Here is my conundrum. I would post this on /r/personalfinance but they would rip me to shreds because I have debt of any type. Anyway, I bought a Tahoe 3 years ago, I still owe some money on it. Not much, but some. I want to buy a new truck (Colorado) and I would be able to get a lot more out of the Tahoe by selling it. The issue is the current loan. When I got the Tahoe, they financed me through Wells Fargo Dealer Services. Which, is barely related to Wells Fargo. Now since I live in MO, I have the title in my hands, but it has a lien on it. So I can’t say “Clean Title”.
So I need to pay it off somehow before I sell it. I’m trying to sell it inside my company first, since there’s more accountability. In that case, someone can buy it from me, and then I can take the money, pay off the lien, get the release, and they can keep me accountable by coming to my desk and kicking me if I don’t hold up my end of the deal.
But this doesn’t work for some random guy on Autotrader that wants to buy it. With WFDS, you can’t pay it off and get a lien release at a branch like you can a local bank. It has to be online/mail. Also, they don’t take Credit cards for payments. So I can’t just put the payoff on my American Express (which would be a dumb idea since i’m outside of the 0% introductory APR, but it was an idea).
So what’s an Oppo to do? I have enough money in savings to pay it off, but it would leave me with $0 in savings (we just bought a house and are currently remodeling, so our savings went from $$$$$$$ to $$) and my wife would kill me if I did that. Especially without knowing when I would sell it. I know people on here have bought/sold a ton and probably have ran into this situation.
I’d like to avoid taking out a second loan to pay it off, because I don’t want an inquiry on my credit before I take out another auto loan. And yes, trading in is an option. But I would have to wait another 6 months before the payoff on the Tahoe is different enough from trade value to pay my taxes (Fucking Missouri) and provide me with a down payment. If I sell it today for even under asking price, i’ll have taxes and down payment covered. So that’s my motivation. Plus if I can get $1500 more for it by selling vs trading, i’d feel better. Ideas? Am I screwed and just have to take out another loan to cover pay off? What’s the best course of action? I’m not in a hurry or anything, but I need to have a plan together in case I get an opportunity to sell it for a good price sooner than expected.