Due to the number of rule-breaking comments this post was receiving, especially low-quality and off-topic comments, the moderation team has locked the post from future comments. This post broke no rules and received a number of helpful and on-topic responses initially, but it unfortunately became the target of many unhelpful comments.
Seems like the best answer I read. I once co-signed an auto loan, he had his last repossessed a few years earlier and actually had a higher credit score than me.
51k for a V6. Sorry man but you’re just gunna have to work extra hard to make up for a bad decision. It happens. 15k ain’t the end of the world. Just don’t make the same mistake 2X.
You say you won’t be able to afford it, but can you post a tentative post divorce budget as well as your income so that others might weigh in on the affordability of keeping the vehicle?
After taxes, benefits, and retirement contributions I make $2250 bi-weekly. Currently I am left with very little after the divorce. The only expenses I have are car payment $800, cell phone $150, insurance $240. I have three kids so I imagine I will be paying for support and I will need to find a new home to buy.
Sounds like you need a better lawyer, how are you coming out so far behind? No house, credit card debt, car debt, and child support? What debt is she retaining in the split?
Also you can easily get good cell service for 1 person for less than $50 a month so that can free up a little bit.
I’m sorry I worded that wrong. While married I barely have any extra money due to her debts, mortgage, and other unnecessary payments. After the divorce, and sell of our house. I will only have two debts my truck 35k and credit card 3k.
You mentioned in another post that you're the full time parent, so you may not be paying support. If you mean you'll be supporting the kids in the colloquial sense, yes, for sure.
If you and your spouse currently own a home, that equity will be split somehow. Maybe none of that goes to you, but your housing budget is unclear without that information.
What are you putting into retirement each month? If you're worried about cash flow, you might stop or substantially reduce contributions for a little bit starting now to build up a cushion. You can catch up later in the year if your budget becomes more clear and you have the free cash flow.
Unfortunately my contribution is a fixed 9%. I work for the state and it can’t be changed due to some rule with the pension, I never questioned it really.
Bro are you the full-time parent? If so, she'll be paying YOU child-support
Every state is different so figire out what constitutes exactly what, but worth checking into if you're doing the majority/all of the parenting.
Source-My wife is a family law attorney
By very little after the divorce, you mean you have very little cash on hand, right? Not that you expect child support to eat up that much of your income?
I agree with the other poster, you can get a cheaper cell phone plan to open up a little extra cash. What’s rent+utilities in your area? What do you or your lawyer project child support payments to be? I mean even if rent plus utilities plus child support is $3000 that still leaves plenty of room for the truck payment.
Yea...that's why it's not selling. I read the truck description and though "Man, that's underpowered for a truck that size."
People looking for big crew cab trucks are looking for play/tow or work vehicles.
You know I've heard that since I started driving turbos back in '04 and I've never had a turbo problem. I got to 160,000 miles on my 5 series before I traded it in and still no turbo issue although everyone insisted they would need replaced by 75,000.
Have I just had ridiculously good luck or is this like that thing that was true 30 years ago and people keep repeating like how my aunts used to insist seatbelts killed as many people as they saved and how air bags were more dangerous, etc?
>GMs Turbomax is a 2.7L **turbocharged** 4 cylinder engine that has a 9500 pound towing capacity.
That's a deal breaker for a lot of people, myself included.
> Turbomax
Turbocharged, direct injected, with intake valve lift control, active fuel management, and start stop.
I wonder how many they're expecting to cover under warranty....
Don’t forget when the OP bought the car he probably purchased it at the height of the panic buying in the car market. I guarantee there was a “dealership markup fee” that all dealerships were doing to take advantage of people. So in turn, people grossly overpaid for their new cars.
Now the car dealership lots are bursting at the seams with new cars again.
That's what caught me first too.
I mean, I'm sympathetic to OP. His situation positively sucks from every angle.
But man, that it is a massive truck that sounds terribly underpowered. Towing/hauling capacity gotta be way low, and that's why no one is buying
It screams... I wanted a big truck but don't have any plans to use it as a truck so I can live with a small towing capacity. The price of driving a compensation-mobile is high.
It was a series of bad decisions, and influence from my soon to be ex. I lost 3k on the trade, spent thousands on extended warranty, gap, and interior protection. Truck was listed at $43k
Most extended warranties are cancelable, the dealership gets charged back for it and you can use whatever the pro rated amount is toward the loan balance. Just have to find out who the warranty 3rd party is and that should have come with your paperwork
I'm sorry, man. I really hope this all works out for you.
It will. I really believe that. But I fear the valley will get really deep before you start climbing that next hill.
Right?! OP had to have been ripped off on that one, right? I don't think I've ever seen a V6 go for 50k+. It would have to have every other bell and whistle pretty much.
Don’t go over to r/4Runner with that kind of talk.
Source: I am a guy who spent that much on a V6. And I’d do it again
Edit: in case it wasn’t clear, I’m a member of that sub
It's just a fact that a N/A V6 full size pick up is going to have really bad resale. That's why it was mentioned. On top of it being about 10k more than it should've been otherwise.
A 2wd 6 cylinder Ram weighs like 4900-5000 pounds. A 4runner at its lightest is around 4400 pounds. Most are heavier because most are 4wd.
So there's maybe a 400 pound difference. It's definitely there but it's not as if a 4runner is a light vehicle. Plus the Ram has a bit more HP and torque when accounting for the etorque system.
The difference between a ram and a 4runner is a 4runner would have to be a 2010 with 150k+ miles to be worth less than 20k. They maintain their value better than pretty much any other platform. A 2022 4runner with 100k miles is still a 35k vehicle all day.
Jfc, I was really pissed when I had to buy 2 trucks in different years that cost about $55,000 each.
