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Discussion Starter #1
I have a 2009 Camry XLE V-6 that I need to sell, since I no longer drive it and I have a company car. I have it listed for sale for what I owe on it, but that is about the top of the market value for the car.

If I sold it for less, I would not be able to make up the difference (wife & I both laid off over the past 2 years, plus wife has been off work since April because of bed rest ordered - pregnancy) since our saving is all but gone. I am thinking that I would need to lose between 2-3K to move it.

I thought about trading both the 09 Camry and 06 Ody for a new vehicle, but would really like to wait for the 11 Ody.

I talked with a customer (Honda dealer) who told me that I should wait for the 2011.

We have a bunch of equity in the Ody, and the dealer told me that I should sell it on my own that we would not have any issues moving it fast.

If I sold it wife would have to make do with my Camry until fall (she drives 10-15 miles a day) and then we could trade it and use the cash from the Ody sale to put towards a new one.

We have a 2006 EX-L, RES, NAV, 52,000 miles, with Honda Care Warranty (6 years 100,000 miles that we can transfer the balance of). It has new tires (replaced 5K ago). What should we ask for it?
 

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Just a thought: A dealer will not give you market value for your Camry, but much less (2500$ less, according to Edmunds...). Not sure you would make that good a deal compared to selling it for a little less now.

And you could trade the Ody for a new Ody... :)

Nicolas
 

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My 2 cents....If you savings is nearly gone, and you both have faced job lay-offs over the past couple years....and your wife is on bed rest because you are having a kid.... I wouldn't even consider thinking about anything new.

Sell the Camry yourself and find a way to absorb the loss. Keep the Ody since you have a "bunch of equity" in it. Pay it off and then start building up your savings. See if you can tap into that equity by refinancing your Ody to help cover the $2K you will lose on the Camry.

You make the statement that you wouldn't be able to make up for the loss in the Camry, then in the next paragraph you are taking about getting a 2011 Odyssey....DON'T DO IT!!!
 

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Here's the deal. The last thing you need to be doing is buying a new car if times are tight. Two choices that make the most FINANCIAL sense.

1. Can you not "live" with the Camry long-term? I guess I don't know how many kids you have etc. that living with a car would be a hardship. Yes it may be tighter than you're used to but selling the van and paying off (or using the funds elsewhere if it makes sense) the Camry would be a good move.

2. Refinance the Odyssey and use some of the proceeds to cover the loss on the Camry. This keeps you in one more manageable payment in a vehicle that you won't be upside down. Ody should give you many years of service until you're back on your feet financially.

Unknown medical issues, pregnant wife, spent savings...commiting to a very expensive new vehicle is about the worst decision you could make.
 

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skinny2 said:
HAHA the fiscally responsible mid-westerners are on the prowl:D
But after seeing the Cowboy star in his avatar, I might just change my advice and recommend he go buy a new Chrysler minivan...or two! :D
 

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Is there a reason why you don't or can't keep the current Ody. It should be good for a while longer and to be perfectly honest I personally think its debatable as to how much you'll gain from a 2011 (vehicle quality/feature wise).
 

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This is like a brain teaser.

Camry is not worth what you owe

Odyssey has equity (are you sure?)

Have you thought about doing a refi on the Odyssey to pull out your equity?

That will allow you to lose 2-3K on the Camry sale maybe?

Example

Camry = you owe $12,000, but you can only sell it for $10,000

Odyssey = you owe $5000, but a bank will value it at $10,000

Refi the ODy loan to $7000, take your $2000 from the loan and apply it towards the camry, sell the camry for $10,000

You now have about the lowest cost way out of your situation.

Some credit unions are offering really low refi rates on cars these days and they will allow up to 110% of NADA blue book value for the loan amount.


You just missed a 1.49% rate here

https://www.agriculturefcu.org/?Cabinet=MAIN&Drawer=Loans&Folder=Auto+Loans&SubFolder=Auto+Loans&Page_Name=AutoLoans

These guys are 3.99%

https://www.penfed.org/productsandrates/loans/vehicleloans/autoloans.asp

https://www.penfed.org/howToJoin/overview.asp
 

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Discussion Starter #10
Weowe 11k on the Ody and 20K on the Camry.

