You HAVE TO HAVE IT !!It does not make sense to me to be "upside down" on a vehicle if that can possibly be avoided. I would rather drive a less expensive car that I could actually afford.
what about... save the money and pay cash for a fleet sales vehicle? We bought a brand new truck for $29,000.
Rolling the balance owed on a trade into the price of the new car is nothing new, really. I remember it happening when I worked at a car dealership in the mid-70’s. Not often, but it did happen on occasion. I just had to make some accounting adjustments.
Seven year loans, though? Gads. That’s way too long to pay on an automobile.
What am I missing here?
Of COURSE they are upside-down in their current vehicle - they borrowed $10K ADDITIONAL dollars to buy it.
Obviously, they bailed on their first SUV a lot sooner than they should have, and now they’re paying the price.
These folks need somebody to come in and show them how to stay afloat by making sound financial decisions.
You can find a pretty decent used, but late-model, truck for a third of that. That dealership sure saw the Posts coming down Debt Street.
Wow, they are happy to have a payment under $700? I bet they could buy a small house for that kind of monthy payment. And she didn’t realize “how much debt there was in it”? Didn’t she look at the numbers? Doh!
Contracts very clearly spell out the amount of the finance charge. What she's really saying here is that she didn't read what she signed.
They got a shiny new F-350 turbo diesel extended cab monster add on bling bling super duper ....
Couldn’t pass up a payment under $700 a month?! That’s a darn mortgage!
I’m sorry, I can’t find any sympathy for ignorant, greedy people. They want it all now. For years I drove Chevy Cavaliers because they were cheap disposable cars, and I drove a lot.
Screw these people, and all those like them. Take their darn truck, ruin their credit, and make them a warning to those that follow in their wake.
So the moral of the story, if you are upside down on your debt don’t buy another and put yourself even further upside down.
You HAVE TO HAVE IT !!www.intellichoice.com
I bought my car following their advice and actually had the resale value of my car INCREASE for the two years after my purchase.
I’ll keep driving my old clunker... cannot imagine a $700/mo car payment as a ‘good deal.’
Holy cow! Maybe for two cars...You can get two pre-owned Lexus's at that payment level with minimal down.
At $700 per month, they’ll pay over $58,000 for that truck! Given their history they’ll be looking at trading it before it’s paid for. I wonder what’ll happen to fuel prices in the next 7 years?
GeeWiz!!! Wonder how much gas that beast burns? Upside down in debt, and spending $100s per month in insurance and gas. Oh well....You signed, so you pay. Now stop whinning!
It only works if you are going to keep the vehicle until it is depreciated down to bottom value, and keep it in good condition. Ater the first couple of years the value declines below the remaining balance of payments. And if it is totaled in an accident, you’ll only recover the book value at that time from insurance. You’ll still owe the loan balance.
So, to take on that deal, you’ve got to feel lucky!
Geez, they went with the absolute top of the line, didn't they?
I was in car sales for a short while some 20 years ago. The folks I could never figure out where the ones who'd gotten themselves buried in a lease. They'd try to get out of their high-end lease by trying to lease a new vehicle, then they accused the dealership of trying to rip them off because they now had to finance the full cost of the lease they were trying to escape in order to trade in their current vehicle.
I'd wonder how people could be so stupid but then I think of all those people who voted for John Kerry.
These remind me of some friends of mine who upgraded once “for only $30 more a month.” I often wondered how many times they did that.
They made their major mistake long before they went for the Ford 350. They owed 4,500 on a 7-year-old vehicle that they used for trade-in. This means they had already gone in too deep when they bought the Suburban.
You know what really gets my goat?
This is presented with all the hand wringing you’d expect from a leftist rag. The evil capitalist dealers and car makers are hoodwinking these poor consumers. The consumers are like poor little naieve sheep and the wolves are taking advantage of them.
BS. These are ignorant, greedy fools who want it all now, regardless of the cost. The dealers and car makers are merely giving them what they want.
One natural resource that America will never run out of is stupid. We have an abundance.