Edmunds.com | Inside Line | Auto Observer Your Account | Help | Directory
You are here:
![[F]](http://a332.g.akamai.net/f/332/936/12h/www.edmunds.com/media/townhall/webxicons/site.gif){kind=small}
Forums
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
|
Replying to: mookie14 (Nov 02, 2006 7:35 pm) No problem, please let us know the next time you "need" to trade up... |
|
|
Quote for the day: "A fool can learn from his own mistakes. A wise man learns from the mistakes of others." Of course there are those that don't learn at all. Ah well. james |
|
|
|
|
Replying to: mookie14 (Oct 21, 2006 4:43 pm) Our plan is to add $200 over our regular payment to reduce the debt we owe. Expected to have about $3k for down payment on the Acura TL. As of right now, I think the '03 TBlazer with 90k miles is only worth $5k. Does anyone have a really rough idea what the payment will be when it comes time in October 2007? Our credit is good, so no issues there. With online companies like e-Loan, People First, is it possible they would do a deal like this? Thanks for any input! $650x25 = $16,250 By paying $200 more per payment until paid off, you will be done 6 payments earlier. $16,250/$800 = 19 payments. By paying $850 for 12 months on a $650/month loan (without taking into account compounded interest) You will have reduced the loan by $2400. By this time next year you will owe about $6,500 on this Truck. You might as well just ride it out and keep it. |
|
|
I saw this post on craigslist and thought it might be our friend here. Now I see we were talking about a Tblazer, not a Denali. Anyway, the person who posted this ad is just BEGGING to be taken for a ride by a savvy salesperson. Ugh!
|
|
|
Replying to: qbrozen (Nov 30, 2006 10:25 am) |
|
$581 x 31 = $18,197. How does he/she get $39,000 for the payoff?
|
|
|
I do suppose this person is somewhat math challenged. Wonder how he got into such a predicament? So which car salesman in here is going to help him out?..... |
|
|
Replying to: lemko (Dec 01, 2006 7:01 am) That is really the only way to get out of a lease.. With 31 payments to go, the bank won't accept the remainder of the lease payments and take the vehicle back.. |
|
That makes sense to a degree in that I know banks hate being in the selling cars business, but wouldn't you think there would be something to be said for them to accept $18,197 for a $39K truck? I would have to think there's a buck to be made there. There is the remote possibility that I could be wrong.....
|
|
|
Replying to: fezo (Dec 01, 2006 7:57 am) Three ways out of a lease.. 1) You buy the car for the payoff.. This is generally the Cap Cost minus the depreciation portion of the payments already made, plus occasionally a penalty portion of the unpaid finance charges. 2) A dealer buys the car for the payoff (through trade-in usually). If the trade-in value is less than the payoff, which it almost always is, the lessee will have negative equity that has to be dealt with, just as in any other negative equity trade-in situation. 3) Get someone to assume the lease. Not all banks will allow this.. If you are in a bad lease, this is almost impossible to do, but if your lease payment is cheap, and you just don't want it any more, this is a viable alternative. regards, kyfdx |
|
You are here:
Forums
Smart Shopper Owe more than it's worth... I'm upside down and I can't get up!
New? Join Now!
Forum Tools
Search Forums
Browse by Vehicle
Browse by Board
Browse by Topic
Today's Chats
