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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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What is this discussion about? Car Leasing


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#1111 of 1160
Re: Lowering payments [blueiedgod] by joel0622
Apr 07, 2009 (12:48 pm)
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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)
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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.
#1113 of 1160
Re: I am in the same boat [cep2535] by volvomax
Apr 11, 2009 (7:59 am)
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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!!!!!!!
#1114 of 1160
Re: I am in the same boat [volvomax] by cep2535
Apr 11, 2009 (8:09 am)
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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.
#1115 of 1160
Re: Lowering payments [blueiedgod] by smithed
Apr 15, 2009 (6:52 am)
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Replying to: blueiedgod (Apr 07, 2009 10:13 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...
^^^^^^^^^
Those Mazda 6 look very interesting and sportier than Accord/Camry. Close=Altima
#1116 of 1160
Re: I am in the same boat [volvomax] by blueiedgod
May 08, 2009 (9:09 am)
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Replying to: volvomax (Apr 11, 2009 7:59 am)

Why do people do this!!!!!!!
 
Image!
 
Drive by the projects, and you will see more Escalades and Lexus SUV's than you would in the wealthy part of town.
#1117 of 1160
Re: Lowering payments [joel0622] by bigm3
May 09, 2009 (6:24 pm)
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Replying to: joel0622 (Apr 04, 2009 8:25 am)

The only thing you missed in your calculation is advance for the banks....you can borrow up to 110% of dealer cost and get 0% financing,so if that fusion has MSRP of 24 K lets say dealer cost is 22K+ title ,license ,registration,sales tax,doc fee and 10K negative equity you are at $33854 or around 150% LTV .No way to get 0%
#1118 of 1160
Re: Lowering payments [bigm3] by joel0622
May 15, 2009 (5:27 am)
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Replying to: bigm3 (May 09, 2009 6:24 pm)

In what world???? I roll 150% deals every day.
#1119 of 1160
Re: Lowering payments [joel0622] by joel0622
May 15, 2009 (5:31 am)
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Replying to: joel0622 (May 15, 2009 5:27 am)

here is a good example from just yesterday.
 
Offering Info Term: 72
Est Pmt: $544
Unpaid Bal: $38,329
Wholesale: $25,105
Pct Adv: 153%
 Decision: Approved
Tier: 1
Cond Pct Adv:
#1120 of 1160
Re: Lowering payments [joel0622] by grandtotal
May 15, 2009 (5:58 am)
Reply

Replying to: joel0622 (May 15, 2009 5:31 am)

Would it be possible to do that for a borrower who was not tier 1? Presumably this is usually for a borrower who is severely 'upside down'?

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