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Owe more than it's worth... I'm upside down and I can't get up!

1186 messages,  Last post on Jul 16, 2012 at 2:49 PM

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Messages Page 118 of 119

#1167 of 1186 Re: OWE MORE THAN WHAT IT'S WORTH [beingcareful] by deltheking

Dec 09, 2009 (8:06 am)

Replying to: beingcareful (Dec 08, 2009 4:51 pm)
Get the trade in value of the Altima.try a place like carmax for the trade value.you will have a price in writing.Then see what your trade of is.
 
And if you decide to get another car ,get a used car rather than a new car as you will save the initial depreciation and save quite a bit.Also a Prius -new or used-tend to be high priced as it`s resale is excellent.try getting a 2 or 3 yr old-Hyundai Sonata/Kia Optima with less than 40 k miles--These are pretty relaible but depreciate horribly and they ghave the 5yr/60k warranty.
Let us know the payoff amount and your Altima description-year,miles,trim level etc- and folks here can give a trade value. Hope this helps.

#1168 of 1186 Re: OWE MORE THAN WHAT IT'S WORTH [deltheking] by beingcareful

Dec 09, 2009 (10:36 am)

Replying to: deltheking (Dec 09, 2009 8:06 am)
Thank you for your help.
Payoff: $17,213.52
Trade-In - Top Value - $14,725
Trade-In - Middle Value - $10,725
Trade-In - Lowest Value - $9,650.
Mileage - 69,000
Sun roof; leather seats; navigation system; anti-theft system; V-6; power seats; keyless entry; 6-changer CD player; 4-door; auto on/off lights; - it's loaded, just lots of problems. More than I care to deal with
 
I meet with the dealer this afternoon. Would like to speak with you prior to my meeting with him. My name is Deborah and my cell # is 813-716-6252; office is 813-253-1057.

#1169 of 1186 Re: OWE MORE THAN WHAT IT'S WORTH [fezo] by beingcareful

Dec 09, 2009 (10:43 am)

Replying to: fezo (Dec 08, 2009 6:06 pm)
I WILL.
 
Thank you.

#1170 of 1186 Re: OWE MORE THAN WHAT IT'S WORTH [beingcareful] by euphonium

Dec 09, 2009 (10:46 am)

Replying to: beingcareful (Dec 09, 2009 10:36 am)
Since when does being upside down justify not satisfying the loan contract you read, understood, and agreed to when you signed the agreement.
 
You are obligated to honor the terms and conditions of buying the money to purchase the vehicle so continue to honor that promissary note. That the vehicle is worth less than the balance owed is another issue.
 
It is deceptive to go further in debt on another vehicle trying to wrap the negative balance into a new loan. A loan which will, down the road, end you up to be more upside down than you are now.
 
Continue with your original transaction, pay it off, and learn from this experience.

#1171 of 1186 Re: OWE MORE THAN WHAT IT'S WORTH [euphonium] by tidester

Dec 09, 2009 (11:33 am)

Replying to: euphonium (Dec 09, 2009 10:46 am)
Since when does being upside down justify not satisfying the loan contract you read, understood, and agreed to when you signed the agreement.
 
Since when do ordinary loans not contain provisions for early pay off?
 
It is deceptive to go further in debt on another vehicle trying to wrap the negative balance into a new loan.
 
It may not be wise but there is no indication of deception. By your measure, loan consolidation would be deceitful. I don't think so.
 
tidester, host
SUVs and Smart Shopper

#1172 of 1186 Re: OWE MORE THAN WHAT IT'S WORTH [euphonium] by british_rover

Dec 09, 2009 (12:26 pm)

Replying to: euphonium (Dec 09, 2009 10:46 am)
That is not what she is saying at all. Did you even read her posts at all or just jump in fire, ready, aim?
 
She is having problems with the Altima, not exactly sure what kind of problems but problems that her warranty is not covering, and knows she is upside down but thinks it would be better to go into another car then deal with the problem car.
 
She needs to go into a car with good book value like the prius to have any hope of covering the negative equity. I have done this dance with people a couple of times. Sometimes it works and sometimes it doesn't but if the car is truly problematic then it can be the best course of action. Used cars have no lemon law provision.

#1173 of 1186 Re: OWE MORE THAN WHAT IT'S WORTH [british_rover] by steine13

Dec 09, 2009 (7:38 pm)

Replying to: british_rover (Dec 09, 2009 12:26 pm)
I'm late to the party, so this may not be much help... but...
 
The solution here, assuming a car is a necessity, is one of two things: Either fix the Altima and drive it a loooong time...
 
... or somehow come up with the negative equity -- bank of Dad comes to mind -- and buy a brand-new, lemon-law protected, totally boring and uncool Corolla or Civic for $15 to $17 and keep it forever, all the while making five or six years of new-car payments and paying off the $6 or $7 of neg. eq.
 
What is totally beyond me is the idea of buying a 5-year-old Altima when one has enough credit to just buy a brand-new car one rung down the ladder. It's not like the Altima is some sort of status mobile.
 
But that's in the past. For the future, I strongly recommend looking at one of the two solutions above. I'm not getting the warm fuzzys from the dealer you're talking to; anybody who sells a warranty that doesn't cover real-world problems is a sleazeball.
 
Best of luck to you,
      -Mathias

#1174 of 1186 THANKS TO ALL OF YOU by beingcareful

Dec 10, 2009 (11:09 am)

I test-drove a Prius last night. Wanted to know in advance what the dealer was offering. Liked it. Appreciate all your comments/advice. Did not meet with dealer yesterday, 12/09. Meeting with him today, 12/10, 5pm. Will post the results of the meeting. If any of you pray, would appreciate it if you would pray that I have God's favor when meeting with the dealer. If you don't pray and/or don't believe in prayer, I respect your preference. So, please don't send me any negative comments. I believe in prayer.
 
Again, thanks to all of you.
Beingcareful

#1175 of 1186 Re: THANKS TO ALL OF YOU [beingcareful] by cdnpinhead

Dec 10, 2009 (6:19 pm)

Replying to: beingcareful (Dec 10, 2009 11:09 am)
Good luck with your potential Pious purchase.
 
Keep us posted.

#1176 of 1186 Re: THANKS TO ALL OF YOU [beingcareful] by euphonium

Dec 11, 2009 (3:45 pm)

Replying to: beingcareful (Dec 10, 2009 11:09 am)
God willing, your Faith is rewarded.

Messages Page 118 of 119

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