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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

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#1105 of 1160 Re: Lowering payments [phollie] by volvomax Mar 14, 2009 (2:42 pm)
Replying to: phollie (Mar 14, 2009 10:00 am) Trading down only works if you have equity in your trade. Replies to this message: phollie (Mar 15, 2009 12:14 pm)
#1106 of 1160 Re: Lowering payments [volvomax] by phollie Mar 15, 2009 (12:14 pm)
Replying to: volvomax (Mar 14, 2009 2:42 pm) That's what I thought. I've been looking into moving a 2007 Audi A4 AT 2.0. Seems like the market isn't too strong for that car. I'll just have to cut costs elsewhere.
#1107 of 1160 Re: Lowering payments [phollie] by blueiedgod Mar 19, 2009 (8:59 am)
Replying to: phollie (Mar 14, 2009 10:00 am) 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"?   Sure, you give me your BMW and I will give you my Honda. You pay your BMW rate, and I will continue paying my Honda rate.   Deal?   Honestly, if you can afford to pay for it, keep paying. Don't fall for a knee jerk reaction. If you really want out of it, be prepared to lose a shirt in the deal. No one really wants a really expensive car right now. And people who want them, they can buy brand new one from the dealer without hassle of private transaction.   Good luck.
#1108 of 1160 Honor the debt until it is paid in full & satisfied. by euphonium Apr 03, 2009 (3:40 pm)
Don't confuse the value of the collateral with the terms and conditions of the debt.   One is not dependent on the other. They are two different issues. If the value of the collateral diminishes, it does not affect the issue of honoring the note. And if the collateral increases in value, the note is not affected either.   Bottom Line: Honor your debts and pay off the balance.
#1109 of 1160 Re: Lowering payments [phollie] by joel0622 Apr 04, 2009 (8:25 am)
Replying to: phollie (Mar 14, 2009 10:00 am) If I was you I would ditch the Honda idea and go look at a Ford Fusion. Fit, finish, and quality is as good or better then a Honda or Toyota plus you can get 0% for 72 months on one right now WAC. You would be amazed how much a payment will drop when you are not paying interest, plus 100% of the payment is going to principal.   If you have good credit FMCC will carry the advance for you.   I did some quick ball park figuring. If you are $10K hooked you could look at a $24K Fusion and drop your note $250 a month on a 0% loan. Replies to this message: blueiedgod (Apr 07, 2009 10:13 am) joel0622 (Apr 07, 2009 12:48 pm) smithed (Apr 15, 2009 6:52 am) bigm3 (May 09, 2009 6:24 pm) joel0622 (May 15, 2009 5:27 am) joel0622 (May 15, 2009 5:31 am) and 5 more...
#1110 of 1160 Re: Lowering payments [joel0622] by blueiedgod Apr 07, 2009 (10:13 am)
Replying to: joel0622 (Apr 04, 2009 8:25 am) Bad idea. Ford resale is crap. And does not support the US economy.   Ford Fusion is made in Mexico providing jobs for the Mexicans and ther suppliers.   Honda Accord designed and built in the good ole' USA out of USA supplied component. An all american car.   Interestingly, Mazda 6, Ford Fusion's sister is made in Detroit at a Ford plant... Replies to this message: joel0622 (Apr 07, 2009 12:48 pm) smithed (Apr 15, 2009 6:52 am)
#1111 of 1160 Re: Lowering payments [blueiedgod] by joel0622 Apr 07, 2009 (12:48 pm)
Replying to: blueiedgod (Apr 07, 2009 10:13 am) He did not ask for conversation on who's car is more American (My company is HQ'ed out of Detroits, the two you mention are in Japan) he was asking about getting out of a car he is killed in. Even if the whole resale excuse held any water it still would not matter. What does resale matter when you are $10K plus tax and profit in the bucket?
#1112 of 1160 I am in the same boat by cep2535 Apr 10, 2009 (6:37 pm)
I thought I was the only one.   I bought a 01 BMW 2.5 years ago, payments are a bit high because of my credit back than. I was looking to refi, but now the car is more than 7 years old, I owe about 12k on it, but now its worth only like 8ish.. what a crap deal I got huh.. Live and learn.. Looks like I am keeping it till I pay it off. Hopefully nothing breaks on it, knock on wood. Replies to this message: volvomax (Apr 11, 2009 7:59 am) cep2535 (Apr 11, 2009 8:09 am) blueiedgod (May 08, 2009 9:09 am)
#1113 of 1160 Re: I am in the same boat [cep2535] by volvomax Apr 11, 2009 (7:59 am)
Replying to: cep2535 (Apr 10, 2009 6:37 pm) Dude, WHY on earth did you buy an antique bimmer in the first place??   Esp if you had so-so credit. You should have bought a nice econobox,fixed your credit THEN get the nice car.   Why do people do this!!!!!!! Replies to this message: cep2535 (Apr 11, 2009 8:09 am) blueiedgod (May 08, 2009 9:09 am)
#1114 of 1160 Re: I am in the same boat [volvomax] by cep2535 Apr 11, 2009 (8:09 am)
Replying to: volvomax (Apr 11, 2009 7:59 am) No idea. I have to cash to make up the difference, but I am just going to follow the payments to build TL on my credit report.

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