Buying Car Title and Several Add-Ons

Asked by Guru92V6Y2 Oct 14, 2022 at 10:46 AM about the 2022 Toyota Tacoma TRD Off Road Double Cab 4WD

Question type: Car Selling & Trading In

I purchased a 2022 Tacoma for MSRP of $41,080. With taxes it came out to
approx. $45,000. I put $12,500 down to get a good rate on the loan.
I put a lot of added features on to the retail contract because at the time I
had a monthly car allowance from my employer that covered it. See below:
- Tire & Wheel - $1,055
- Dent Repair - $1,122
- Toyota Plus - $1,420
- Toyota 10 year - $3,560
With all that said, it will still cost me approx. 40,000 to pay off the lean and
get the title. I am looking to sell it.

My question is does it make more sense to cancel the add-ons and get the
money back prorated. Or purchase out the features and sell the car at a
higher value?

2 Answers

155,245

Is this your vehicle or your, I assume, former employer's vehicle? If it's not your vehicle, walk away from it. If it's your vehicle it's now a used vehicle and you'll never sell it for what you paid for it anyhow. Even if it's never been driven and has zero miles on it, it's still used because it's been titled to you, or your former employer. If you're going to sell it because you can no longer afford the vehicle, you're in trouble. You're upside down on the loan because the vehicle is worth less than what you owe on it. If you can find a buyer I'd be willing to bet you're going to have to come up with some more cash to pay off the loan and clear the title. My advice is figure out a way to pay for the vehicle, drive it, and enjoy it. At least until it's worth more than you owe on it which will be a few years! Jim

2,020

James, it sounds like the OP was receiving an allowance on the vehicle from their employer and now no longer receiving any extra money and wants to sell it. Taco's are worth gold these days and people are paying more than what they are worth. So the OP is looking to sell it for a profit. Those add on's are warranties. You will have to look if they transfer if you sell the vehicle. Some might, some might not. I would think the 10 year warranty would and others not. Check with Toyota. Will these warranties add extra to you and cost for the buyer? Maybe, only if they transfer as I said.

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