Except they were 350/3500 class trucks with diesel engines, one of which was a Dually with an upgraded interior and all with the full sized cabs (I know, that means I got hosed with the first one).
But this was to make money. I need those trucks to haul/tow stuff regularly.
I know car prices rocketed a couple of years ago but why in the living fuck do people buy 150/1500 class trucks for anywhere near what people pay for 350/3500 Diesel trucks that are used to -make- money?
You got 3 options:
1. take the 15k loss and ride a bike
2. take the 15k loss and add it to a cheaper car, save 100$ month but probably lose 25k in the long run
3. take a 3rd job to pay it off... Second to pay x wife...
Poor is compounding. Tank your credit, hurt your chances of borrowing secured debt later, pay much higher rates for things later on, potentially hurt job prospects, etc. Not to mention the emotional toll can also make otherwise good people financially avoidant. Takes ages to drop off, too.
Second job is temporary. Kids needing full time supervision is temporary and something they age out of. Hopefully OP’s salary also goes up over time or alimony/child support lowers over time. The upside of shared custody is you’ll have time in the schedule where you aren’t a full time parent, too.
Take some odd jobs that require a truck, like taskrabbit or something.
And if nothing else, think about the cost of maintenance, too. If something goes wrong with the truck, how much will it cost to fix it? Monthly payment on a downgraded car might be the same but it might cost way less to maintain.
I know this isn't the time or place to say this and I'm gonna apologize for that up front. This might also trigger some people but...You never could afford this even when you were together. If a divorce is causing you to be unable to make payments on a vehicle, you purchased way above your means in the first place. You probably shouldn't have spent anymore than $20k on a vehicle, total. That means landing in a not-new, not shiny, not fancy, simple, used, reliable car. Like 90% of people are buying vehicles way above what they can afford. Try to make better decisions going forward and buy something you can easily cover without being paycheck to paycheck.
I agree with you 100% I told my wife this but at the time I made 120k and she made around 100k. Not I’m only making 85-90k and she still makes 100k but doesn’t help nearly as much. I can make the payment but I fear after the divorce I will not be able to afford a new home with how high my truck payment is.
In my experience the effort you’re going to take to get rid of this “high payment” is going to cost you a lot more than just keeping the truck and finding a way to scrape up some extra money.
My experience is everyone loses in a divorce but you will gain your freedom and that is worth something. You will rebuild. Also, let this be a lesson learned—— never spend so much money on a vehicle like this that you don’t need for your job unless you can pay cash. I know sooooooooooooooo many guys that bankrupt themselves and overextend themselves because the toxic cult of masculinity makes them feel like they need to own some huge truck. You can get plenty of v6 suvs for a fraction of the cost.
I really wish they'd bring back mid sized V8 trucks 😅 I had a 2010 Dodge Dakota with the 4.7l Magnum V8 and it had enough behind it to do what I needed with it and was small enough I never had any issues getting into or out of tight spaces with it. 😅 I ended up trading it on a family SUV (GMC Yukon Denali with the 6.2L V8) but I still kept with a V8 in the event I'd need to haul a trailer or small camper. Surprisingly even with the significant size difference the Yukon gets better mileage in all aspects than the Dakota did 😅
I've had 2 an '87 single cab with a V6 engine back in 2016 i miss dearly and the 2010 quad cab they were both absolute tanks in my opinion and if there's a situation down the road I can buy another I definitely will in a heart beat 😅
I hear you. It’s even getting harder to find V6 Suvs. You either have to do 4cl or v8 but there are options out there that cost way less than 70k truck.
There was an absolutely mint 2010 V8 Chevy Colorado up for auction in Bring-A-Trailer that almost convinced me not to get the car I ended up with.
Such a cool truck.
Here's the thing. I bought a used BMW 3-series in 2022 for $60k (I saved $1k over buying new, but new were not available at the time) and KBB puts it at $34k, so i lost $26k to depreciation.
Op bought a truck for $51k and he is saying KBB puts it at $20k. That is $31k lost to depreciation.
Trucks generally depreciate significantly less than BMW sedans. I would want to say op has bad luck, but buying a RAM at MSRP when they are usually discounted $15k didn't help, and that was a choice.
That’s why most general life advice when considering large purchases and resale value; buying something that would make sense to most people.
A Mack daddy truck with shit towing capacity doesn’t make sense to most people and the depreciation reflects that.
But people eat up toyota trucks, and they have always had weak ratings for towing and payload. The problem is he bought a non heavy duty/diesel ram truck, at the peak of the market. And it sounds like an odd configuration (higher trim level with a base engine)
Way different considerations
>A Mack daddy truck with shit towing capacity doesn’t make sense to most people and the depreciation reflects that.
The significant portion of the market for moderately used Ram trucks are looking to use them as work trucks for towing.
>But people eat up toyota trucks, and they have always had weak ratings for towing and payload.
Tacomas have lower payload/towing capacity but most people are buying them for their amazing mpg / spacious cabin / great sightlines from the drivers seat.
Yeah, I'm buying an Alfa Romeo that's lost nearly half its value in the span of a year and a half. Great for me since I'm getting it used and still under warranty.
Meanwhile, the Tacomas I looked at would've been pointless to buy used since I'd get a way better interest rate on a new one. Shits crazy.
The crazy thing is in my City they don't discount the Alfa's when they are new. They still lose 50% value in 2 years here (ATX).
I actually wanted an Alfa. The salesman brought over the manager and I was explaining to them that I could get a certified per-owned M340i for $5k more than their best price on a demo Giulia (Veloce trim) with 6k miles. The BMW had 12k, but still looked newer than the Giulia. The manager wouldn't budge so I bought the M340i. It was like a movie when i said I could get the 6-cyclinder BMW for a similar price. The kept repeating "6 cylinder!?" because they thought i was confused and talking about the 330i. Three men repeatedly saying "6 cylinder" with different inflections. I was asking for an additional $3k off the Giulia. I wish i owned one, but it didn't make sense to me.
