Need Advise

leon787 · Feb 3, 2013

Hello everyone! I need an advise how to get out from this.

Have a cargo van 2011 MB Sprinter 2500 with 58000 miles, with a loan of $34000 for 4 more years.
The vehicle cost by Blue Book is $29000. I bought him to get into expediting, and worked well for 4 month and then due to personal matter I can't do it any more.
I got another job, and do not know what to do with van. Can't sell him because do not have clear title, and do not have money to pay it off. Van is staying still, I am making payment so far, but its running out. Id like to get an advise what to do in this situation, how to put it to work, or to cell, or to trade, or to solve it somehow. Really like to sell for someone getting in expediting, but do not have a title. Van in perfect condition, nice sleeper, all scheduled maitanance done.
I even can recommend a company to work with, if someone interested.
Every advise welcome. Thanks!

Dynamite 1 · Feb 3, 2013

You most certainly can sell it. Im guessing the title is held by the lien holder. You can work with them and the buyer and get the van sold. If its a bank you could even get them to let the buyer take over payments providing their credit is good. Best case is the bank has the title and the buyer is financing through a bank. The banks can work together. In any case there is no reason you cant sell it evej if an individual is holding the note you can sell it. You mm might have to write a contract to protect the buyer since they will be paying and need a guarantee they will get a title but it can be done.

Scenario two is you hire a driver and put it to work.

Sprintit · Feb 3, 2013

I liked how you referred to the sprinter as a person "him" .does " him" have salvage title or just a lien on it . If it is a lien you could sell "him" . but if it is salvage title and you want 29k . I don't think it is going to happen . Go with the 2nd advice. Put a driver on "him"

fastman_1 · Feb 3, 2013

I don't see where he said the sprinter was a salvage, so the last thing the bank or whoever holds the title wants another repo on their hands.they will work with you and whoever wants to buy it. Also I won't tell you that a loan for more than 3 years is just asking for trouble.

paullud · Feb 3, 2013

How much do you think you will get for a 2 year old Sprinter with 58k miles? The Blue Book value is a suggested starting price which is over inflated and usually thousands more than what it would actually sell for. This is one of the reasons to avoid getting large loans when getting a vehicle for business, you destroy the value with all the miles put on it and cannot sell it if you run into problems. If you have around $10k saved to pay the difference of what is owed and what you will sell it for then price it reasonably and sell it. Another option is to get a driver for it and hope it makes enough to cover the expenses. The other option is if you look in the classifieds here you will see there is a person looking to do a lease purchase of a Sprinter.

zorry · Feb 3, 2013

I'd avoid putting a driver in it, unless you personally know someone that will do a good job. you'll end up throwing good money after bad.
Talk to the bank. Sell it and convert the shortage into a personal loan. Pay the shortage off over a period of time. Dave Ramsey considers it a "stupid tax".
Buy his book,or get it from a library. The Total Money Makeover. Follow his advice, it's easy, and your life will be much easier down the road. Good luck.

Re: taking over payments. Do banks do this routinely now while letting the original borrower off the hook ? The last thing I want is to be on the note with a new borrower I do not know.

zorry · Feb 3, 2013

I'd put the van for sale on EO for payoff or best offer.
See if anyone comes with an offer even close.
Then refer to my previous post.

Rocketman · Feb 3, 2013

Your going to take a $6,000-$8,000 hit on what is owed vs the real value of the van. The thing is, the longer you hang on to it, the worse it will get. First thing you need to do is talk to the lien holder, tell them straight up what your up against. You might get lucky enough and they work something out with you.

Zorry's suggestion may be the best. In order to make it work though, you'll need to have a personal loan approved and waiting before you get the van sold. The finance company (lien holder) will likely only be interested in a cash money pay off. It will be up to you to cover the difference between what you sell it for and what is owed on it.

zorry · Feb 3, 2013

I have seen people on the classifieds with a vehicle they are willing to trade as a down payment.
Read the Truck Wanted ads daily and list it for sale.

zorry · Feb 3, 2013

Will the hit really be that hard ? I'm sure the value he's looking at wouldn't include the sleeper and any other mods.

Remember. It's worth what he can convince somebody to pay.

Rocketman · Feb 3, 2013

zorry said:
Will the hit really be that hard ? I'm sure the value he's looking at wouldn't include the sleeper and any other mods.

Remember. It's worth what he can convince somebody to pay.

A lot depends on the sleeper. My numbers would be quick sale for $26-$28k. If the sleeper is a nice, custom built sleeper it might bring more. According to OVM, you could buy a new 2012 off the lot for $32k last fall.

What I would do to get it gone? I would do as suggested...talk to the finance company...talk to the bank about a personal loan. Get everything set up and ready. Then I would advertise here for a week or two. If no takers, I would put it on Ebay. As soon as I listed it on Ebay, I would post a link here on the forums and in my EO want ad. I would also post the link to any forum I could find that might have some Sprinter owners/buyers. See where it gets ya. You can always set a minimum.

highway star · Feb 3, 2013

zorry said:
I'd avoid putting a driver in it, unless you personally know someone that will do a good job. you'll end up throwing good money after bad.
Talk to the bank. Sell it and convert the shortage into a personal loan.

I agree that this is probably the best option you have. Putting a driver in it is just a potential for headaches that will make the situation worse. I just can't see the miracle you are hoping to find. Really, would pay more for something than it's worth?

leon787 · Feb 17, 2013

I'd like to thank everyone for their kind helpful advises, I have received.
Really this forum proved to be a valued place to get help, info or just anything!
Have been reading it a lot lately.
Thanks again and best wishes for everyone!
Leon