10k negative equity on GLI - VW Credit wants extra 7k to sell to dealership. How do I sell this car?

Ask the Hackrs
21

You can only buy it out for residual AFTER paying off your remaining payments.

22

To get an accurate payoff quote, log in to your account at vwcredit.com, go to menu > payoff quote and you can get an instant quote valid for 10 days that will show the true amount it would cost you.

It still won’t be valid if you sell to a third party, because VW will still make up some absurd number for them to pay.

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23

So let me get this straight if you have $25,196.64 left in payments and I’m going to assume it’s originally a 36 month lease because you would be stupid to sign a 48 month lease, that would make your payment $787.39 a month for the 32 months left. I see why you want to get out of this lease, you got HOSED! I really hope I’m wrong but even a 48 month lease would be $572.65 a month with 44 months remaining. Also crazy.

Edit: please tell me you did put any money down when you signed the lease?

24

Looks like a 48 month lease with negative equity included.

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25

VW are never going to allow anyone to buy that vehicle from them because you owe them $25k. Unless someone pays them the $13k + $25k = $38k (and no one is going to for a vehicle worth $19k). You effectively asked VW to take a $19k hit on a car that they have you legally obligated to pay $25k for.

You need to stop making horrific financial decisions, and learn from the mistakes you’ve made previously. Getting a loan out to buy yourself out of this will just be another terrible decision as you’ll have the massive debt but no car.

2 Likes
26

Are you liquid for 11K? This is not a bank loan of some type?

If that is the case, I would put it in the bank, and draw monthly to pay the lease. That covers you for the next 19-20 months. If it is another loan, seriously just stop. You are burying yourself with negative equity. Pay off the lease, with a lesson learned.

I would also consider getting rid of the car you own, if you keep the lease. Use that cash to draw against and pay the lease down as well.

The other option is essentially lighting 19K on fire. Nothing in return but a payment. That is just silly. For 6K more you are getting the use of the car for 44 months. And now is probably as good of a time as any to stop the negative equity cycle.

27

Wow. Just wow.

A new winner?

1 Like
28

As mentioned before, see what vroom and carvana have to offer.
Unless the whole VW not accepting the price thing comes back into play?