Key Recall and Resale Value

[Oogabooga]

I denied getting the recall done on my key. I love the switchblade. I plan on selling my car next spring/summer and was curious how this would effect my resale value to the average buyer. Maybe not the resale as much as turning buyers off.

To people who really know Camaros I do not think it will be a problem. To the everyday person they might pull the Carfax and see a recall was not done and whatever i say wont matter and they will not want to deal with it.

Has this been an issue for anyone? Should I just get the key done before I sell the car? Does it even matter?

[pickwithaustin]

I like the switchblade also (I also have it on my Audi). Don't change it if you don't want. It won't affect resale either way. You already have plans on selling the car this far in advance?

[Oogabooga]

Yes. This may start another discussion that I could use some help on. I live in a townhouse. I want a detached home. I plan on selling my home early next year. When I go get my loan for my new house I want my debt to income ratio low. I do not want a car payment on my credit when I buy the house so I can get more house. Im not sure this is good logic. It seems right though lol

Ill go for another Camaro later. I want a house now.

[Warpaint69]

My parents sold their 1969 SS Camaro Vert when I was a kid to help pay for their house. I'd like to have that car back.

[maddoggyusa]

kinda related... there are some older Ruger revolvers that had recalls years ago to fix a safety issue. The guns are worth more if it's original and never "repaired".

but for our cars no difference in value. plus you could always make a new switchblade easy enough.

[ZED SLED]

Shouldn't matter. The new owner can have it done if they want. Won't cost them anything.

[BkinBlk]

Depends on more of what you owe on the car than the car payment. And, if you bought new, the car should be close to paid off, so it should not have much bearing on how much house you can get, unless your credit is bad, and in that case, it wouldn't matter how much you owe or what your payments are. I would speak to your lender before you sell the Camaro.

[pickwithaustin]

Biggest mistake I have seen people make in buying a house is in wanting "to get the most that they can get." NEVER buy at the highest price you are approved for... unless you have an independent income source other than employment. Always consider that in a worst case situation, jobless, you will still have to make that monthly house payment (and property tax, and insurance).

[newb]

Originally Posted by BkinBlk

Depends on more of what you owe on the car than the car payment. And, if you bought new, the car should be close to paid off, so it should not have much bearing on how much house you can get, unless your credit is bad, and in that case, it wouldn't matter how much you owe or what your payments are. I would speak to your lender before you sell the Camaro.

I would begin talking to a lender now. If there are things in your credit report that are negative, I would want a few months to get them resolved. Not saying you have them, but you may and not know. They can also give you concrete advice as to whether the car loan will hurt. For reference, I took out a car loan for a second vehicle 90 days before I closed on my house. with two car loans, it wasn't an issue. but ou won't know till you ask.

Now that I have threadjacked you, I will say I doubt the recall will matter. its not a significant part.

[JLSuperfly]

What size wheels are those?

[Mr. iNCREDIBLE]

Originally Posted by Oogabooga

Yes. This may start another discussion that I could use some help on. I live in a townhouse. I want a detached home. I plan on selling my home early next year. When I go get my loan for my new house I want my debt to income ratio low. I do not want a car payment on my credit when I buy the house so I can get more house. Im not sure this is good logic. It seems right though lol

Ill go for another Camaro later. I want a house now.

Most banks don't look at your car payment. the income:debt ratio they are concerned with is unsecured revolving credit (credit cards).

It is understood that people need a car, as long as the MSRP of your vehicle is 50% or less of your annual gross income, banks don't care.

if you make $50K a year and own a $50K or more expensive car you may have an issue.

if you make $50K a year and drive a $25K car, it won't even be looked at.


and if you have more than 20% down payment it's considered even less.

When I bought my home in 2012 I put down 66% on it. the MSRP of my Camaro is 3 months gross pay, and I had zero credit card debt, my credit report wasn't even considered and I was told that by the loan officer I could have had a credit score of 500 and still got the home at the rate I did.

[Sir Nuke]

It will make ZERO difference. I traded mine in about 7 months ago AT a chevy dealer.....

[jimlem]

If you have 2 key fobs, why not take 1 to the dealer and have the recall done to it? Tell them you misplaced the other fob. That way when you sell, you can offer the buyer 1 of each and let him decide which he prefers.

[ZED SLED]

This isn't even a govt mandated recall. It's between you and GM. My dealer just handed me the 2 keys and sent me on my way.