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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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#670 of 1160 yikes! by mustangfan23 Dec 07, 2006 (2:51 pm)
Hyundai is trying to improve their image....yet, it will still be awhile before any significant changes will come about. Their long warranty is nice, much needed so I hear...   One other thing--never ever finance a car for 84 months!! You are just asking for negative equity. Try to set it up for 60 months and pay if off early, if possible. The main thing is to get what you can afford in the first place and don't over-pay!
#671 of 1160 Re: negative equity [kyfdx] by farout Dec 07, 2006 (5:27 pm)
Replying to: kyfdx (Dec 07, 2006 8:04 am) kyfdx: My first New car was a 1964 Chevy 2. Paid $2,872. My payments were $82.50 a month. I was making $600. a month. My next New car was a 1966 VW bug with pop out windows, Tax Lic., and out the door was $1,840. and I had an actual oil filter and hele coils put in so the heads did not pop. I traded it off every 50,000 miles. They were cheap and fun. My last bug was 1971 bug and it was $27??. I can't remember the exact amount. Bare in mind car prices have kept pace with houses, food and other basic staples. But, wages have gone down hill from 1985. My son in law thinks $15. an hour is pretty good. I made $16. an hour in the Carpenters Union in 1983. To compensate banks have made loans longer to keep the ecomony strong and cars for the working affordable.   Farout Replies to this message: explorerx4 (Dec 07, 2006 6:18 pm) sebring95 (Dec 08, 2006 6:55 am)
#672 of 1160 Re: negative equity [farout] by explorerx4 Dec 07, 2006 (6:18 pm)
Replying to: farout (Dec 07, 2006 5:27 pm) my dad bought a '74 bug with a sticker of 2200(i think). it had a radio, which may or not have been optional. the same dealer had porsches in the showroom. i remember seeing a 911 that had a sticker of 14,100, but did not have a radio. i was shocked(and obviously naive). i had quite a few adventures in that car, along with others. reminds me that i need to be more patient with my own kids. thanks for the post. Replies to this message: sebring95 (Dec 08, 2006 6:55 am)
#673 of 1160 Re: negative equity [w9cw] by div2 Dec 07, 2006 (6:30 pm)
Replying to: w9cw (Dec 07, 2006 1:26 pm) Hyundai, unfortunately, is still the laughing stock with some uninformed consumers, just as Honda and Toyota were back in the '60s and '70s.   Just to clarify, I'm not biased against Hyundai- I've even recommended them to my non-enthusiast friends. I couldn't endure owning any vanilla FWD sedan- Civic, Elantra, Camry, Lancer(EVO excluded of course), Fusion, G6, or whatever. Fact is, the Cooper S JCW is about the only FWD car I would consider owning.   When you've owned both[Civic and Elantra] as my wife and I have, you'll know what I mean.   I'll have take your word for it. The reason being, as Peter DeLorenzo would say, is because that is simply notgonnahappen.com...
#674 of 1160 Re: negative equity [explorerx4] by sebring95 Dec 08, 2006 (6:55 am)
Replying to: explorerx4 (Dec 07, 2006 6:18 pm) Everybody can badmouth VW all they want, but my best vehicle investment to date was a '77 bug convertible my wife just HAD to have (i argued). I never liked them but paid somewhere in the $3,000 range IIRC for a white over white model. Sold it in 1996 for $14,500. Now if I would have listened to my father in 1971 (a dodge/plymouth salesman at the time) and bought that Plymouth Superbird for $1500 that they couldn't get rid of......but that kind of cash was pretty tight back then for something I though was hideous to look at.   FWIW, with the exception of leasing some vehicles for business/tax purposes I've never made vehicle payments. Probably lucky I guess because it seems like once you start financing something (particularly when younger) you're stuck making payments for life.
#675 of 1160 Re: negative equity [kyfdx] by wlbrown9 Dec 08, 2006 (8:08 am)
Replying to: kyfdx (Dec 06, 2006 4:20 pm) My real fear on this would be someone running into you and totaling it out. Unless you find a way to collect quite a bit in pain & suffering or whatever, the insurance company will cut you a check for the $9K or so it is worth and then the bank will want the balance to close out the loan. So, if you owe $18K for example and get $9K insurance payout, guess who has to try and come up with the other $9K. Plus, if you need a vehicle to replace the totaled one, you need to come up with even more cash for a little down, etc. Looks like the fast lane to bankruptcy if you ask me.
#676 of 1160 Re: Negative Equity by alteredwithin Dec 16, 2006 (4:53 pm)
Alright so my story. I bought a 05 Honda Accord. My parents came into some money problems so I traded it in for an 03 Nissan Maxima dropping my payments 150 a month. But now I have Negative Equity and owe almost 8k more than what the car is worth... I want to just go get another car loan and stop making payments the Nissan. Will they just repo the Nissan? Not quite sure what will happen since I owe more than what it is worth. Replies to this message: corvette (Dec 16, 2006 8:47 pm) alteredwithin (Dec 17, 2006 10:11 am) pch101 (Dec 17, 2006 11:56 am) grandtotal (Dec 18, 2006 6:13 am) and 4 more... qbrozen (Dec 18, 2006 8:14 am) corvette (Dec 19, 2006 1:15 pm) and 1 more...
#677 of 1160 Re: Negative Equity [alteredwithin] by corvette Dec 16, 2006 (8:47 pm)
Replying to: alteredwithin (Dec 16, 2006 4:53 pm) Yes, they will repo the Nissan if you stop making payments. Then, the bank will obtain a judgment against you for the difference between its value and what you owe. If you have any assets, they will attach those to get reimbursement. If you are on an employer's payroll, they will garnish your wages to obtain payment.   Why do you want to get another car loan if you can't pay the one you have? Replies to this message: alteredwithin (Dec 17, 2006 10:11 am) pch101 (Dec 17, 2006 11:56 am) grandtotal (Dec 18, 2006 6:13 am) qbrozen (Dec 18, 2006 8:15 am) and 3 more... qbrozen (Dec 18, 2006 8:14 am) corvette (Dec 19, 2006 1:15 pm) sky23213 (Dec 22, 2006 7:51 am)
#678 of 1160 nissan by stickguy Dec 17, 2006 (8:24 am)
an '03 Maxima is still a fairly new car, and if maintained, will last a long time. So, your best bet (unless you have 8K lying around to pay it off), is to just keep it, and make the payments until you own it. If you do manage to trade it in, the neg eq. isn't going to go away, it will just somehow follow you to the new car, and probably get even bigger.
#679 of 1160 Re: Negative Equity [corvette] by alteredwithin Dec 17, 2006 (10:11 am)
Replying to: corvette (Dec 16, 2006 8:47 pm) I can pay I just don't want to. I want another car lol but from what you are telling me I am stuck with this I don't need my paycheck getting garnished. Thanks for the information you are the only one that was able to give me a straight answer. Replies to this message: pch101 (Dec 17, 2006 11:56 am) grandtotal (Dec 18, 2006 6:13 am) qbrozen (Dec 18, 2006 8:15 am) div2 (Dec 18, 2006 8:28 am) and 2 more... qbrozen (Dec 18, 2006 8:14 am) corvette (Dec 19, 2006 1:15 pm) sky23213 (Dec 22, 2006 7:51 am)

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