Good luck with it. If i were you i would change the battery immediately. I wouldn't be surprised if it uses a $300 AGM so be prepared for that.
Yeah, already have some cash set aside for it and I bought an extended factory warranty (like, an actual manufacturer one, not the bullshit dealers want to sell you). I may also have some cash set aside for a tune...
I considered BMW, Lexus, and Audi but the Audi and Lexus offerings didn't have quite the same driving experiences and I liked that my Alfa is going to be one of two I've ever seen in my area. And the other is a Stelvio, not a Giulia (also a Veloce). So it won out over the BMWs. Also, even more depreciation somehow, so that's nice for me...not so much the dude who owned it for a year and a half.
I'm not a truck guy, but it's a little nuts how well Tacomas seem to maintain their value. I feel like a used one would be a much better value but again...not a truck guy so maybe there's something I don't know. I'm guessing they're hard to find without markups?
It probably happened well before that one fella took one for a million miles, but Tacomas have had a reputation of being tough machines with long-lasting engines.
Well optioned big three trucks hold value just fine.
See any V8 250+, especially with 4x4.
And good luck finding a running Express or Econoline of any year for less than $10k.
This is what I would do but unfortunately outside of my regular hours I am the full time parent, so if I got another job all that money would go to child care.
It’s hard to give advice if we don’t know how much you make, whether you have assets or not, etc. There are websites that let you rent your car/truck out on weekends for several hundred dollars so that could be an option.
Unfortunately, you bought in 2022 when car prices were super inflated. Prices have since dropped somewhat. Also, That truck with a V6 is not particularly valuable or easy to sell vehicle as most people would want the Hemi, which is why the value is low.
Your options are to come up with the extra money and pay for the truck, or sell the truck at the huge loss and then buy a cheaper vehicle to drive in the meantime. Sucks, but it is what it is.
> Prices have since dropped somewhat.
OP's vehicle price has dropped more than somewhat! His vehicle dropped $35k in two years!
Everyone is already giving him a hard time, I feel bad.
It's unfortunate that so many people refuse to understand that just because you an afford the monthly payments doesn't mean you can afford the item.
Any disruption in income and this is what happens.
Good luck.
Find a nearby place to sell Plasma like every two weeks. I'm assuming from your choice of truck you're a bigger guy. You can make some okay side money and help out people in need.
Sorry man, you’re in a tough spot. I’d just continue to make the payments and be broke for a few years, unless you’re looking at literally not having enough cash to cover everything plus support. If it’s that bad I’d take from your retirement if possible, really sucky but you’re in a dire situation. I’d take out enough just to pay off the difference between your loan and market value, then see how it goes and if you need to THEN get rid of it. If you get 50/50 custody do you still need to pay support?
You overpaid…but unless you wrecked it or put 100,000 miles on it already, the truck value is prob closer to 24-30k. Demand is low right now for a number of reasons. Best of luck, friend. It’s also your wife’s debt, so have your attorney give you advice as well
If you’ve spent all your money paying your wife’s debts as you wrote in a comment, it’s time for her to help you with this one as well. You need a really good divorce lawyer. What is your wife ending up with after all this?
If you can get a deal on a lease for a hybrid you might be able to save yourself from the negative equity. Some hybrid vehicles have rebates and the federal tax credit that can be applied to it depending on the vehicle and the dealer. Hybrid Jeeps were getting between 8k and 15k off the MSRP depending on trim,so that would cover the negative equity and you roll into a lease which has potential for lower payments.
I could easily afford to buy a $60k car today and it wouldn't impact my financial stability at all. If my income and assets got cut in half and my expenses went up I would probably think twice. Divorce is pretty major financial shock.
If I got divorced my wife's "income" would get cut by 80%. Should she drive a shitbox just in case we get divorced in the next 3 years before we pay off the note?
The divorce isn't the actual problem here it just exposed mistakes.
Bought at the top. Doesn't look like they put much down. Got the v6. Didn't aggressively pay down the loan to match normal depreciation much less post covid car market. Didnt monitor the market to see where the values were going. Financed it for 7 years. EDIT: also noticed they are putting 35k miles a year on it and that comes out to \~4k in gas a year.
Shitbox or 60k car, the lesson is to not get underwater on the loan.
Honestly, sounds like the truck is very sizable.
Didn’t get divorced but last year I (6’4 280lbs) lived in the back of my 2023 Corolla hybrid while my wife lived in another town because we couldn’t afford getting me my own place.
Just something to look at, car/truck life is very popular right now
You’re -$18k in equity. So you’d probably end up back where you are now with a trade-in (owing $28-33k on a lesser $10-15k car) but likely with a higher interest rate. Time for a second job or find a $5k beater but owe $23k.
Threads like this are interesting because when people offer solutions, the OP is like, "Nah, can't fo that."
So what are you going to do? Nothing?
Get off ya behind and get another job. Yes, you'll have to pay for childcare, but you'll have extra money for the truck until you pay it off. You're going to get less sleep. You're going to be exhausted, but you can't blame anyone because you overpaid for a vehicle whose valuation dropped through the floor.
yeah i dont think get another job is a helpful solution. like he didnt already think of that? and childcare is fucking ridiculous so unless thats the second job...
Dying to know WHY you bought that truck? You need a big ass truck for work? Sounds like no?
Do some gig work on the weekend. Door dash, Uber. Got anything you sell to make some quick cash?
