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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#51 of 1160 Driftracer--Thanks. by ranger Mar 18, 2004 (9:45 am)
It's a chateau package, non-extended, 5.4. Should be interesting to see what kind of trade in the Toyota dealer will give me.
#52 of 1160 Chateau adds another $200 - by driftracer Mar 18, 2004 (9:55 am)
you might seriously consider selling it yourself or offering it to Carmax or a Ford dealership. Chances are, the Toyota dealer will wholesale it and you probably would not do as well there.
#53 of 1160 by q45man Mar 19, 2004 (10:33 am)
What am I missing if you drive 15,000 miles per year at an average of 14 MPG you use 1071 gallons, if you trade for a more expensive van that gets better mileage , you have an extra amount in payments plus pay sales tax on the new amount but save 250-280 gallons at best per year......the extra sales tax alone would be $2,000, no to mention higher payments. It would take 1,333 gallons at $3 per gallon or 1,600 gallons at $2.50 to break even. 4-5 years if not more. Now if you drive 30k per year it might make more sense.
#54 of 1160 What you're missing by grandtotal Mar 19, 2004 (2:50 pm)
What you're missing is that Ranger wants to change.
#55 of 1160 Ford trade-in on Toyota by Ranger .... by rroyce10 Mar 21, 2004 (2:49 am)
........ Like Drift said, depending on the engine, options, miles, etc, you should be seeing "around" the $16/$17 range on a trade .. $21ish is Retail asking money for a 1 tonner with all the goobley gob - not trade-in money .... I will let the others do the "real" math, but just based on current $$'s, it will take you about 90k and about 5 years just to break -even- .. the only problem is, the average buyer is trading vehicles about every 28 months. Terry.
#56 of 1160 by q45man Mar 25, 2004 (6:51 pm)
The minimal cost solution is to always buy a 3 year old vehicle and keep it 200,000 miles....rebuilding it along the way.
#57 of 1160 Is this for real? by lemko Apr 14, 2004 (8:46 am)
My friend was shopping for a new top-of-the-line Toyota Sienna minivan. The finance guy told him, if he wished, could finance the van for nothing down and $300 a month for...get this...FIFTEEN YEARS! I told him that he had to be pulling my leg. I've heard of financing for 5.5 years, 6 years, and even a ridiculous eight years. I don't care if the car is a Maybach 62, nobody should be able to finance a car for fifteen years!
#58 of 1160 Have I got a deal for you!! by kyfdx HOST Apr 14, 2004 (11:39 am)
FIFTY dollars down, FIFTY dollars a month... For FIFTY YEARS!!!!
#59 of 1160 RE: Jeez [dtownfb #20] by baby_arm Apr 18, 2004 (10:40 am)
Replying to: dtownfb (Jan 01, 2004 8:43 pm) If you're looking to keep the car, try refinancing it for a lower rate or paying extra to principle. If you can afford the payments, try to reduce your term when you refi. Reducing your term & acquiring a lower APR will help you reduce your principle quicker. Every lender has limits on their maximum Loan to Value (LTV). For instance a lot of Credit Unions only finance 100% and give you a super low rate. Other company's like WFS Financial will take more risk & finance higher LTV's, but charge a slightly higher rate. It's up to you what fits best.
#60 of 1160 Related Article... by Car_man HOST Apr 20, 2004 (3:29 am)
A community member, robr2, was kind enough to post a link to this article in another discussion: Boston Globe - This car-buying trend could leave you upside down. Those of you who visit this discussion will find it very interesting. Car_man Host Smart Shoppers / FWI Message Boards

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