Might need to Sell my Jeep Quickly - Page 3 - Jeep Garage - Jeep Forum

Go Back   Jeep Garage - Jeep Forum > Jeep Platform Discussion > Grand Cherokee - WK2 -

Reply
 
Thread Tools Display Modes
 
  #25  
Old 08-29-2014, 09:38 AM
SW03ES's Avatar
Senior Member
My Jeep: 2014 3.6L WK2
 
Join Date: Jun 2011
Location: Gaithersburg, MD
Posts: 1,887
Thanks: 18
Thanked 69 Times in 54 Posts
Rep Power: 1304688
SW03ES has a reputation beyond reputeSW03ES has a reputation beyond reputeSW03ES has a reputation beyond reputeSW03ES has a reputation beyond reputeSW03ES has a reputation beyond reputeSW03ES has a reputation beyond reputeSW03ES has a reputation beyond reputeSW03ES has a reputation beyond reputeSW03ES has a reputation beyond reputeSW03ES has a reputation beyond reputeSW03ES has a reputation beyond repute
Re: Might need to Sell my Jeep Quickly

Quote:
Originally Posted by Milous View Post
If he gifted the vehicle to a family member, the debt would be erased from his name. In some states this can be done with no sales tax due on the vehicle "sale".
No...

He has an open credit account on his credit report. Gifting the vehicle to a family member does not release him from that obligation or remove the loan from his credit report. Thats the goal. The loan is not transferable to another person, family member or not.

Ownership of the vehicle and who is obligated for the debt are different things.

If it were that easy to remove the obligation of a car loan wouldn't we all just transfer our cars to a family member?

__________________
~Steve~
2015 Lexus LS460 AWD, Nebula Grey w/Light Grey Shimamoku Interior
2015 Kia Sedona SX-L, BlackBerry w/ Dark Burgundy Interior
Previous Jeeps: 2014 Grand Cherokee Overland; 2011 Grand Cherokee Laredo X
Reply With Quote
Sponsored Links
Advertisement
 
  #26  
Old 08-29-2014, 09:56 AM
bill_de's Avatar
Premium Member
My Jeep: 2017 5.7L WK2
 
Join Date: Sep 2012
Posts: 8,661
Thanks: 742
Thanked 1,092 Times in 850 Posts
Rep Power: 1806089
bill_de has a reputation beyond reputebill_de has a reputation beyond reputebill_de has a reputation beyond reputebill_de has a reputation beyond reputebill_de has a reputation beyond reputebill_de has a reputation beyond reputebill_de has a reputation beyond reputebill_de has a reputation beyond reputebill_de has a reputation beyond reputebill_de has a reputation beyond reputebill_de has a reputation beyond repute
Re: Might need to Sell my Jeep Quickly

Quote:
Originally Posted by SW03ES View Post
No...

He has an open credit account on his credit report. Gifting the vehicle to a family member does not release him from that obligation or remove the loan from his credit report. Thats the goal. The loan is not transferable to another person, family member or not.

Ownership of the vehicle and who is obligated for the debt are different things.

If it were that easy to remove the obligation of a car loan wouldn't we all just transfer our cars to a family member?
I agree with you except ...

Although not common, some loans can be transferred. In that case a family member could take ownership and take over the loan.

Selling or trading the vehicle and paying off the loan is still IMHO the best way to go.


---
__________________
If you need a shoulder to cry on ...
... pull over to the side of the road!

Reply With Quote
  #27  
Old 08-29-2014, 10:32 AM
Premium Member
My Jeep: 2014 5.7L WK2
 
Join Date: May 2013
Location: Colorado
Posts: 4,118
Thanks: 74
Thanked 297 Times in 261 Posts
Rep Power: 46572
lstowell has a reputation beyond reputelstowell has a reputation beyond reputelstowell has a reputation beyond reputelstowell has a reputation beyond reputelstowell has a reputation beyond reputelstowell has a reputation beyond reputelstowell has a reputation beyond reputelstowell has a reputation beyond reputelstowell has a reputation beyond reputelstowell has a reputation beyond reputelstowell has a reputation beyond repute
Re: Might need to Sell my Jeep Quickly

Quote:
Originally Posted by Sons of Thunder View Post
Any alternative that includes turning the car in to the dealer will result in him being hosed on the resale value.
Possibly, although making a deal for a replacement could help the dealer make a better offer.

