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

1166 messages,  Last post on Dec 08, 2009 at 5:06 PM

You are in the Smart Shopper Forum. Your Hosts are kirstie_h & tidester

What is this discussion about? Car Leasing


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#657 of 1166
Re: negative equity [kyfdx] by jlawrence01
Dec 06, 2006 (8:11 pm)
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Replying to: kyfdx (Dec 06, 2006 4:20 pm)

Seriously... Can you imagine still making a $450 payment on a 6-yr-old Hyundai?
 
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!
#658 of 1166
Re: negative equity [jlawrence01] by kyfdx HOST
Dec 06, 2006 (8:18 pm)
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Replying to: jlawrence01 (Dec 06, 2006 8:11 pm)

Funny... My first new car note was for 48 months at $109.33/mo... No idea what the rate was... January '77.. I'm guessing it was pretty high...
#659 of 1166
pretty close by hyundai_slsmn
Dec 06, 2006 (9:30 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.
#660 of 1166
Re: negative equity [kyfdx] by kirstie_h HOST
Dec 07, 2006 (6:26 am)
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Replying to: kyfdx (Dec 06, 2006 8:18 pm)

Man, you guys are older than dirt 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).
#661 of 1166
Re: negative equity [kyfdx] by lemko
Dec 07, 2006 (7:38 am)
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Replying to: kyfdx (Dec 06, 2006 4:20 pm)

I can't imagine even making $450 payments on A Hyundai!
#662 of 1166
Re: negative equity [kyfdx] by lemko
Dec 07, 2006 (7:40 am)
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Replying to: kyfdx (Dec 06, 2006 8:18 pm)

I can top that - December 1987 - car payments on a new black 1987 Chevrolet Caprice Classic - $147.16 for 24 months! I pretty much paid for most of the car up front. Good God, too bad I can't finance a nice car like that at those terms today!
#663 of 1166
Re: negative equity [lemko] by kyfdx HOST
Dec 07, 2006 (8:04 am)
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Replying to: lemko (Dec 07, 2006 7:40 am)

Yeah.. but, when I bought my car for $109.33/mo., I was only making $2.30/hr..
 
Top that!!
#664 of 1166
Re: negative equity [kirstie_h] by ray80
Dec 07, 2006 (9:51 am)
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Replying to: kirstie_h (Dec 07, 2006 6:26 am)

'Man, you guys are older than dirt Hey, I could take that personally (although it might be true . My first car was financed ($500 dollar car) and whatever the payment was it hurt as I was only making $2.10 an hour at the time.
#665 of 1166
Re: negative equity [ray80] by kirstie_h HOST
Dec 07, 2006 (9:55 am)
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Replying to: ray80 (Dec 07, 2006 9:51 am)

That comment was really meant for kyfdx, who seems to have conveniently (and probably wisely) ignored it.
 
$500? For how long did you finance?
#666 of 1166
Re: negative equity [kirstie_h] by ray80
Dec 07, 2006 (9:58 am)
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Replying to: kirstie_h (Dec 07, 2006 9:55 am)

Was a long time ago, most likely a year or so, couldn't wait to get rid of it

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