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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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#41 of 1160 $2,500 cars by steine13 Feb 13, 2004 (5:18 pm)
It's an art. And it requires luck. I recommend against it if the back's against the wall financially... much better to go with the $6k 2001 Prizm, inspected of course, and then drive it a loooong time while saving money. The cheap car thing is really iffy... I've done well with the $1-2k variety, but I quickly learned to have TWO of them... and I did all my own work... and I've done almost as well with cheap new cars bought right. -Mathias
#42 of 1160 Get yourself a solid $2,500 car... by lemko Mar 04, 2004 (1:03 pm)
...like a Chevrolet Caprice, Crown Victoria, or Mopar M-Body. These cars are darn near bulletproof. Repairs and maintenance are cheap and easy. Parts are plentiful.
#43 of 1160 PLEASE NEED FEEDBACK TOO!!! by mamameow Mar 08, 2004 (12:46 pm)
Hi need your feedback. I am in the same situation being upside down. I own an 03' Taurus and am 7G's upside down also. I will have the money to close the gap (assuming I can get 9-10 grand trade in like a few have offered) and was wondering what I should do. I am thinking of applying the 7 grand to my Taurus BEFORE I GO TO THE DEALER TO BUY NEW OR USED. I want out of this pile and i look at it this way.....it does not matter what day of the week it is....unless I pay down this vehicle, I will NEVER get out of it, and even if i paid the thing off i will still be screwed (my fault of course) Is this the right approach to take to get into a new vehicle? THANKS
#44 of 1160 You'd save a couple grand by driftracer Mar 08, 2004 (2:30 pm)
if you sold it privately. Check out your payoff, advertise using a nice ad, pay the difference, and press on.   Make sure you're not going from the frying pan into the fire by trading/selling the Taurus only to bury yourself in another ride.   Is the Taurus itself the problem? Getting into another NEW domestic is going to put you in the same place. You'd be better to pay it off early, drive it for a couple of years, and not drop a ton of cash if you don't have to. Replies to this message: vtsurfer (May 16, 2004 4:57 am)
#45 of 1160 Drift Thanks by mamameow Mar 10, 2004 (11:57 am)
I will consider this option. I am just itching so bad to get out of it but either way, I am buried and thats that :0)
#46 of 1160 Just wondering... by driftracer Mar 10, 2004 (12:24 pm)
what are you looking to get into? I ask because it seems it had better be worth it before you throw big money into paying off the car just to jump into something else.
#47 of 1160 That itch will kill you.. by kyfdx HOST Mar 10, 2004 (12:26 pm)
Something tells me that "bad itch" to get into something else, is how you got so far buried to start with... I find the best way to get out of debt is to keep what you have, and keep making the payments. Of course, the car biz would be hurting, if we were all like that.   regards, kyfdx
#49 of 1160 Ford trade-in on Toyota by ranger Mar 18, 2004 (9:06 am)
New to this site so I hope I'm posting in the correct post. I own a great 2003 Econoline 350 passenger van. Bought new and got a great deal on it. Currently owe about 12,780 on it. The problem is its gas mileage. About 11-12 city & maybe 17 hiway. I knew it had poor mileage when I bought it but I was banking that gas prices wouldn't go above $1.60. WRONG! Anyways, I would like to trade it in on a 2004 Toyota Sienna van AWD. Price is about $31,000. Trade in value on my van is around $21,000. I know the Toyota dealer won't budge from the MSRP much. I'm also afraid he won't give me anywhere near the blue book on my van. (why would he want a full size gas guzzler sitting on his lot). I haven't been through the dealer yet to ask questions because I don't want to show my hand yet.Any thoughts on this? Mucho appreciate it!
#50 of 1160 ranger - by driftracer Mar 18, 2004 (9:18 am)
if it's an XLT with a 5.4, non extended, RETAIL value is around $21k, not trade-in. If it's an extended van, add about $900.   Realistically, these vans are EVERYWHERE as fleet rigs and rental returns and usually see $16-17K wholesale. You're still in a good equity position, but you're nowhere near close to the $10 grand up you're thinking.   Siennas are pulling close to MSRP, so you're realistically looking at a $14K difference figure.

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