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Need advice

Hello all,

I've been visiting the forum for a couple years but have never signed up, or posted.
My wife and I purchased a 2013 model s 85 about 3 years ago and now also own a model s p85d. Unfortunately we are in a very rough position.
I had a rare form of cancer and had been cancer free untill now. It has returned and is attacking my spine and right leg. We are a young professional couple. I'm a DPT and she is an SLP. At this time I'm unable to work as I'm currently going through an aggressive chemotherapy treatment. We are in a situation where when must sell at least one of not both of our cars in order to long term afford everything and be able to keep our home.
The problem is, we owe 58k on the 2013 and nearly 90k on the p85d. We need to get out from under these payments yet the value of the cars is at or below what we owe.
I'm coming to the community looking for advice on how to get out from under these payments... We are simply at a loss! Should we just list them and hope we can get out... If so where? Any thoughts and suggestions would be amazing.

I sincerely thank you all for your time and thoughts!
 
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Reactions: s.kuo

BerTX

Active Member
Supporting Member
May 2, 2014
3,508
3,664
Texas/Washington
Hello all,

I've been visiting the forum for a couple years but have never signed up, or posted.
My wife and I purchased a 2013 model s 85 about 3 years ago and now also own a model s p85d. Unfortunately we are in a very rough position.
I had a rare form of cancer and had been cancer free untill now. It has returned and is attacking my spine and right leg. We are a young professional couple. I'm a DPT and she is an SLP. At this time I'm unable to work as I'm currently going through an aggressive chemotherapy treatment. We are in a situation where when must sell at least one of not both of our cars in order to long term afford everything and be able to keep our home.
The problem is, we owe 58k on the 2013 and nearly 90k on the p85d. We need to get out from under these payments yet the value of the cars is at or below what we owe.
I'm coming to the community looking for advice on how to get out from under these payments... We are simply at a loss! Should we just list them and hope we can get out... If so where? Any thoughts and suggestions would be amazing.

I sincerely thank you all for your time and thoughts!
So sorry about your dilemma.

There are some commercial buyers who will buy the cars, but I doubt they will offer you more than what you owe, which is likely more than the cars are worth (that's the nature of borrowing to buy cars). I'm no expert, and hopefully someone can help out with some ideas.

You could probably do a little better than that selling it yourself, but it sounds like you have enough stress without that added in...
 

bmah

Moderator, Supercharger Hunter
Global Moderator
Mar 17, 2015
5,202
11,384
Lafayette, CA, USA
OP, I'm sorry to hear about your situation. I know almost nothing about selling cars, but if I needed to unload a car in a hurry I'd start by seeing what someplace like CarMax (or some similar firm) would do for you. That has the advantage of convenience, and at least you'd know a minimum price you could expect to get. You could then figure out if it was worth trying to do a private party sale.

I hope your treatments go well, and that eventually you'll be healthy and back in another Tesla.

Bruce.
 
On a transfer, I once had to sell,a house for less than I owed. Had to take money to closing to sell my house. It sucks, but r mthe moved that as soon as you sell that car (or both cars), you also stop paying for insurance, your payment and other expenses. It does suck to take the financial hit, but the longer you wait, the worse it will be because the car continues depreciating. Biting th bullet is likely your best (or least worst) option.
 

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