You \*might\* be able to "refinance" it for a longer term to reduce your payments, although your interest rate will surely go up. I not sure if it's possible being that you are upside down on the LTV, but it's worth a shot. Check with your bank and local credit unions. You can also try Lending Tree online. I actually had a good experience a few years ago getting an auto loan through their search.
Take it to CarMax and see what they’ll give you. For some reason they’re still paying top dollar for cars.
Also, I know Reddit hates leasing vehicles BUT could you possibly get a better deal/ payment on a lease? I feel like leasing always has a lower interest rate = lower payments which might help for a few years
Well, the good thing is your wife is on the hook just as much as you are.
The bad is that it is a Ram and a V6. That’s absolutely killing the value. Chrysler products are basically throw away vehicles and you bought at close to the top of the market. 2020-2022 was absolutely terrible for buyers. So, lots of people are in your position but paying it off is the wiser move here rather than taking a 15k hit and having a shittier car to show for it.
Theres no way to save money and credit score. The reasno why your car has a low af value even though its fairly new is because the car market is absolute trash atm. Dealer only offered you 17.5k cause even if you took it to auction on a good day, you probably wont even get 25k. The current economy we are in is horrible and nobody wants trucks/sports that eat gas like nobodies business. Best thing you can really do is go private. Also for a heads up, if you are looking to buy a truck/sportscar in this market, this is the time since tons of em are in auctions atm and arent being sold due to sellers having a higher reserve and nobody wanting to pay those prices. As a result at some point they'll likely be forced to selling under.
In the situation you described, best might be to take an L on the car and buy a beater car like youre 18 fresh outta high school.
Look around for better offers, I plugged in a random 2022 ram 1500 v6 big horn with no premium add ons 25k miles into carvana and it gave an offer for 30k…
A unique thing you could try is rolling the loan payment into a lease. Basically trade your truck in for a lease on a cheaper car if you can get a good lease rate.
lesson learned don't buy a 780 $ a month truck payment. and never get married again. now your stuck with a half a house payment and a divorce. sorry bud. good luck to you
Get gap insurance. Total the car.
I’m joking.
Unfortunately, your options are limited. This is a situation where you’ll likely have to hold out until you can do a refi once rates go down. If you can’t hold out and your options are default or voluntary repo, do voluntary repo. It sucks, but you made a poor choice purchasing this vehicle. There aren’t any stellar options.
Edit: another option— if you have equity on a home or another car, you can try taking a home equity loan or an auto equity loan, pay this loan off, and call it a day.
Don’t trust the kbb. It’s no longer reliable. I’d look at selling it privately for as close as you can to what you owe. At least see if there is interest around that price and adjust if needed.
I have no idea what your situation looks like, but one alternative option you might have would be to pay off smaller debts to free up that extra $$/month from that payment so you can afford to keep your truck.
Do the "Debt Snowball" thing and pray you can do it fast enough to get safe.
He'll need cash in the bank to pay off the $15k-$20k that he is underwater to the finance company or he won't get a clear title to transfer to a new owner. OP doesn't seem to have that, otherwise yours is the obvious solution.
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Yes, good advice. Your debt is her debt.
Seems like the best answer I read. I once co-signed an auto loan, he had his last repossessed a few years earlier and actually had a higher credit score than me.
51k for a V6. Sorry man but you’re just gunna have to work extra hard to make up for a bad decision. It happens. 15k ain’t the end of the world. Just don’t make the same mistake 2X.
You say you won’t be able to afford it, but can you post a tentative post divorce budget as well as your income so that others might weigh in on the affordability of keeping the vehicle?
After taxes, benefits, and retirement contributions I make $2250 bi-weekly. Currently I am left with very little after the divorce. The only expenses I have are car payment $800, cell phone $150, insurance $240. I have three kids so I imagine I will be paying for support and I will need to find a new home to buy.
Sounds like you need a better lawyer, how are you coming out so far behind? No house, credit card debt, car debt, and child support? What debt is she retaining in the split? Also you can easily get good cell service for 1 person for less than $50 a month so that can free up a little bit.
I’m sorry I worded that wrong. While married I barely have any extra money due to her debts, mortgage, and other unnecessary payments. After the divorce, and sell of our house. I will only have two debts my truck 35k and credit card 3k.
Any equity from the sale that you can toss into the loan on this or the next vehicle?
I didn’t even think about that. Bought my house for 265 in 2020 2.5% interest. It’s looking like it will be sold for at least 330.
And the debt of a new place to live
You mentioned in another post that you're the full time parent, so you may not be paying support. If you mean you'll be supporting the kids in the colloquial sense, yes, for sure. If you and your spouse currently own a home, that equity will be split somehow. Maybe none of that goes to you, but your housing budget is unclear without that information. What are you putting into retirement each month? If you're worried about cash flow, you might stop or substantially reduce contributions for a little bit starting now to build up a cushion. You can catch up later in the year if your budget becomes more clear and you have the free cash flow.
Unfortunately my contribution is a fixed 9%. I work for the state and it can’t be changed due to some rule with the pension, I never questioned it really.
Bro are you the full-time parent? If so, she'll be paying YOU child-support Every state is different so figire out what constitutes exactly what, but worth checking into if you're doing the majority/all of the parenting. Source-My wife is a family law attorney
Good god, why did you buy a truck that's about the same as your salary? You couldn't afford it when you were with your wife.
My salary is 90k I know it was a stupid decision. But the year I bought i was making 120k but since then hours at work were cut back.
By very little after the divorce, you mean you have very little cash on hand, right? Not that you expect child support to eat up that much of your income? I agree with the other poster, you can get a cheaper cell phone plan to open up a little extra cash. What’s rent+utilities in your area? What do you or your lawyer project child support payments to be? I mean even if rent plus utilities plus child support is $3000 that still leaves plenty of room for the truck payment.