Camry is worth $17-18K retail and the Ody is $20-21K retail

I would like to sell the Ody put the cash in the bank, make double payments on the Camry til its paid for and then start saving money to buy a new Ody.

Wife thinks we need a minivan. We have a 4 year old and a new born and her mom is staying with us. If we all go out we have to take 2 cars.

I have a company car, currently a Aura will be a Fusion this fall.

I have a job where I will be making more than I was, and the wife is going back to work at the end of July.

I would like her to suck it up and drive the Camry, heck its a nice ride, leather, V-6, Navigation.

The dealer told me that he would give me 18.5K for our van, but told me to sell it on out own, says that we will sell it quick.

Again looking at Autotrader I am seeking $22-23 K
 

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I think the only question you are asking is what to ask for the ody? I think you answered it by what you found on autotrader. Except if that is what dealers are asking, then you would have to ask a little less...
 

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I still say take the hit on the Camry and move on with plans to keep the Ody awhile. Double payments on the Ody will pay you off a lot sooner and you'll have the big vehicle that your wife wants. Keeping her happy will benefit you in the short/long/middle run.

Camry is nice (have had 2 V6 models myself), but still no fun dealing with baby seats, strollers, etc.
 

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TX WJ said:
Wife thinks we need a minivan.
That is about all I need to know right there. The wife is right….especially considering this is the vehicle she will be driving.
TX WJ said:
We owe 11k on the Ody and 20K on the Camry.
This is a great argument for keeping the Ody. If you’ve depleted all your savings, keeping a 20K liability as opposed to an 11K liability makes no sense. Doubling up your payments on an 11K loan pays it off much quicker than the 20K loan. Keeping the smaller loan (on the car your wife WANTS) just means you will be in a position to start building your savings earlier.
TX WJ said:
If we all go out we have to take 2 cars.
Just another argument for keeping the Ody.
TX WJ said:
I would like to sell the Ody put the cash in the bank, make double payments on the Camry til its paid for and then start saving money to buy a new Ody.
Again you are still going back to trying to figure out a way to get a new Ody, and put yourself into further debt. Please don’t take this negatively, but according to your profile, you are 46 years old, your savings is gone, and you’ve got at least 2 small children, and you & your spouse have been out of work in recent years. Although your employment situation has recently changed, and you are now making more money, your first priorities should be to pay off your current debts, and re-establishing some savings. You should stop thinking about getting that 2011 Odyssey.
skinny2 said:
I still say take the hit on the Camry and move on with plans to keep the Ody awhile. Double payments on the Ody will pay you off a lot sooner and you'll have the big vehicle that your wife wants. Keeping her happy will benefit you in the short/long/middle run.
Camry is nice (have had 2 V6 models myself), but still no fun dealing with baby seats, strollers, etc.
I agree 100% with skinny.
 

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I agree with everyone on here posting about not a good idea to get rid of the Odyssey. You yourself already said you have one child and one on the way and wifes mom staying with you guys. You already have the vehicle you need, sell the Camry take somewhat of a loss and move forward. Selling the van to pay off the car doesnt make any sense. You will still lose but having a growing family you definitely need the space of the van. If you want the new Odyssey wait a couple of years then get it, you will probably be in a better situation and besides I never but the 1st model year of a vehicle. Wait and let some of the bugs get worked out. Good luck which ever way to decide to go with this.
 

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In your situation I could see you getting an 11 Odyssey if you get rid of both vehicles. Realistically you could probably only get about 18-19K for the odyssey, which nets you about 7K. You will probably take about a 3K hit on your Camry, maybe more since a lot of people are afraid of toyota right now. That leaves you with 4K to put down on a 2011. Buy the model that's around 32K or less - 4K down payment and you will owe roughly the same as your old van and camry. Granted in return you are getting only 1 vehicle for the price of 2, but it does mean less insurance.
 

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Discussion Starter #16
Traded both tonight for a 2011 Toyota XLE, 8 Passenger with Premium Package.

Loved our ODY, other than the Navigation System issues it was a pretty good van.
 
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