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2007 2.5X L.L. BEAN
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107 Posts
Discussion Starter · #1 ·
Ok so here's the deal: I found what I will call a "once in a lifetime opportunity" to buy an 06 XT Limited that has never even seen rain, it is in brand new condition for "$22,000 Firm". It is being sold privately
My girlfriend and I have only paid about $1,500 on our $16,000 loan for the 07 LL Bean.
My questions:
1. Is it a poor decision financially to try and sell the LL, pay off the loan, use the rest of the money towards the XT, and enter into another loan for $16,000?
2. Would a typical credit union or bank let you do something like this?
3. What would you do if you were in my shoes? I dont have a bunch of extra cash laying around, so my selling price on the LL is pretty firm.
4. Is this even possible?
There are currently is another person interested in it, so we would have to sell ours first and then go through all the loan stuff and then buy thie XT.
It just frustraits me that we were wanting an XT in the fiirst place, we baught this. Our Forester is in excellent condition and its very nice too. 6 months later I find this XT.

Any thoughts, comments, or opinions are very helpful, Thanks
 

· Registered
2007 2.5X L.L. BEAN
Joined
·
107 Posts
Discussion Starter · #6 ·
This is some good advice here.
From what I'm getting, it's probably not a good idea,
I havent fully investigated as to if it was even possible to:
1 Sell the car
2 pay off its loan and use extra cash toward new car
3 add an additional grand outta pocket
4 and then end up whith another 16g loan again.

Arthrogrian19- I was thinking the same thing that it wouldn't be worth $22,000, I looked at the book value and it was 20,800. I gotta watch being caught up in wanting it so much that I forget the basics of good money management.
Blue&Red and Jbx - True words from the heart right there, that's the most important thing to remember.
 
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