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Well the bottom line is my fiance is finishing her education and will be going to school 40 hours a week. she wont be able to work much. sacrifices have to be made and i dont mind driving something older as i am a mechanic. so i would have to pay all the bills on my own and everything would just be to tight. thinking about trading it in for an older car. or putting it on CL (craigslist) then still buying an older car. let me know what you guys think is the smartest option.
 

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Thinking about trading it in for an older car. or putting it on CL (craigslist) then still buying an older car. let me know what you guys think is the smartest option.
Sorry to hear but I do understand. If you have a 3rd vehicle (or access to borrow) I would say put a for sale sign on it and wait for the right price. Then when it sells drive the other vehicle while you shop for used. You are going to lose a good bit trading in an almost brand new car unless you get a 120% KBB value deal or something like that. However if trad-in is your only option just shop around a bit and compare offers. I ended up getting $700 more on my trade this way. www.Autotrader.com will cost about $75 for an unlimited time ad but I have had good results from them. Craigslist of course is free but limited exposure. Post your location and details in the Classified forum here and maybe you find a buyer from our community. Good Luck!
 

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I'm a huge fan of CL. I've sold many a vehicle on there. It's a little tougher with a brand new model like the iQ, people aren't as likely to search for it specifically. Be sure to list Scion in the header, then if they don't specify a model your ad will show up.

Sorry to hear you have to sell it but good luck with that.
 

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Oh man that sucks and I'm sorry to hear that you may have to give up your IQ. I have a little over 20 grand in mine and if I had to sell it, it would be worth far less than the base price of 15,995. It sounds like you may have to absorb the differance in value on a trade in. Just make sure that you do the math and be certain that letting it go is worth it. If you take on the cost of a used car and the amount of the differance that you owe on the IQ it may be better to keep it. Maybe it might be better if you could refi and get a lower payment ?

I wish you the best of luck, Doug...........
 

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But doesnt the bank own your IQ,as they own mine for the fact that ive paid 5 months into a 6. Yr loan, which means i would not even be legaly able to sell,there would be a lean on it.
 

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I C,but in the case that it sells for less than what is owed on it?
You can try to sell it for whatever you want.
If you can sell it for more than what is owed you make some money to offset what you have paid on it, if you sell it for pay off you just walk away, and if you sell it for less than pay off you are at a loss. As long as you can sell it, it is better than defaulting on the loan and trashing your credit.
I would think it is the same in Canada.
 

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I have lots of friends who needed to downsize at various times...builds character. As much as we love our cars there's more to life than this. Good luck on the sale however you choose to go.
 

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You can try to sell it for whatever you want.
If you can sell it for more than what is owed you make some money to offset what you have paid on it, if you sell it for pay off you just walk away, and if you sell it for less than pay off you are at a loss. As long as you can sell it, it is better than defaulting on the loan and trashing your credit.
I would think it is the same in Canada.
so the bank i would think will only allow you to sell it at a loss only if you have the remainder then and there to pay the bank IN FULL,for the fact that the iq is the banks assurance they will get there money,the bank would want what is owed on it.
 

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You can't transfer a title with a lein on it. You have to pay off the loan in order to sell it. When I was young and dumber I wanted a newer car and I owed more on my trade than it was worth. I carried part of what I owed on the old car to the new loan for the new car in order to pay off the old loan. Thats upside down.......Stupid move but I like I said young and dumb.
 

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You can't transfer a title with a lein on it. You have to pay off the loan in order to sell it. When I was young and dumber I wanted a newer car and I owed more on my trade than it was worth. I carried part of what I owed on the old car to the new loan for the new car in order to pay off the old loan. Thats upside down.......Stupid move but I like I said young and dumb.
exactly what i thought,like my cube,i COULD NOT SELL IT, the bank owns it and want to be fully paid before anything can happen,in fact i traded in the cube and got 8000$ trade in value and i still owed 18000$ so my new lender paid off the cube and reloaned me for my IQ pluss the 10000$ negative equity,dont worry dugger my friend because of the previous mentioned fact and my new 6 year term,by the time my IQ is paid for,I WILL BE INTO IT FOR 430000$.ha ha,im still dumd,and wouldnt change for anything or anyone.
 

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You can sell a vehicle you have a lien against to an individual. Buyer can, assume the loan and the lien holder just transfers all paperwork over to new buyer (if they qualify) or ask for a cash price that you would pay off your loan. Making up any difference out of your pocket if the cash was not enough to pay off.
 

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You can sell a vehicle you have a lien against to an individual. Buyer can, assume the loan and the lien holder just transfers all paperwork over to new buyer (if they qualify) or ask for a cash price that you would pay off your loan. Making up any difference out of your pocket if the cash was not enough to pay off.
makes sense,and in that case id better keep my little buggy for the fact that no one will hand me over 43000$ for the little sucker.LOL.
 

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Forty Three grand, thats better.....Only Two Buggys there, I could handle that !
good eye dugger,obvious typo du to the stress caused upon the realization that i will be paying such a price for such A CUTE LITTLE CAR,lol.glad i got humans watchin out for me.
 
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