Selling an underwater financed truck

Discussion in 'Ask An Owner Operator' started by Underwater trucker, May 27, 2024.

  1. Underwater trucker

    Underwater trucker Bobtail Member

    May 27, 2024
    I have a 2017 Columbia glider which I’m underwater to a lender on. I owe $115k but it’s probably only worth around $85k. Instead of just turning it in and taking a huge hit where they only sell it for like $40k and charge me the difference, what’s the odds of working something out with a private buyer where they only pay market value (say $80k or whatever) to me and I pay the difference to the finance company to get the title to the buyer?

    My trucker intuition is that it’s not likely, since neither the finance company nor a buyer would likely have much interest in such an arrangement. But my non-trucking dad is hoping that it shouldn’t be a problem because these types of things are done with houses all the time. What are your thoughts? and what other options might I have? Thanks in advance.
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  3. Big Road Skateboard

    Big Road Skateboard Road Train Member

    May 2, 2021
    I'm afraid you'll find market value is in the 20k$ range. Might as well turn it in
  4. Grumppy

    Grumppy Trucker Forum STAFF Staff Member

    Dec 11, 2010
    West Monroe, La
    As long as the financial institution gets their money back, doesn't really matter.

    Now, if you sell it and something happens where you cant pay it off at the time you sell it...... you're selling mortgaged collateral. You cant do that. Its illegal.

    To be sure, you're good on everything, I'd make sure I know exactly what the payoff is the day of the sale & wire transfer the payoff to the financial institution THAT day.
    If its a local bank, I'd have the buyer meet me at the bank to do the transaction & pay it off right there.

    Again, its illegal to sell mortgaged property. It's your responsibility to ensure the financial institution gets their money. Most companies don't play around with this.
  5. snowwy

    snowwy Road Train Member

    Jul 6, 2009
    Someone gives you 80.
    But do you have the remaining 35 to pay off the loan?

    But as stated above. It's probably only worth 40. Or less.

    The internet is loaded with 17's for less money. For 80. They can buy something newer.

    I see Harleys all the time for 40. Why would I buy your used harley for 40 when I can buy that model brand new for 25.
    Sirscrapntruckalot and 77fib77 Thank this.
  6. Diesel Dave

    Diesel Dave Last Few of the OUTLAWS

    Jan 20, 2010
    Hesperia, Ca.
    I would turn it in and take a loss all around. It’s gonna ding your Credit Score pretty good. Not to mentioned depending on the institution, they might sue you for the difference if they resale it. We need ask, how did you get far behind ? So others don’t make that same mistake.
  7. Constant Learner

    Constant Learner Medium Load Member

    Jul 19, 2011
    The Moon
    He bought it when the truck prices were so overinflated.
  8. Kenworth6969

    Kenworth6969 Road Train Member

    Jul 3, 2020
    Still owe $115,000 on a 2017 Columbia glider is wild :eek::eek:
  9. wifi_guru

    wifi_guru Medium Load Member

    Feb 22, 2024
  10. Concorde

    Concorde Road Train Member

    Jun 29, 2016
    West Melbourne Florida
    It’s nearly impossible to give you solid advice without knowing what your actual financial situation is like.

    Advice for someone with trashed credit, no cash and on the verge of homelessness is going to be a lot different than someone who’s solid and just looking to get out.

    I really couldn’t tell you if bankruptcy is the correct route or if leasing it out to someone is.
  11. Long FLD

    Long FLD Road Train Member

    Mar 4, 2015
    If you have the cash to make up whatever the difference is then it’s no big deal. If you don’t have the cash and want to take someone’s money for the truck and let them leave with it and give them a run around about why they haven’t gotten the title yet then that’s just fraud.

    If you dump it back on the finance company they may advertise it and try and get more money for it or they might just take it to an auction. Either way, you’re liable for the difference once it’s sold. Or if they’re nice enough to forgive the debt then next year you’ll be showing that as income on your taxes.
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