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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: dgs4 (Oct 11, 2009 5:10 pm) I can be just as self-righteous as the next person in this conversation (I don't own a Pious yet though, so I've got room to grow), but I've got to think that the reason this thread has gone basically dead is that upside-down financing isn't offered so much anymore and/or people have decided they can hang on to their present cars for awhile longer than they might have two years ago. Like you, I didn't realize there was such a thing as upside-down financing until a few years ago. Since an auto loan is supposed to be secured by the value of the vehicle, it seemed a pretty dangerous practice to me. It was done all the time though, maybe most of the time, until a year or so ago. Maybe it still is -- I don't know, but I doubt it. |
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Replying to: dgs4 (Oct 11, 2009 5:10 pm) This turned out to be an even better deal for me than it might have as I ended up driving the Passat well over 100,000 miles during the term of the four year lease. "A good deal?" some might ask, "What about the charges for the excess mileage?" I paid no excess mileage charges. Why? Apparently the 1995-1997 Passats had a problem with the instrument cluster where it would gradually burn out and lose all memory of the miles driven. When I turned my Passat in at lease end, there were only eighteen miles displayed on the new instrument cluster (the third since the car was new), and the VW service records only recorded enough miles to add up to something like 50,000 miles. Best regards, Shipo
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Replying to: shipo (Oct 12, 2009 5:48 am) I wonder whether consumers are getting smarter, and realizing that being upside-down is rarely in their best interest? It'd be nice to find out that that's the case, rather than finance companies saying "no." Dealers?
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Replying to: kirstie_h (Oct 12, 2009 6:04 am) When the instrument cluster was in the process of failing for the second time, but before the odometer was completely unreadable, I took the car in and requested another new cluster. They said, "No" without even a second thought. I countered with my assertion that the instrument clusters were a "known issue" and since it had already been replaced under warranty it should be replaced again. They laughed in my face and told me that they wanted something like $1,200 for the parts and the work. I turned to a local shop that specialized in VWs and had the job done for $500 (including the purchase of the new cluster). When VWoA called me after the car had been turned in and asked me to "estimate" how many miles were on the car, I stuck to my guns and asked, "What do your service records show?" In the end, my final lease disposition paperwork showed eighteen miles on the car at turn-in. I have no idea why they didn't add the initial (documented) seventeen thousand miles from the first cluster to the thirty some thousand miles that were on the second cluster during the cars' last visit to a VW service department, but they didn't and that was okay by me.  Best regards, Shipo |
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Replying to: dgs4 (Oct 11, 2009 5:10 pm) The short answer is that NO deal is sent to a bank with negative equity showing. the numbers are massaged to show either a neutral trade or trade equity. One of the reasons why trade in values here and places like KBB are off. the selling price of the new car is raised. The problem now is that banks aren't doing 100% financing for the most part. They won't do 100 or 120% of MSRP or retail book anymore, so hiding neg equity is much harder.
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Replying to: volvomax (Oct 14, 2009 3:16 pm) I think the max they will do is 70% of invoice. |
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Replying to: british_rover (Oct 16, 2009 10:36 am) $ucks to be a SAAB dealer.
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Replying to: british_rover (Oct 16, 2009 10:36 am) |
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Replying to: volvomax (Oct 16, 2009 11:51 am)  Back a few years ago if we did 40 Volvos a month then we did 30 SAABs. We can still hit 15 or even 20 Volvos on a good month but only get four or five SAABs. We did do eight SAABs last month were probably number one SAAB dealer in the country too. We don't know though cause GM canned our rep back about a month ago and we didn't get a new one until just last week. Didn't even tell us they fired him just noticed one day that we never got emails from him anymore.
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Replying to: british_rover (Oct 16, 2009 12:05 pm) 
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