I bought a used 2017 Chevy Bolt EV earlier this year, and now need to get rid of it. Long story short… I moved from a walkable city to a car-requiring city to be with a partner, and she has since betrayed every aspect of our relationship, and now I’m in a terrible individual financial position where I have a car I don’t want or need. It’s truly been the worst year of my life, and I need to get rid of this car before I can move on, both financially and emotionally. You know how sometimes guys will say whatever the woman wants to hear in order to be with her, and then not follow through on any of it once the woman is committed? Imagine the opposite of that… so before you judge me for being in this hole, please understand that I was completely blindsided.

KBB says it’s worth $14,000, while I have $24,000 left on the loan. My savings were used to move here, and so I’m trying to get the absolute most money for it. I’m thinking that I should sell the car and then refinance the loan, and pay off the loan monthly with the car-sale money, and then hopefully when that runs out, I’ll be in a more stable financial position to afford the payment regardless (I’m 26 right now). I’m currently located in TN. Do you have any tips for how I can get the absolute maximum dollar amount for my EV/if there’s a better time to sell than not?

Thank you so much in advance.

  • Lordofthereef@alien.topBEnglish
    1·
    1 year ago

    When you sell the car you have to make good on the loan. You can’t sell the car and keep paying off the loan. You’re $10k underwater in the vehicle according to kbb. I’d add the vin to various websites like carvanna and see what they offer you.

    Your only option in getting rid of the car is paying the difference, or defaulting on the loan. What’s your monthly payment? I’d find a way to make that work and save elsewhere. If you can’t, a repo can happen, but keep in mind that ruins your credit for like a decade. Without credit you can find it difficult to do something as simple as renting an apartment.

    Can I ask how you have a car worth $14k that you bought used for presumably more than the $24k you have left to pay it off? The car can’t have depreciated $10k in under a year.

    • NapNVM77@alien.topOPBEnglish
      1·
      1 year ago

      Thank you so much for your response & advice. My monthly payment is $495, but once I find a stable job (that’s also a long story… the job I took to move down here ended up being an incredibly toxic work environment that I couldn’t stay in) I’m planning on refinancing it regardless. So this all happened very fast due to family emergency… I thought I was moving here and starting the rest of my life, and so when we were looking at a car, which was an absolutely necessity and I needed ASAP, we were looking at ones that we’d imagine having for a while as opposed to something that could just get by. Her parents had a really good experience with Carvana and so we used that, I didn’t grow up in the US and so this was all kinda unfamiliar to me. This was the only Bolt available for $23.5k, plus all the fees it ended up being around $26k on the loan. Had used all my savings to move, thought I had a stable job I’d be at for years, and thought I had the stability of a partner… we paid basically nothing down and took a high % interest loan, something around 11%. I recognize how stupid it looks now…. it didn’t feel that way at the time, it just felt rushed. You can imagine my absolute dismay the first time I looked up the KBB value… I was shocked. Carvana said they’d give me $10k for it! The mindset when we got the car (and no… I’m the only one on the title) was that we just needed something reliable that we’d invest in, the price didn’t matter bc I thought I had a stable job making $75k… again, it was just so rushed… I hope this answers your questions, thank you again for your kindness.