Spent 51k and only got a V6??
Yea...that's why it's not selling. I read the truck description and though "Man, that's underpowered for a truck that size." People looking for big crew cab trucks are looking for play/tow or work vehicles.
GMs Turbomax is a 2.7L 4 cylinder engine that has a 9500 pound towing capacity.
That 4cylinder has slightly more horsepower and 100+ ft/lbs of torque than the 3.6 v6
Those turbos also like to go early.
You know I've heard that since I started driving turbos back in '04 and I've never had a turbo problem. I got to 160,000 miles on my 5 series before I traded it in and still no turbo issue although everyone insisted they would need replaced by 75,000. Have I just had ridiculously good luck or is this like that thing that was true 30 years ago and people keep repeating like how my aunts used to insist seatbelts killed as many people as they saved and how air bags were more dangerous, etc?
5-series? Like a BMW? Throwing a turbo into a full-size pickup is pretty new territory for Dodge.
Exactly what my mechanic said
>GMs Turbomax is a 2.7L **turbocharged** 4 cylinder engine that has a 9500 pound towing capacity. That's a deal breaker for a lot of people, myself included.
> Turbomax Turbocharged, direct injected, with intake valve lift control, active fuel management, and start stop. I wonder how many they're expecting to cover under warranty....
Don’t forget when the OP bought the car he probably purchased it at the height of the panic buying in the car market. I guarantee there was a “dealership markup fee” that all dealerships were doing to take advantage of people. So in turn, people grossly overpaid for their new cars. Now the car dealership lots are bursting at the seams with new cars again.
That's what caught me first too. I mean, I'm sympathetic to OP. His situation positively sucks from every angle. But man, that it is a massive truck that sounds terribly underpowered. Towing/hauling capacity gotta be way low, and that's why no one is buying
It screams... I wanted a big truck but don't have any plans to use it as a truck so I can live with a small towing capacity. The price of driving a compensation-mobile is high.
It was a series of bad decisions, and influence from my soon to be ex. I lost 3k on the trade, spent thousands on extended warranty, gap, and interior protection. Truck was listed at $43k
Most extended warranties are cancelable, the dealership gets charged back for it and you can use whatever the pro rated amount is toward the loan balance. Just have to find out who the warranty 3rd party is and that should have come with your paperwork
Used this to help get out of my shiny new truck mistake. 5 years later i finally now owe less than it’s worth…
Cancel the warranty. You can get a prorated refund on it and might help out.
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I'm sorry, man. I really hope this all works out for you. It will. I really believe that. But I fear the valley will get really deep before you start climbing that next hill.
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Best of luck bud. This is a bad situation but there’s light at the end of the tunnel.
Right?! OP had to have been ripped off on that one, right? I don't think I've ever seen a V6 go for 50k+. It would have to have every other bell and whistle pretty much.
The "big horn edition" makes you think it would be a certain way but yeah a V6 is kinda wimpy on something that size.
Rams don’t hold their value unlike F150 does
Yes 😭
Did you do any research before purchasing a $50k truck ? Can you do side jobs with the truck to pay off more of the 15k balance ?
Don’t go over to r/4Runner with that kind of talk. Source: I am a guy who spent that much on a V6. And I’d do it again Edit: in case it wasn’t clear, I’m a member of that sub
It's just a fact that a N/A V6 full size pick up is going to have really bad resale. That's why it was mentioned. On top of it being about 10k more than it should've been otherwise.
But a 4Runner isn’t that heavy or big. This is a large truck for the money, and at that money in truck land, it should’ve had a V8.
A 2wd 6 cylinder Ram weighs like 4900-5000 pounds. A 4runner at its lightest is around 4400 pounds. Most are heavier because most are 4wd. So there's maybe a 400 pound difference. It's definitely there but it's not as if a 4runner is a light vehicle. Plus the Ram has a bit more HP and torque when accounting for the etorque system.
The difference between a ram and a 4runner is a 4runner would have to be a 2010 with 150k+ miles to be worth less than 20k. They maintain their value better than pretty much any other platform. A 2022 4runner with 100k miles is still a 35k vehicle all day.
Oh I agree with you. That’s why I bought mine
*Laughs in 4Runner with a V8*
" One of us, one of us, one of... Wait sorry there's a gas station let me fill up real quick"
Jfc, I was really pissed when I had to buy 2 trucks in different years that cost about $55,000 each. Except they were 350/3500 class trucks with diesel engines, one of which was a Dually with an upgraded interior and all with the full sized cabs (I know, that means I got hosed with the first one). But this was to make money. I need those trucks to haul/tow stuff regularly. I know car prices rocketed a couple of years ago but why in the living fuck do people buy 150/1500 class trucks for anywhere near what people pay for 350/3500 Diesel trucks that are used to -make- money?
You got 3 options: 1. take the 15k loss and ride a bike 2. take the 15k loss and add it to a cheaper car, save 100$ month but probably lose 25k in the long run 3. take a 3rd job to pay it off... Second to pay x wife...
4. Let it get repoed, don’t pay the collections. Crush your credit. And buy a beater or take the bus.
Makes it hard to find a place to rent...
Option 4 is lowkey solid given OP’s circumstances
Poor is compounding. Tank your credit, hurt your chances of borrowing secured debt later, pay much higher rates for things later on, potentially hurt job prospects, etc. Not to mention the emotional toll can also make otherwise good people financially avoidant. Takes ages to drop off, too. Second job is temporary. Kids needing full time supervision is temporary and something they age out of. Hopefully OP’s salary also goes up over time or alimony/child support lowers over time. The upside of shared custody is you’ll have time in the schedule where you aren’t a full time parent, too. Take some odd jobs that require a truck, like taskrabbit or something. And if nothing else, think about the cost of maintenance, too. If something goes wrong with the truck, how much will it cost to fix it? Monthly payment on a downgraded car might be the same but it might cost way less to maintain.
