are doing whatever they can to make a deal lately.

[Mike G]

Sell the wife's ride since she is covered through work, take the money and pay off your truck and buy a second cheaper gas saver.

 

But then I have been shopping for a new truck for myself for the last 5 years... Seems if I have all bases covered between hauler/highway cruiser/body mover/summer drivers, it's hard for me to justify anything new.

 

My $.02's --Mike

[JoshRDavis.84]

Just my opinion...

 

If your truck is going to be paid for in 2 years keep it, get it paid off and then save that "payment" every month for a while.

 

I was 2 years from paying off my old truck and decided to buy this one. Love this one no doubt, always wanted a 4x4 which I have now, however, I could be sitting on more money than I am now, not really an issue, but no payments is definately nice.

[txab]

I vote no. You don't seem to be gaining anything by this deal, except a crew cab vs an x cab. You're giving up 20k miles. You don't know how it was driven or taken care of. 18K does sound a bit steep for a 4 year old vehicle. Don't forget TT&L will be rolled into your new note. Sell the wife's car, put it toward the note on your truck. Refi if you can to get a better deal.

[VMax2007]

Tell your wife to get a 2nd job.

 

 

[sablowme]

thanks all of you for the response,,.....this will help me. I do belive that if i could have no payments that would be the best way to go. See and this changes everything, since we both together have about $800 p/month in payments the girl wants to go in with me on the new ride.

 

so if my payments turn out to be about 500 p/month then we pay about 250 between the both of us. My issue is i hate to get rid of a truck thats been good to me for a truck that is just cool to have. I am also building a hot rod in the garage so i dont need to have another hot rod (my truck) sitting around to think about putting money into while i need to focus on finishing this v8 project.

 

so it would be easier to have the denali and leave it alone vs having 2 cars that dont get driven all the time, and one being a sore spot for me to dump money into. See im the only one who drive's her car and my truck so one vehicle just sits.

[longhorn_giant]

If you've got a vehicle that's just sitting around, go ahead and sell that one. Then take the money you get from selling it and put it towards paying off the truck you've got now. That'll eat up a good chunk of change. Then refinance the remaining over a longer period of time, that will really drop your monthly payments.

 

If you're making payments on both vehicles, then trading both in will really do you in because you'll have to tack on whatever the payments left on those are to your new loan:

 

For arguments sake:

 

If you still owe $10k and $5k, respectively, on the truck and car.

If you get $13k in trade-in value for the vehicles total, then you'll still be paying $2k worth of loan on the original 2 cars. Then you have no trade-in value for the new truck.

 

So if the new truck is $18k, with your trade-ins and no money down, you'll be financing $20k instead of $18k.