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Smart Shopper Owe more than it's worth... I'm upside down and I can't get up!
1160 messages, Last post on Oct 22, 2009 at 7:11 PM
You are in the Smart Shopper Forum. Your Hosts are kirstie_h & tidester
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Replying to: mcrrt (Oct 08, 2007 8:34 am) As blueiedgod said, you owe less on the Jeep than you would pay for the used vehicle. You are proposing paying $9k for a 2000-2001 with 60k miles to replace your '04 with 38k miles that you owe less money on. It just doesn't make good sense, IMHO. My advice? Take one step at a time. If your vehicle is the highest interest bill you have, then make minimum payments on your credit cards and hit that car payment with everything you've got till it is paid off, then you can concentrate on those cards. In the meantime, as others have said, transfer the balances if you can and need to. I've got us down to just 1 card now, and it has a 1.9% fixed rate till it is paid off ... so I'm in no rush to pay it off, but I'm not making minimum payments, either. It wasn't too long ago I also had a 2.9% fixed balance. I made small payments on the 1.9% and hit the 2.9% with everything I could. The 1.9% now will be gone by next summer. My car payments are high, and that bugs me, too, but they are leases and I have determined that finishing out the leases and then buying used vehicles with cash is the best course of action. |
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As an added bonus, they cite statistics from Edmunds: http://www.latimes.com/business/la-fi-autoloans30dec30,0,4315064.story |
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Replying to: corvette (Dec 30, 2007 5:08 pm) 
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Replying to: qbrozen (Dec 31, 2007 9:42 am) 
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Replying to: kyfdx (Dec 31, 2007 9:46 am) |
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Talking about picture being worth a thousand words.... I laugh every time I look at the picture, their expressions are priceless. And as I have stated before in this discussion, I have absolutely no pity for people like that. 5 cars in three years! Man! And an Expedition at that, why ?!?! I'm sure their neighbors are very impressed though.
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Replying to: sky23213 (Dec 31, 2007 1:22 pm) But, once you move home to Kansas, and Daddy says, "Your car payment is HOW much!!", then you start to look like an idiot.. Good old Midwestern values.... can't beat 'em!
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Replying to: kyfdx (Dec 31, 2007 1:26 pm) That reminds me of Craig T. Nelson in "Coach" reacting to the price his daughter was paying for 1BR in NYC : 1600!!! Kelly, you can a get a little farm with a farmer for that in Minnesota!"  I'm still still amazed at an earlier post that you can't get anything under 650K in some parts of CA. That means that people have to make twice as much compared to other region, or hold multiple jobs. |
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Replying to: corvette (Dec 30, 2007 5:08 pm) Doesn't anyone pay attention to what is happening on this planet??? I admit that credit is too easy and the lenders must share the blame, but good grief people, THINK before you buy.  rant-off james
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the average amount financed hit $30,738 I thought the average new car purchase price was like $28k. So the average new car financed is for more than what it is worth ? If thats the case the credit arms of the manufacturers are going to be the next one to be looking for a government bail out for their customers. |
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