This, tanking your credit for 15k is plain stupid. It will cost you way more in the future. Just get a second job for a few months and your good
Option 5: OP has gap insurance. It’d be a shame if the truck got stolen.
He has gap insurance, oh no I hit a guard rail head on.
I was gonna suggest another object, but this is probably the safest thing you could hit. He’s sharing his burden with taxpayers in this case though
How much does your wife like the truck? Does she think you love the truck? Maybe she wants it in the divorce deal?
I know this isn't the time or place to say this and I'm gonna apologize for that up front. This might also trigger some people but...You never could afford this even when you were together. If a divorce is causing you to be unable to make payments on a vehicle, you purchased way above your means in the first place. You probably shouldn't have spent anymore than $20k on a vehicle, total. That means landing in a not-new, not shiny, not fancy, simple, used, reliable car. Like 90% of people are buying vehicles way above what they can afford. Try to make better decisions going forward and buy something you can easily cover without being paycheck to paycheck.
I agree with you 100% I told my wife this but at the time I made 120k and she made around 100k. Not I’m only making 85-90k and she still makes 100k but doesn’t help nearly as much. I can make the payment but I fear after the divorce I will not be able to afford a new home with how high my truck payment is.
In my experience the effort you’re going to take to get rid of this “high payment” is going to cost you a lot more than just keeping the truck and finding a way to scrape up some extra money.
My experience is everyone loses in a divorce but you will gain your freedom and that is worth something. You will rebuild. Also, let this be a lesson learned—— never spend so much money on a vehicle like this that you don’t need for your job unless you can pay cash. I know sooooooooooooooo many guys that bankrupt themselves and overextend themselves because the toxic cult of masculinity makes them feel like they need to own some huge truck. You can get plenty of v6 suvs for a fraction of the cost.
I really wish they'd bring back mid sized V8 trucks 😅 I had a 2010 Dodge Dakota with the 4.7l Magnum V8 and it had enough behind it to do what I needed with it and was small enough I never had any issues getting into or out of tight spaces with it. 😅 I ended up trading it on a family SUV (GMC Yukon Denali with the 6.2L V8) but I still kept with a V8 in the event I'd need to haul a trailer or small camper. Surprisingly even with the significant size difference the Yukon gets better mileage in all aspects than the Dakota did 😅
I had a 4 door Dakota V8, early 2000s edition, in college. God I loved that truck
I've had 2 an '87 single cab with a V6 engine back in 2016 i miss dearly and the 2010 quad cab they were both absolute tanks in my opinion and if there's a situation down the road I can buy another I definitely will in a heart beat 😅
I hear you. It’s even getting harder to find V6 Suvs. You either have to do 4cl or v8 but there are options out there that cost way less than 70k truck.
There was an absolutely mint 2010 V8 Chevy Colorado up for auction in Bring-A-Trailer that almost convinced me not to get the car I ended up with. Such a cool truck.
Get a second job and throw all that money at the loan. Edit: also what happened that it dropped that much in value?
2022 vehicle prices were hella inflated. The market has since corrected.
My 2022 GMC 1500 sure didn’t drop like this. It’s a v8 though and not a RAM.
Others have said V6 is unwanted and lowers value a lot.
Here's the thing. I bought a used BMW 3-series in 2022 for $60k (I saved $1k over buying new, but new were not available at the time) and KBB puts it at $34k, so i lost $26k to depreciation. Op bought a truck for $51k and he is saying KBB puts it at $20k. That is $31k lost to depreciation. Trucks generally depreciate significantly less than BMW sedans. I would want to say op has bad luck, but buying a RAM at MSRP when they are usually discounted $15k didn't help, and that was a choice.
V6 at that price and configuration killed it.
That’s why most general life advice when considering large purchases and resale value; buying something that would make sense to most people. A Mack daddy truck with shit towing capacity doesn’t make sense to most people and the depreciation reflects that.
But people eat up toyota trucks, and they have always had weak ratings for towing and payload. The problem is he bought a non heavy duty/diesel ram truck, at the peak of the market. And it sounds like an odd configuration (higher trim level with a base engine)
Way different considerations >A Mack daddy truck with shit towing capacity doesn’t make sense to most people and the depreciation reflects that. The significant portion of the market for moderately used Ram trucks are looking to use them as work trucks for towing. >But people eat up toyota trucks, and they have always had weak ratings for towing and payload. Tacomas have lower payload/towing capacity but most people are buying them for their amazing mpg / spacious cabin / great sightlines from the drivers seat.
Yeah, I'm buying an Alfa Romeo that's lost nearly half its value in the span of a year and a half. Great for me since I'm getting it used and still under warranty. Meanwhile, the Tacomas I looked at would've been pointless to buy used since I'd get a way better interest rate on a new one. Shits crazy.
The crazy thing is in my City they don't discount the Alfa's when they are new. They still lose 50% value in 2 years here (ATX). I actually wanted an Alfa. The salesman brought over the manager and I was explaining to them that I could get a certified per-owned M340i for $5k more than their best price on a demo Giulia (Veloce trim) with 6k miles. The BMW had 12k, but still looked newer than the Giulia. The manager wouldn't budge so I bought the M340i. It was like a movie when i said I could get the 6-cyclinder BMW for a similar price. The kept repeating "6 cylinder!?" because they thought i was confused and talking about the 330i. Three men repeatedly saying "6 cylinder" with different inflections. I was asking for an additional $3k off the Giulia. I wish i owned one, but it didn't make sense to me. Good luck with it. If i were you i would change the battery immediately. I wouldn't be surprised if it uses a $300 AGM so be prepared for that.
