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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: joel0622 (Jan 04, 2008 10:35 am) I imagine your area in TN is similar to where I live, south central PA. We tend to be a year or two behind the trend. Our housing market has finally slowed. Houses in my neighborhood used to sell in 2 weeks at full price. Now there are 5 houses that have been on the market since the spring. Builders have canceled several planned developments in my area. I'm happy because 3 of these developments involved closing golf courses. I'm not sure if we are in a crisis yet, I know people have less money whether it's due to a bad mortgage, higher gas and energy prices or higher food prices. And they are predicting job loss this year. I'll be interested in seeing how Ford benefits from all of this.
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Replying to: dtownfb (Jan 04, 2008 8:24 pm) If it does decline then the manufacture will support us with the appropriate programs which 3 times in the past have equated to record months for us. We have already taught ourselves how to work smart and dig for sales. We have also cut all the fat from the dealership and run on a lean budget. I also understand the 7 year cycle our business seems to run on, the end of this year will be about the bottom and then the turn will come. "imports are superior"
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Replying to: joel0622 (Jan 05, 2008 8:27 am) I hope you are right about this bottoming out this year. Nobody wants or needs a recession. Luckily I am in recession proof business. |
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I don't think people understand how this loan business works. The traditional way was that the bank would loan you money and then collect the payments over the years to make the original amount plus interest back. So, banks had vested interest to make sure that they will get their money back. This all changed recently, when banks were allowed to package these loans into securitues and sell them on the securities exchange. So, the banks no longer had to make sure that you would be able to pay them back, they knew they could make money tomorrow by selling your loan as a securities paper. So, if you lend Pete money on Monday with the promise that he will pay you back on Friday, but he does not pay, you are not going to lend him anymore money next Monday. However, if you lend Pete $20 on Monday, and sell his loan to Joe on Tuesday for $25, then when Pete comes back to you next Monday for more money, you lend him some more money, because you don't care anymore. So, all these foreign nations that trade with us, have these huge sums of US currency that they were pumping into these securities papers. All over sudden, they were not seeing the reutrns they were expecting, the stopped buying the securities, and the dollar started to lose value. Since oil is traded in dollars, devalued dollar, made the oil look very expensive.... I hope it clears up the global picture... We are in for a long long recession and the dollar may be surpassed by the Peso one day. |
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| Dub Schwartz chimes in on being upside down on the Alternate Route today! | |
A reporter with a large national newspaper is interested in talking with consumers about their experience during this economic downturn and if they might have lost or had their car repossessed. If oyu are in this situation,, please contact Chintan Talati at ctalati edmunds.com no later than Friday, May 9.
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I have a lease it ends in 8-2010 i want to keep this auto now when its time take it back do any of you thinks its in the best interest of me to get a new one i am not leasing again though. With the deals going on now & the economy the way that it is. When 2010 comes around will i be in a position to get a good deal thats all guys thanks. .
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Replying to: mookie14 (Dec 05, 2008 11:35 am)  Hmmm, I think I have a better chance of predicting the 2010 Kentucky Derby winner.  Best regards, Shipo |
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I have a relatively expensive german car that I can afford the payments on. Got it at 2.9% interest in 2007. I'd like to trade it in for something cheaper because in today's economy, I just don't feel comfortable with a payment that exceeds $750/month. I'm trimming costs in other areas of life...is it conceivable to think that one could trade in a BMW for a Honda and have a lower payment (without sinking in $10k to make it work)? Have any of you "traded down"? |
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Replying to: phollie (Mar 14, 2009 10:00 am) In this awful economy, plenty of people are trading down. For many, it's a sensible way to manage expenses. |
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