karossii

I have an 05 Automatic 350z Touring, that is in good running condition. Between a poor credit rating when buying it, and a refinance deal gone wrong, I now owe almost double what it is worth. I can't keep making the payments on it, and so will probably be voluntarily surrendering it in the next week or two.

I do realize that by voluntarily surrendering it, it is a (tiny) step up from a repossession, and will hit my somewhat improved credit and drop it back down to what it was before or worse. I also realize that they will auction off the car, and I will still owe the company whatever the difference is between my financed amount and that auction amount.

I know I could not sell it for half of what I owe on it (okay, maybe a tiny bit over half, if I get lucky), and I can't make the current payments, and I can't refinance it again. So I am stuck on surrendering it or waiting for an actual repo.

But I am thinking, if I start stripping it down and essentially parting it out, I may get as much or more for it than they will make at an auction - money I can pay towards the debt. Having seen some of these auctions first hand, I know they get pennies on the dollar for the cars they sell like this... so stripping of some or most of the vehicle won't do a ton to lower the value it gores for at that kind of auction, I would guess.

The only things wrong with it are an alignment issue, and a small tear/ding on the strip beneath the driver's side door. I have 4 fairly new (less than a year old, less than 3k miles on them) tires. I have the factory bose radio system. And I have all the working parts.

Would it be worth my time and effort to strip anything and sell it? Maybe just the wheels and/or tires?

(On a side note, anyone know any professionals who would run this car over with a semi, or steal it and drive it off a cliff, while I still have full coverage insurance on it? If so, send me a message! I kid, I kid...)

jhc

K-
Sorry to hear of this bad run of luck. What's your payoff to the finance co?
Milage?
Current damage?
Mods?
Send some pics, the boys might have some ideas.

375rngrZ

iTrader: (1)

honestly without knowing what you owe or the mileage on the vehicle its impossible to say altho I would like to mention that parting out a car takes some serious time. a lot of it is random luck with someone just happening to need a part you have. on a side note if you have ky0 paintcode and you part out ill totally buy your passenger sideskirt lol

Koolsilver

It seems better to sell the car private party trying to get as much possible and put that towards the loan and just try to pay off the rest.

KornerCarver

iTrader: (2)

I doubt this car can be sold to anyone without bank involvement. The bank has the title and I'm sure they won't give it up without payment in full. Parting the car could also result in problems since the bank is still going to want their money in full and once the car is parted, their security is gone. They would probably demand payment in full once they find out. A bankruptcy filing might be the best solution.

bealljk

iTrader: (13)

1. part the car out
2. sell the car private party
3. borrow the difference

if you give the car back and/or if it goes to auction you'll end up paying the difference which will be much more than the difference if you sell it private party. I would immediately put it on craigslist in Springs, Pueblo and Denver.

SilverStone2003

iTrader: (3)

Sell private party, take out a personal loan to pay the differenece. Unless you owe a ungodly amount. Kind of need to know what you owe in order to help you with what your asking.

KornerCarver

iTrader: (2)

I doubt this will be as simple as getting a personal loan. Remember, the original poster said he had poor credit. You need pretty good credit to get any size personal loan. The OP didn't say how much he owed, but I suspect it is more than $10,000.

92K1500

iTrader: (1)

Sell me your rear bumper, driver door panel and right tail light.

pyshin

iTrader: (14)

I would like all of the parts that 92K1500 wants. Thanks

92K1500

iTrader: (1)

I called dibs first.

I got rear ended a couple years ago and still haven't fixed it. I just replaced the broken turn signal after getting pulled over twice for it.

And the door panel because some jackass leaned over into my window with a lit cigarette in his hand and made a little burn spot in the top of the panel. He got a bloody nose for it.

bealljk

iTrader: (13)

I have a set of grey door panels I'm looking to sell...60k miles on them, no cig marks...

oldschool350z

iTrader: (1)

If you don't mind me asking what did you buy it for and what do you currently owe?

It's always tough when there is negative equity. I personally would part it out, sell for what I can then somehow pay off the remainder of the loan.

I paid my z off a year ago because the interest rate was at 10% and I couldn't get refinanced. Worked my *** off but it was worth iym

bealljk

iTrader: (13)

yeah, but before the bank will release the title to the new owner the loan has to be paid - OP has to come to the table with the loan balance.

If it was me, and it sounds like the OP bought the car from a 'buy here pay here' shop and financed through a non-traditional financial institution, I would do my best to finance the negative equity of the car through the same institution.

samsniss350z

I agree with bealljk, at the moment the car doesn't belong to you and you need to find a way of paying off the finance so that you at least you would then have the title and can do with it what you wish. An idea as to how much you still owe would be helpful as more heads are better than one in helping you to sort this out.

Stinvil93

Honestly with it being an auto it may not sell as quick as you would like. Most True Z owners will drive a stick 9 time out of 10. I would just try to get back into your payments and try to bounce back. Times arnt that bad.

Syner

or he could find some poor schmuck to take over the loan...

StuLax18

iTrader: (4)

OP where r u?

chitownpete

No details= no point even posting this here but here goes. If you owe $50,000 file bankruptcy, if you owe $5,000 just turn it in. Anything in between varies depending on the financial facts. Get this car out of your life, no car is worth this headache.

karossii

Sorry all for the delay - I have a 2 week old baby, and my online time is much reduced lately; and the forum never notified me of any replies!

I bought it 3 years ago for $9500 plus TTL. With the bad rate I got, the tax, and obligatory warranty, etc., I ended up financing just under 12k. I've paid more than 6k of that, and yet I currently have a 13.5k-ish payoff. It would be closer to 10k, but they offered me a refinance a year and a half ago, and failed to inform me of all of the terms, which ended up tacking 4k onto the principle.

I am getting trade-in values from 6k to 8k, and based on local sales, I doubt I could sell it for as much as 10k.

I cannot file bankruptcy; one of the reasons my credit is poor is that I have had a bankruptcy which was discharged almost 3 years ago. 4 more years before that is an option, and it is my hope to avoid ever doing that again.

I am financed through Santander, who has, aside from the misleading refinance, done a really good job of dicking me around with the amount of the payments, the due dates, and tons of various little fees (it is impossible for me to pay my car payment each month without some form of a fee to get them the money; $11 is the cheapest option!). And they tend to tack on every little fee to the principle. If you have any choice whatsoever, I would advise never using Santander for a loan.

Aside from the driver side skirt damage, the only other issue is a minor paint scrape on the driver's side rear wheel well, which could probably be buffed out and recoated. It only looks like the clear coat was scraped, not the paint itself. Not sure exactly how or when that happened - I blame my wife. I would certainly remember rubbing against another vehicle or a post, etc. Oh - it is the standard nissan pearlescent white color.

I bought it used, and the previous owner had put some blacklight led strips under the dash on both sides. I never turn them on, and had thought to remove them, but I haven't yet. It is a touring edition, automatic, and has all that that entails - heated leather seats, bose sound system, etc. It is definitely a 9 year old car; but it isn't in bad shape.