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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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I have rolled as much $13k into Hyundai Elantra's before. When the car only cost $11k. How does that work? It's called having flawless credit and taking an 84 month term. There are banks out there that will loan close to 200% of invoice. Trading out of a car to lower a payment is about the dumbest thing anyone can do. First off chances are you owe more than the car is worth so you will have to roll negative which will bump the payment more and then how much are you going to lower it $50, $100 big deal. Why roll money and start over brand new payments just to drop it a few bucks. If your payoff is low and you really cant afford the payment look at refinancing the balance to something you can afford. You may pay on it longer but its a lot better than putting negative money ontop of a loan on a depreciating commodity
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Replying to: hyundai_slsmn (Dec 06, 2006 2:12 pm) 84 months on an Elantra ... OUCH!!
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Replying to: jlawrence01 (Dec 06, 2006 3:22 pm) Seriously... Can you imagine still making a $450 payment on a 6-yr-old Hyundai?
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Replying to: kyfdx (Dec 06, 2006 4:20 pm) I doubt that I could endure owning an Elantra for 84 minutes... 
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Replying to: kyfdx (Dec 06, 2006 4:20 pm) Can't imagine making a $450 car payment, period. I was cleaning out my desk last month and located the only two car notes I ever signed - $128 and $132/ month .... loans at 17% and 12% APR. OUCH!
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Replying to: jlawrence01 (Dec 06, 2006 8:11 pm)
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it was around $460 or so but actually coming down from $580 on the previous vehicle OUCH It's surprising and alarming how many 78+ mo notes I've written. What's even more sad is the person who is so compulsive as to go that long on a car loan just to make it affordable would never even come close to keeping it that long. I think if i ever got out of the car business I could go into personal financial planning. |
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Replying to: kyfdx (Dec 06, 2006 8:18 pm)  My first car payment (that I remember, anyway) was $180/month on a '96 Protege. I owned other cars before that, but none of them were nice enough to warrant financing (e.g., a Saab 900 purchased for $2500).
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Replying to: kyfdx (Dec 06, 2006 4:20 pm) |
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Replying to: kyfdx (Dec 06, 2006 8:18 pm)
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