09-24-2017, 02:37 PM | #1 |
First Lieutenant
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To payoff or not to payoff...
...that is the question.
I should take delivery in mid to late December on my week 45 build. I plan to trade in a car on which I owe about 5K currently. It's worth about $10k (trade-in value). I can pay it off & have a clean title at deal time or just let the dealership pay off what'e due at that time. What do you think is the better play? |
09-24-2017, 03:11 PM | #2 |
Enlisted Member
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I’m in the same boat but I’m just going to let the dealer pay off the rest of my car. I owe 5k on it and it’s worth about 18k. Luckily I can save a little off the tax for the M2 so that helps. I was going to sell the car to car max but decided to stick with the dealer instead due to the tax savings.
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09-24-2017, 04:08 PM | #3 |
Colonel
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You can sell privately and have the dealer manage the transfer. They will collect tax from the buyer and hold the funds till you buy your car. You will save whatever tax the buyer paid unless you take cash out of the deal.
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