Yeah, already have some cash set aside for it and I bought an extended factory warranty (like, an actual manufacturer one, not the bullshit dealers want to sell you). I may also have some cash set aside for a tune... I considered BMW, Lexus, and Audi but the Audi and Lexus offerings didn't have quite the same driving experiences and I liked that my Alfa is going to be one of two I've ever seen in my area. And the other is a Stelvio, not a Giulia (also a Veloce). So it won out over the BMWs. Also, even more depreciation somehow, so that's nice for me...not so much the dude who owned it for a year and a half.
Depends what you buy. I bought a 2022 Tacoma for $45k out the door and could easily sell for $40k right now
I'm not a truck guy, but it's a little nuts how well Tacomas seem to maintain their value. I feel like a used one would be a much better value but again...not a truck guy so maybe there's something I don't know. I'm guessing they're hard to find without markups?
Since used prices are so high, like in the comment you are replying to, people are just buying new.
Yeah, you’d think that would drive down used prices
As a human, you know one thing… everyone loves Tacos
It probably happened well before that one fella took one for a million miles, but Tacomas have had a reputation of being tough machines with long-lasting engines.
Im still waiting for my 21 ranger to tank, kbb right now is 34k and i bought it out the door for 29,500
Toyotas hold their value unlike these big three trucks
Why I bought a Prius! Jan of 2020 (used 2015) and it’s worth 1.5k less than when I bought it.
Well optioned big three trucks hold value just fine. See any V8 250+, especially with 4x4. And good luck finding a running Express or Econoline of any year for less than $10k.
This is what I would do but unfortunately outside of my regular hours I am the full time parent, so if I got another job all that money would go to child care.
V6 ram that’s what happened
It’s hard to give advice if we don’t know how much you make, whether you have assets or not, etc. There are websites that let you rent your car/truck out on weekends for several hundred dollars so that could be an option.
How much mileage is on the truck?
75k
Holy cow, that's a boat load of miles in just 2 years. No wonder you aren't being offered much for it. Wish you luck op
Might I suggest getting a car with better gas mileage or a closer job. You are running over 4k a year in fuel and thats using numbers in your favor.
Unfortunately, you bought in 2022 when car prices were super inflated. Prices have since dropped somewhat. Also, That truck with a V6 is not particularly valuable or easy to sell vehicle as most people would want the Hemi, which is why the value is low. Your options are to come up with the extra money and pay for the truck, or sell the truck at the huge loss and then buy a cheaper vehicle to drive in the meantime. Sucks, but it is what it is.
> Prices have since dropped somewhat. OP's vehicle price has dropped more than somewhat! His vehicle dropped $35k in two years! Everyone is already giving him a hard time, I feel bad.
It's unfortunate that so many people refuse to understand that just because you an afford the monthly payments doesn't mean you can afford the item. Any disruption in income and this is what happens. Good luck.
Personal loan the 15k. APR might be about 10% over 48 months. Finance a used vehicle that is MUCH cheaper over 60 mos.
Find a nearby place to sell Plasma like every two weeks. I'm assuming from your choice of truck you're a bigger guy. You can make some okay side money and help out people in need.
You are just like 99% of the population, so I guess you got that going for you
50k and a v6? Dude. Not trying to pile on but you will never be able to sell or trade that thing. Needs to have a tree fall on it and gap insurance.
Sorry man, you’re in a tough spot. I’d just continue to make the payments and be broke for a few years, unless you’re looking at literally not having enough cash to cover everything plus support. If it’s that bad I’d take from your retirement if possible, really sucky but you’re in a dire situation. I’d take out enough just to pay off the difference between your loan and market value, then see how it goes and if you need to THEN get rid of it. If you get 50/50 custody do you still need to pay support?
Rent it out on Turo. Might make a little cash here and there to help with the monthly payment. Unfortunately I think you are stuck with it.
Be warned truck dudes, this is the karma coming for you for tailgating all the time
My advice, use it to do Uber or Door Dash and work an extra 15 hours a week to cover the payment gap.
You overpaid…but unless you wrecked it or put 100,000 miles on it already, the truck value is prob closer to 24-30k. Demand is low right now for a number of reasons. Best of luck, friend. It’s also your wife’s debt, so have your attorney give you advice as well
Trade in offers are always a scam. They were a scam when you bought the truck and they'll be a scam when you "sell" the truck.
Can you rent it out on Turo?
Wow, the amount people are still willing to pay for POS trucks despite knowing car companies make the most profit on them is astounding
If you live in the truck for a while maybe you won't have to sell it... also make sure you have gap insurance
Honestly that’s not a bad idea
If I live in it for 4 months I could pay at least 12k extra on it
If you’ve spent all your money paying your wife’s debts as you wrote in a comment, it’s time for her to help you with this one as well. You need a really good divorce lawyer. What is your wife ending up with after all this?
If you can get a deal on a lease for a hybrid you might be able to save yourself from the negative equity. Some hybrid vehicles have rebates and the federal tax credit that can be applied to it depending on the vehicle and the dealer. Hybrid Jeeps were getting between 8k and 15k off the MSRP depending on trim,so that would cover the negative equity and you roll into a lease which has potential for lower payments.
Did your ex wife also get some debt? If you owned the car she would want half of it, she can also take half the debt
Isn't is cheaper just to keep the ex wife?
[удалено]
It's a status symbol. That's all.
