What's it Worth?
 

The wife wants to buy a bigger home. In this game, it's much easier to deal with lenders when no debts are on the credit report, especially big cars. So I'm entertaining the idea of selling my S550, buy the house, then right after buy another S550 to replace it. It's easier to buy a car with a house than it is to buy a house with a car. And since I want one with MBC anyway, it makes the thought more engaging.

So what could I ask for mine that would be fair and make it sell???....80K, 85K, 90K...????

2014 S550
Black Exterior
Sport Plus One
Exclusive Nappa Porcelain/Black interior
Exclusive Trim with Metalized Ash wood
Premium One
Driver Assistance
Surround view cam
Air Balance
Power Rear Seats with Memory

Original MSRP......$117,000

Kratos, that sounds exciting and like a good plan for you and your wife.

For an S550 that's less than a year old with MSRP of $117K, I would think you should ask for at least $95-100K. But I am no expert in this by any means. I'm sure others here will have a much better idea.

Thanks BeanTrader. That's kind of what I was thinking but didn't know for sure. 95K on ebay might make a quick sale???.....if I decide to do this.

I'm no expert but why not transfer the title to a relative till you buy the house? Does it work like that?

Kratos, you might even find a friend or an acquaintance that's interested in buying your car. You can get a quick market value for your car on Edmunds.com.

Or just ask him to buy the debt on the car till the house is purchased. Arrange the financing and pay him any interest he accrues. Treat him to a fancy steak dinner as a thank you =)

Those are good ideas. If a family members just gets it out of my name, I can still pay the note on it, and then buy it back once the house closes. Cause I WILL have an S class in my garage, lol. Just have to play this "game" for now. Man I miss the pre-2008 days....

Yea Lehman Brothers would have given you a mortgage, allowed you to refinance the mortgage, and then refinanced a second time, and you would only have to pay $500 per month for everything!
:D

Let us know how you make out!

Lol....I will Chucky. I'm going to go see the bank today. I'll tell you guys what they say.

Transferring title won`t release the liability of monthly payments. He would have to buy it from you and pay taxes and registration.:crazy:

Lehman Brothers would take your word on you making 2.5 mil/year and give you a stated income loan with no money down on a negative amortization loan with pmnt of $489/mo.

Not trying to be a jerk here, just trying to understand why you want to do this. Typically a lender will only loan you amount that the monthly payment eats less than 36% of your income. This means if 16% of your income is tied up in a s-class and other debt then you will only be able to get a loan to equal a payment of 20% of your monthly income.

I'm sure you could work out some sort of trick to get both but in the end do you really want your debts to be over 36% of your income?

I'm not trying to tell you what to do, your not doing anything illegal or immoral. I just want to be the one person that advocates the financially prudent thing to do here. Maybe sell the S and get a E?

P.S please don't start with the whole any MB is a luxury, yes I know that but luxuries in life are better when you don't have to give up so much to get it :y

I'm still driving around is a 16 year old LS 400 (1998) with less then 100k miles (yes, It looks brand-new). I would love a s class but i'm waiting for them to drop in price because I'll get the same luxury for half the price even though I could afford it now :)

Well I'm a business owner....the more I "say" I make on my tax returns, the more Uncle Sam gets. The "percentage" my car is of my income is what I state it to be. If I want the bank to give me the house with my cars then I need to state a much higher income on my return, thus pay the gov't more money.

Typically admitting to tax evasion on a public forum might not be the best bet. :eek: I will agree though that most people do it but to admit it on a forum publicly well that just takes balls or craziness.

I didn't mean it as evasion. We pay ourselves what we want to pay ourselves, that's all.

Look, the answer to my question has been given, so I'm good. No need for this to keep going and taking this way off course.

i actually looked into selling my s63 for a range rover. msrp was 155k

i got one quote from a RR dealer for 110K. I almost passed out. I wanted to reach through the phone and strangle the guy. This dealer also owns a Mercedes dealer and he said that's what his mercedes manager said it was worth. I never replied to his "offer".

I got another quote from a Porsche dealer that sells other exotics for 130K.

I still thought that was a little low although not as insulting.

I honestly think for my car 135+ would be fair.

For yours, I would say 100K should get it done fairly quickly

Some people don't understand the difference between corporate earnings and salaries paid to the officers of the company.

I understand clearly what you are saying. I'm no accountant, I just design dresses (www.facebook.com/thebradleyscott) but my office is in my father's building and often involve myself in the workings of the tax code.

I know plenty of businesses who do well and the officers choose to keep the money in the company as retained earnings vs paying it to themselves to put themselves in higher tax bracket if the money is not needed in the immediate future.

Is the loan in your personal name or in the business? If it's a Fannie Mae loan you're looking at then demonstrating the business is paying the car loan/lease for 12 months out of business funds means you don't need to have it counted against you.

Debt to income ratio limits are more like 45-50% of gross income. If you're a business owner depreciation can be added back.

Signed,
Your friendly neighbourhood loan originator

Wow, hope it works out. Btw good luck on the new house, as you said always get the house first. I know you wish you knew that you were going to be getting one prior to getting the car because you would have waited I'm sure.

Ps
Try to avoid getting your loan thru WF they are ridiculously strict. No offense to anyone that may be employed with that company.

If you have more than enough money for the down payment on the house, your best move is to just pay off the car and wipe that monthly payment from your dti calc

I just saw this 2014 S550 (http://www.carmax.com/enus/view-car/...ml?id=10638391) at Carmax here in Maryland with low miles at just under 99k. I'd say try the 100k mark for a quick sale.

Agree on WF. Rectal examination leading up to closing. Then again, can we blame them!

Bond fan?:naughty:

:D A little.

I don't get the 007 reference? Is this about roger moore's situation?

:y:y
you mean the Unicef thing?