Moving from US to New Zealand (expect to come back), do I sell my car that has a lien or store it?
Okay, so I am a first time poster and I am hoping reddit can minimize my loses if at all possible.
Info: I purchased a new 2016 car from a dealer. Currently it has $27k remaining on the lien to pay off at 1.5% APR at 5000 miles.
The Conflict: I am being relocated from the US to New Zealand for work. I do not know how long I will be in New Zealand, it can vary anywhere between 1-4 years (uneducated guesstimate). I will not bring my car with me so I am left with two choices, either sell it or store it.
Sell it: I have gotten on-line appraisals at 13K which is chump change compared to how much I still have to pay off. I would be losing a lot of money.
Store it: I can store it and keep making monthly payments and storage costs. The catch on this is that I will need to keep my insurance premium on a car that I am not actively using, which adds up over time.
So, in the end should I sell it and lose out on that cash out front or keep it stored, maybe give to family, and keep paying it off. Thank you for any suggestions and/or advice.
Apologies for formatting, kinda I went freestyle on this.
Posted Jun 3, 2017, 5:56 PM UTC