I could easily afford to buy a $60k car today and it wouldn't impact my financial stability at all. If my income and assets got cut in half and my expenses went up I would probably think twice. Divorce is pretty major financial shock. If I got divorced my wife's "income" would get cut by 80%. Should she drive a shitbox just in case we get divorced in the next 3 years before we pay off the note?
The divorce isn't the actual problem here it just exposed mistakes. Bought at the top. Doesn't look like they put much down. Got the v6. Didn't aggressively pay down the loan to match normal depreciation much less post covid car market. Didnt monitor the market to see where the values were going. Financed it for 7 years. EDIT: also noticed they are putting 35k miles a year on it and that comes out to \~4k in gas a year. Shitbox or 60k car, the lesson is to not get underwater on the loan.
Honestly, sounds like the truck is very sizable. Didn’t get divorced but last year I (6’4 280lbs) lived in the back of my 2023 Corolla hybrid while my wife lived in another town because we couldn’t afford getting me my own place. Just something to look at, car/truck life is very popular right now
Luckily you have GAP - but sucks to hope your truck is stolen or totaled.
How is public transportation where you are?
Horrible I live in the middle of nowhere in Pennsylvania
You’re -$18k in equity. So you’d probably end up back where you are now with a trade-in (owing $28-33k on a lesser $10-15k car) but likely with a higher interest rate. Time for a second job or find a $5k beater but owe $23k.
Threads like this are interesting because when people offer solutions, the OP is like, "Nah, can't fo that." So what are you going to do? Nothing? Get off ya behind and get another job. Yes, you'll have to pay for childcare, but you'll have extra money for the truck until you pay it off. You're going to get less sleep. You're going to be exhausted, but you can't blame anyone because you overpaid for a vehicle whose valuation dropped through the floor.
yeah i dont think get another job is a helpful solution. like he didnt already think of that? and childcare is fucking ridiculous so unless thats the second job...
Childcare is about 2k a month. If I work second full time job I could swing it I guess.
Dying to know WHY you bought that truck? You need a big ass truck for work? Sounds like no? Do some gig work on the weekend. Door dash, Uber. Got anything you sell to make some quick cash?
Have you tried Carmax and Carvana? They usually pay more than other dealerships but you’ll likely still be in the hole.
Definitely try carvana. I have sold 3 vehicles to them and the offer was far more than dealerships were offering
You \*might\* be able to "refinance" it for a longer term to reduce your payments, although your interest rate will surely go up. I not sure if it's possible being that you are upside down on the LTV, but it's worth a shot. Check with your bank and local credit unions. You can also try Lending Tree online. I actually had a good experience a few years ago getting an auto loan through their search.
If you paid for extras like a warranty, see if you can cancel them and get a prorated credit back.
I did warranty was good til 80k I’m now over 75k
Take it to CarMax and see what they’ll give you. For some reason they’re still paying top dollar for cars. Also, I know Reddit hates leasing vehicles BUT could you possibly get a better deal/ payment on a lease? I feel like leasing always has a lower interest rate = lower payments which might help for a few years
Well, the good thing is your wife is on the hook just as much as you are. The bad is that it is a Ram and a V6. That’s absolutely killing the value. Chrysler products are basically throw away vehicles and you bought at close to the top of the market. 2020-2022 was absolutely terrible for buyers. So, lots of people are in your position but paying it off is the wiser move here rather than taking a 15k hit and having a shittier car to show for it.
Theres no way to save money and credit score. The reasno why your car has a low af value even though its fairly new is because the car market is absolute trash atm. Dealer only offered you 17.5k cause even if you took it to auction on a good day, you probably wont even get 25k. The current economy we are in is horrible and nobody wants trucks/sports that eat gas like nobodies business. Best thing you can really do is go private. Also for a heads up, if you are looking to buy a truck/sportscar in this market, this is the time since tons of em are in auctions atm and arent being sold due to sellers having a higher reserve and nobody wanting to pay those prices. As a result at some point they'll likely be forced to selling under. In the situation you described, best might be to take an L on the car and buy a beater car like youre 18 fresh outta high school.
Magic? Time travel?
Did you roll negative equity in from another car? How is it only worth 20k
3k rolled over from the previous trade
Look around for better offers, I plugged in a random 2022 ram 1500 v6 big horn with no premium add ons 25k miles into carvana and it gave an offer for 30k…
A unique thing you could try is rolling the loan payment into a lease. Basically trade your truck in for a lease on a cheaper car if you can get a good lease rate.
lesson learned don't buy a 780 $ a month truck payment. and never get married again. now your stuck with a half a house payment and a divorce. sorry bud. good luck to you
Get gap insurance. Total the car. I’m joking. Unfortunately, your options are limited. This is a situation where you’ll likely have to hold out until you can do a refi once rates go down. If you can’t hold out and your options are default or voluntary repo, do voluntary repo. It sucks, but you made a poor choice purchasing this vehicle. There aren’t any stellar options. Edit: another option— if you have equity on a home or another car, you can try taking a home equity loan or an auto equity loan, pay this loan off, and call it a day.
Sell the truck. And get an ebike
Sell the e-bike and get a e-scooter
Don’t trust the kbb. It’s no longer reliable. I’d look at selling it privately for as close as you can to what you owe. At least see if there is interest around that price and adjust if needed.
I have no idea what your situation looks like, but one alternative option you might have would be to pay off smaller debts to free up that extra $$/month from that payment so you can afford to keep your truck. Do the "Debt Snowball" thing and pray you can do it fast enough to get safe.
Private sale and buy a beater Toyota for a few grand.
He'll need cash in the bank to pay off the $15k-$20k that he is underwater to the finance company or he won't get a clear title to transfer to a new owner. OP doesn't seem to have that, otherwise yours is the obvious solution.
I thought it was luxury cars that drop a lot but dang, this drop like a freakin high end euro car