Although GCs have historically taken big hits, dunno what the used market is for the new models...
Reply With Quote
Sponsored Links
Advertisement
 
  #28  
Old 08-29-2014, 11:17 AM
Premium Member
 
Join Date: Aug 2013
Location: Boston
Posts: 1,930
Thanks: 45
Thanked 237 Times in 186 Posts
Rep Power: 77251
mswlogo has a reputation beyond reputemswlogo has a reputation beyond reputemswlogo has a reputation beyond reputemswlogo has a reputation beyond reputemswlogo has a reputation beyond reputemswlogo has a reputation beyond reputemswlogo has a reputation beyond reputemswlogo has a reputation beyond reputemswlogo has a reputation beyond reputemswlogo has a reputation beyond reputemswlogo has a reputation beyond repute
Re: Might need to Sell my Jeep Quickly

Quote:
Originally Posted by SW03ES View Post
Just advice for whatever its worth, take it or leave it..perhaps it may even help somebody else. I wouldn't worry about wiggle room insofar as getting it approved. Its an open and shut thing, as long as you KNOW the income is all usable (sometimes we have issues with unreimbursed business expenses, etc. Make sure the income they are using matches whats on your tax transcripts perfectly, often an issue at the 11th hour when the transcripts come back and all of a sudden the income doesn't match whats on the returns) then the numbers are what the numbers are. You either qualify or you don't, not a lot of ambiguity.

The cheapest option will be to go ahead and get a conventional loan on the new house, a loan you can keep and not have to refinance. Another option short term would be to close on the new house with an FHA loan (depending on the price point) and then refinance it conventional after your current house is sold. An FHA loan has a higher DTI ratio allowance (as much as 55-60%). This loan would be more costly because of the required monthly and up front MI but depending on the bath you'd take on the Jeep or the timing it might be an option. Bear in mind many lenders will do that FHA loan for basically nothing because they'll have to give their fee back when you refinance it within 3 months anyways, so they'll make their money on the refi.

Likely your best option is indeed to sell the Jeep and get your DTI down low enough to do it straight conventional. The bath you take there will likely be less than the cost of having to do it FHA and then refi into a conventional loan, and well worth the life upgrade of being able to buy before you sell.

Good luck with it, and if anything comes up you want some impartial advice on with the loan or the sale/purchase don't hesitate to PM me.
It's WAY more complicated than that. It depends on the appraisal on the home I'm buying it depends on the appraisal on the home I'm selling because I might pull equity from it. I can't predict exactly where things will end up. And if I end up short I'm screwed. I'd rather have wiggle room (because I don't have a ton to begin with) and keep things under control. It's a VERY LARGE transaction. No way I'd go above 50% DTI even if they would allow it.
__________________
07-24-2017 Summit 3.6L Velvet Red W/Black & Brown Int
Tires: OEM 20"/Nokian 18"
Situational awareness: Valentine One with V1Driver on IOS
Reply With Quote
  #29  
Old 08-30-2014, 10:17 AM
Member
My Jeep: 2014 3.6L WK2
 
Join Date: Nov 2013
Location: Idaho
Posts: 78
Thanks: 0
Thanked 3 Times in 2 Posts
Rep Power: 1388
HaydenHunter is on a distinguished road
Re: Might need to Sell my Jeep Quickly

Go to dealers, get a few quotes on what they would buy the car for. Do research on KBB, Edmunds, etc., as to what you could realistically get in a private party sale. It will be higher. Put the car for sale on craigslist and local paper and price it to split the difference between wholesale price offered to you by the dealer and the retail private seller price. Communicate in your ads that this car is priced to move quickly and that you won't accept ridiculous offers.

You'll probably sell the car fast and make more $$$ than selling it to the dealer.
Reply With Quote
  #30  
Old 08-30-2014, 07:57 PM
Senior Member
My Jeep: 2014 5.7L WK2
 
Join Date: Nov 2010
Posts: 1,337
Thanks: 1
Thanked 46 Times in 41 Posts
Rep Power: 4281
jp467 has a reputation beyond reputejp467 has a reputation beyond reputejp467 has a reputation beyond reputejp467 has a reputation beyond reputejp467 has a reputation beyond reputejp467 has a reputation beyond reputejp467 has a reputation beyond reputejp467 has a reputation beyond reputejp467 has a reputation beyond reputejp467 has a reputation beyond reputejp467 has a reputation beyond repute
Re: Might need to Sell my Jeep Quickly

Anything close to 50 percent Dti is crazy. I would never go over 30 and even that is a little high.
Reply With Quote
  #31  
Old 08-30-2014, 11:33 PM
Premium Member
 
Join Date: Aug 2013
Location: Boston
Posts: 1,930
Thanks: 45
Thanked 237 Times in 186 Posts
Rep Power: 77251
mswlogo has a reputation beyond reputemswlogo has a reputation beyond reputemswlogo has a reputation beyond reputemswlogo has a reputation beyond reputemswlogo has a reputation beyond reputemswlogo has a reputation beyond reputemswlogo has a reputation beyond reputemswlogo has a reputation beyond reputemswlogo has a reputation beyond reputemswlogo has a reputation beyond reputemswlogo has a reputation beyond repute
Re: Might need to Sell my Jeep Quickly

I agree anything near 50 is crazy. That's why I might get rid of Jeep. It should be only for less than a year.

