A dealership called me about a truck I'm selling

[ceyko]

Sorry, but if you guys needs a co-signer for something, the answer is no.

Lol, I was just bitching cause the lower my debt the lower my score so far.

Now, a while ago a few cards pissed me off with their interest rate hikes so I closed them out and that did the worst to me. However, I expected a rebound with no such luck.

Ah well, the ONLY reason I care about that damned score is for future home loans. May have to buy points or something.

[Skidmark]

I can care less how much money or little credit he has. I was trying to understand what he was saying.

They don't quite understand credit scores is the problem.

ceyko - TexasDevilDog

2. Amount of money you owe and the amount of available credit (30 percent)
The second most important area is your outstanding debt -- how much money you owe on credit cards, car loans, mortgages, home equity lines, etc. Also considered is the total amount of credit you have available. If you have 10 credit cards that each have $10,000 credit limits, that's $100,000 of available credit. Statistically, people who have a lot of credit available tend to use it, which makes them a less attractive credit risk.

Where in there does it say that it is better to have outstanding debt?

It is ideal to have available credit to use, but a low balance, preferably under 30%.

I'm not sure how a high FICO is equivalent to high debt?

Sorry, but if you guys needs a co-signer for something, the answer is no.

[347Mike]

who the hell cares who has the most money or the best credit? You guys don't have enough to worry about

I can care less how much money or little credit he has. I was trying to understand what he was saying.

[War Machine]

who the hell cares who has the most money or the best credit? You guys don't have enough to worry about

[347Mike]

This may be a very ignorant question but how is having a high FICO score translate to "how much one loves debt"?

My score too is just under 800 and the only thing I have payments on (debt if you may) is my mortgage and car payment, that only has a year or two left.

Yeah, I have 5 credit cards, but none of them rarely have a balance and they in my opinion to help my credit score.

My grandfather who retired at 38-40 didn't have credit either -legality issues I am assuming. But he paid for everything in cash - new cars, homes, etc. It wasn't until he was 65 or 70 that he wanted a new car but wanted to finance and was denied even with 60% down.

I would much rather have the freedom of knowing I can finance whatever I want than having a 0 credit score.

[dblack1]

Vehicles aren't the easiest thing to sell private party, especially ones over $10k.

Vehicles are just like real estate. The only reason they don't sell is the price.

[GhostTX]

For shits and giggles I brought it to Carmax and they offered 11500.

So, you'll take $10K cash?

[Pro88LX]

What a pal..

LOL! Honestly i had no say in what they sold it for.

[Pro88LX]

Chris! Tell me your Honda saleman buddy's name! I got a friend buying a car asap!

Kevin Choi

[GrayStangGT]

I guess chebys just aren't worth very much, 6 months ago I got 13k trade in on my 03 Supercrew with more miles

I had that truck for 3 years and drove it 35k miles, then traded it in for 3k less than I paid for it

[ceyko]

Your "I love debt" score is that high. I am shooting for a zero.

Yup, the less debt I have the lower my FICO is going. Getting frustrating to be honest. To the point of me figuring out how to up it with debt if I have to.... I need low interest for home loan(s) in the future.

To OP:

Anyway, there are 2 things I learned about used cars and selling them...

1. Selling private will ALMOST always yield more then trade-in. Depending on patience and marketing.

2. KBB, NADA...etc are just guidelines. I've had vehicles sell -no problems- close to their value and I've had vehicles listed for 3-6 months and I had to sell 10-15% lower then what was listed there just to get hits.

I once sold an SUV when gas guzzlers were not popular and I really wish I would've taken the trade-in value I got 9 months before I was able to actually sell it. Ended up selling it for 2 or 300 below that trade-in value if I remember right.

Also remember, the insurance and crap you're paying if you are not aggressive enough when selling. It may only be 200 or 300 every 6 months. However, if you go 6 months that is now 200 or 300 you have to recoup in your pricing.

Anyway, the prick in me would rather sell cheaper (even if at trade-in) to some private party then a dealership. Generally, a dealership is just going to make more profit - where a lot of folks who get a decent deal from you need it more then the dealership does. Either way usually private selling/buying is win-win.

[TexasDevilDog]

What's your FICO? How old are you?

I'm 26 and the last time I checked my Equifax was a 784.

Your "I love debt" score is that high. I am shooting for a zero.

[scootro]

93 Cobra
Average trade-in 4375

Difference between my truck's average trade-in to what Carmax offered is roughly 7%.

An estimated auction price for your car would be 4069.

Average trade-in for your truck is 4200.

Using the same formula I used for the car, an estimated auction price for your truck would be 3906.

Totaling 7975.

I will give you 7975 today for both your vehicles. That is a good price since that is what Carmax would give you.


You sure do know a lot about buying and selling cars for not buying a vehicle in the past 12 years.

But their is a demand for those and that skews the prices on KBB and NADA book values! Not to mention I’ve kept both these cars all these years. drove to work, college, and saved tons of money with paid off cars! Financially that is smart. I’ve had allot of vehicles from 96' to now buy I have always kept these two to enjoy!

Will I ever make a huge profit on these cars? I doubt it but they have paid off for me in the scheme of things!

[Skidmark]

93 Cobra
Average trade-in 4375

Difference between my truck's average trade-in to what Carmax offered is roughly 7%.

An estimated auction price for your car would be 4069.

Average trade-in for your truck is 4200.

Using the same formula I used for the car, an estimated auction price for your truck would be 3906.

Totaling 7975.

I will give you 7975 today for both your vehicles. That is a good price since that is what Carmax would give you.


You sure do know a lot about buying and selling cars for not buying a vehicle in the past 12 years.

[scootro]

Even if the truck was paid off, why would I be selling it at an auction price?

Why would I be selling it far under private party blue book?

What do you drive? Year, make, model, options.

Lets crunch some numbers here.

ok lets do it

93 cobra bought in 1999 for $8,500 cash now has 83k miles (stock just general maintenance) red/black interior








94 lightning bought in 1996 for $10,000 cash now has 119k miles (stock just general maintenance)