Korean Job Discussion Forums

[Kwai_Chang_Kain]

Did any of you sell off your car before going to Korea? If so was it already paid off in full or were there any outstanding payments in the loan/finance? I'm heading out to Korea this coming May and I'm not sure what to do with my car. I still have 44 months left on my loan. Any advice?

[krats1976]

Depends on a lot of things, e.g. How long are you planning on staying in Korea? Who's gonna watch out for it & run it from time to time to keep the engine from being ruined? How much have you invested in it already? How much do you like your car?

I still had a couple of years of payments left on mine and there was no one I trusted to drive it while I was gone (parents each have their own car). I didn't see the point in making payments on a car that no one would drive & I was concerned about letting it sit for a year (not good for the engine). It hurt to sell it because it was cute, economical and a killer deal when I bought it. I'm glad I did though, because I've ended up staying here a lot longer then I'd originally planned.

[rokgryphon]

You also have to be aware if there are any penalties for paying your loan off early. I am an ex banker and so have some experience with this. Some finance companies, not banks usually, will say that the penalty for paying your loan off early is to pay all of the interest you would have paid them anyway. A way to get around this is if your loan is assumable...meaning you can transfer the remainder fo the loan to another person who qualifies for it and then have the rest of the sale price paid to you in cash. You can also pay to store it, there are places that specialize in this usually for cars not driven in winter or show cars; they will disconnect the battery and run it every once in awhile for you and keep the oil changed and that kind of stuff. Prices will obviously vary quite a bit.

[krats1976]

[christopher1magelli]

Burn it.
Should have it insured first though.