38% used to be the old max.

30% as a max is a bit conservative.

DTI includes all property taxes, which is very high $32k/yr
__________________
07-24-2017 Summit 3.6L Velvet Red W/Black & Brown Int
Tires: OEM 20"/Nokian 18"
Situational awareness: Valentine One with V1Driver on IOS
Reply With Quote
  #32  
Old 08-31-2014, 12:15 AM
SW03ES's Avatar
Senior Member
My Jeep: 2014 3.6L WK2
 
Join Date: Jun 2011
Location: Gaithersburg, MD
Posts: 1,887
Thanks: 18
Thanked 69 Times in 54 Posts
Rep Power: 1304688
SW03ES has a reputation beyond reputeSW03ES has a reputation beyond reputeSW03ES has a reputation beyond reputeSW03ES has a reputation beyond reputeSW03ES has a reputation beyond reputeSW03ES has a reputation beyond reputeSW03ES has a reputation beyond reputeSW03ES has a reputation beyond reputeSW03ES has a reputation beyond reputeSW03ES has a reputation beyond reputeSW03ES has a reputation beyond repute
Re: Might need to Sell my Jeep Quickly

Quote:
Originally Posted by mswlogo View Post
It's WAY more complicated than that. It depends on the appraisal on the home I'm buying it depends on the appraisal on the home I'm selling because I might pull equity from it. I can't predict exactly where things will end up. And if I end up short I'm screwed. I'd rather have wiggle room (because I don't have a ton to begin with) and keep things under control. It's a VERY LARGE transaction. No way I'd go above 50% DTI even if they would allow it.
Ah with equity being potentially pulled from one and the payment changes on that it adds another layer of complexity to it.

As for anything close to 50% DTI being crazy, we're only talking about a short time until his current home sells. We're not talking about 50% DTI and that being a long term situation. In my market we see DTIs over 40 all the time (remember this is back end, so all debts not just the home) because housing is so expensive, a couple may just want one person saddled with the debt when there are two incomes, self employment, etc
__________________
~Steve~
2015 Lexus LS460 AWD, Nebula Grey w/Light Grey Shimamoku Interior
2015 Kia Sedona SX-L, BlackBerry w/ Dark Burgundy Interior
Previous Jeeps: 2014 Grand Cherokee Overland; 2011 Grand Cherokee Laredo X
Reply With Quote
  #33  
Old 08-31-2014, 07:46 PM
Member
 
Join Date: Apr 2014
Location: Queens, NY
Posts: 104
Thanks: 13
Thanked 3 Times in 3 Posts
Rep Power: 1268
Sons of Thunder is on a distinguished road
Re: Might need to Sell my Jeep Quickly

Quote:
Originally Posted by mswlogo View Post
I agree anything near 50 is crazy. That's why I might get rid of Jeep. It should be only for less than a year.

38% used to be the old max.

30% as a max is a bit conservative.

DTI includes all property taxes, which is very high $32k/yr
__________________
Reply With Quote
Reply

Tags
jeep

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
To sell or not to sell?? Birds1969 Suspension/Driveline/Brakes/Wheels/Tires 2 09-12-2013 05:49 PM
New Guy, but quickly learning... Anon155 New Members - Welcome! 5 04-29-2012 07:13 AM
To sell or not to sell QuickOne Grand Cherokee SRT8 - WK 13 02-07-2012 07:39 AM
AC quickly cycles on/off? Andrew Klossner Trouble Shooting/Problems/Service 3 09-26-2011 08:37 AM

» Premium Vendor Showcase
Powered by vBadvanced CMPS v3.2.3

All times are GMT -5. The time now is 02:08 AM.


Powered by vBulletin® Version 3.8.8
Copyright ©2000 - 2017, vBulletin Solutions, Inc.
Copyright 2012 - JeepGarage.Org
The Jeep Grand Cherokee Owners Community

JeepGarage.org is in no way associated with or endorsed by FCA US LLC. Chrysler, Dodge, Jeep, Ram, Mopar and SRT are registered trademarks of FCA US LLC.