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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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#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)
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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'?
#1121 of 1160
Re: Lowering payments [grandtotal] by joel0622
May 15, 2009 (6:25 am)
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Replying to: grandtotal (May 15, 2009 5:58 am)

Our tier system runs 0-5. 0 being the best 5 being the other end. 0-2 would be no problem, 3 would be iffy and a 4 is hard to get it done, unless they have good credit and it is the overadvance that is making it a higher tier. Lending is really a case by case thing.
#1122 of 1160
Re: Lowering payments [joel0622] by fezo
May 15, 2009 (7:21 am)
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Replying to: joel0622 (May 15, 2009 6:25 am)

Glad you make money that way but I just cannot imagine going that deep into the hole.
 
I'm of the opinion, and have seen it in this topic many times, that the first thing to do when you find yourself in a hole is to stop digging!
 
Of course if you're top tier credit you have to be doing something right!
#1123 of 1160
Re: Lowering payments [fezo] by joel0622
May 15, 2009 (7:28 am)
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Replying to: fezo (May 15, 2009 7:21 am)

If people with negative equity stopped buying cars the entire auto industry would fold in 3 6 months max. 70% of the people who come in owe more then there car is worth.
#1124 of 1160
what ever happened to.... by ghulet
May 15, 2009 (8:45 am)
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.....just buying a car and (gasp!) just keeping it til it's paid off? I guess when cars didn't last as long (and people didn't finance for 60-84 months), trading every three years was a viable option, commonplace; I can't see doing that now, unless you're putting massive amounts of miles on it (or otherwise wearing it out), or you have money to burn.
#1125 of 1160
Re: what ever happened to.... [ghulet] by lokki
May 15, 2009 (9:08 am)
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Replying to: ghulet (May 15, 2009 8:45 am)

Keeping it till it dies was a lot easier when your only accesories were a heater and an AM radio.
 
Now an old car suffers the death of 1,000 cuts. A power mirror quits working, then the auto wipers, then the self-dim rear view mirror, then the power seat, then the power window, then the cruise control, then one of the power locks, then the climate control, then the back up camera, but you get the idea

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