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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
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Replying to: w9cw (Dec 07, 2006 1:26 pm) 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... 
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Replying to: explorerx4 (Dec 07, 2006 6:18 pm) 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. |
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Replying to: kyfdx (Dec 06, 2006 4:20 pm) |
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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.
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Replying to: alteredwithin (Dec 16, 2006 4:53 pm) Why do you want to get another car loan if you can't pay the one you have? |
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| 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. | |
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Replying to: corvette (Dec 16, 2006 8:47 pm) |
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Maximas have good resale value. Keep an eye on the TMV for your car, check it every month or two. And when your cash in hand equals the difference between what you owe and what you can sell it for, you're ready to get out from under the payments. Another idea is to list your car for sale as "take over payments" and possibly someone with less than stellar credit can get your bank to accept them and pay off the note, leaving you free and clear. |
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Replying to: alteredwithin (Dec 17, 2006 10:11 am) This may not be a factor. Reposssession laws vary by state as to whether a "deficiency judgment" (a judgment that requires you to pay the amount above the value of the vehicle in the event that it is repo'd) is permitted. Read the link below from the Federal Trade Commission for more information. That being said, I would either keep the loan current or else try to sell the car on a TOP basis, as was suggested above. Perhaps as an alternative, you can refi the loan or otherwise find a way to reduce the interest rate, if that happens to be high. Whether or not you are upside down, the lender is not going to hesitate to take your car if you stop making payments. You don't want a repo on your credit rating. That will be an expensive mistake that you will literally pay for with all of your future borrowing costs just as long as the repo is on your credit report. FTC link |
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Replying to: alteredwithin (Dec 17, 2006 10:11 am) I'm sure you don't, and you shouldn't have to. Just drop the car off at the dealership and post the keys in their mailbox, they'll take care of the rest. |
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