thorne Posted February 12, 2007 Report Share Posted February 12, 2007 I've got my monte carlo. My wife hauls our dogs around alot and they don't fit to well in the car. We really want to get rid of the monte but I'm upside down in it like a son of a bitch to the tune of 8-10G. I don't have any money to put down right now. I know this is not a great idea. But were in a bad situation with our cars. I talked to Suziki about a SX4 but they wanted 2 grand down. Suggestions welcome Yes I know I should not move this much negative but its a situation i did not forsee when i got the monte. Quote Link to comment Share on other sites More sharing options...
OSUGT Posted February 12, 2007 Report Share Posted February 12, 2007 If you can swallow the payment, believe it or not, your best bet is on a more expensive vehicle. For advance reasons. Obviously, money down helps. Quote Link to comment Share on other sites More sharing options...
zeitgeist57 Posted February 12, 2007 Report Share Posted February 12, 2007 I actually dig the SX4...but yes, negative equity is a bee-yotch best left alone. It's like gambling...the house always wins. If you roll $1 worth of negative equity into new financing, you're going to pay extra for it somehow. Quote Link to comment Share on other sites More sharing options...
thorne Posted February 12, 2007 Author Report Share Posted February 12, 2007 Dear god make a comet fly down and hit my monte Amen Quote Link to comment Share on other sites More sharing options...
John Bruh Posted February 12, 2007 Report Share Posted February 12, 2007 you need to look at a car that has a lot of rebate. because if you look at an suv that has 4g in rebates, plus 500gm cash, plus your 2g's down thats 6500. 8500-6500=2000 (which isnt bad we might be able to give you more for your car being that we are a chevy dealer). Quote Link to comment Share on other sites More sharing options...
Got-Boost? Posted February 12, 2007 Report Share Posted February 12, 2007 You need to get rid of the negative equity BEFORE you buy another car. Pay it off or down or something.... If not you are going to be in even worse over your head in a year or two especially on a new car. ALL cars from the second you drive off the lot, drop in value. It's only going to be worse the more you spend.... Get your car $$$$ balance EVEN and then work on a down payment for the next one.... That's really all you can do short of insurance fraud and even then I hope you have GAP insurance or you are screwed even harder.... Quote Link to comment Share on other sites More sharing options...
HAOLE Posted February 12, 2007 Report Share Posted February 12, 2007 Dear god make a comet fly down and hit my monte Amen "Electrical" fire! Quote Link to comment Share on other sites More sharing options...
Guest 78novaman Posted February 12, 2007 Report Share Posted February 12, 2007 yeah you're pretty much screwed. I would just keep ahold of the car until you pay it off or at least could break even on it. Even the deals where the dealer will absorb the cost of negative equity make you pay full MSRP on the new car so you're still not really ahead. Quote Link to comment Share on other sites More sharing options...
John Bruh Posted February 12, 2007 Report Share Posted February 12, 2007 Even the deals where the dealer will absorb the cost of negative equity make you pay full MSRP on the new car so you're still not really ahead. what are you talkin about on every new Saturn you pay sticker. Whats wrong with paying sticker. most cars arent even marked up that much. in the new cobalts and aveo's there is a 700 mark up. so if you get 700 more is that a good deal? Quote Link to comment Share on other sites More sharing options...
Guest 78novaman Posted February 12, 2007 Report Share Posted February 12, 2007 what are you talkin about on every new Saturn you pay sticker. Whats wrong with paying sticker. most cars arent even marked up that much. in the new cobalts and aveo's there is a 700 mark up. so if you get 700 more is that a good deal? I'm just a cheapass and buy at the end of the model year when there are thousands of dollars in rebates. I got $8,000 off MSRP when I bought my truck and I was only in negative equity for about a year. Now my truck is worth $3000 more than I owe on it with another 2 years to go. Quote Link to comment Share on other sites More sharing options...
thorne Posted February 12, 2007 Author Report Share Posted February 12, 2007 Yeah I know its killin me. I am a timewarner employee I could get it at Invoice but still. I just want something thats more resoable. I failed with the monte. Quote Link to comment Share on other sites More sharing options...
John Bruh Posted February 12, 2007 Report Share Posted February 12, 2007 Yeah I know its killin me. I am a timewarner employee I could get it at Invoice but still. I just want something thats more resoable. I failed with the monte. dude there you go, you get supplier discount+rebates+gm loyalty cash= no neg. Quote Link to comment Share on other sites More sharing options...
Linc5.0 Posted February 12, 2007 Report Share Posted February 12, 2007 its supposed to snow alot tomorrow...Im sure if you drive around long enough someone will hit you.lol Quote Link to comment Share on other sites More sharing options...
Jelloman4571647545499 Posted February 13, 2007 Report Share Posted February 13, 2007 if you have gap insurance that would help Quote Link to comment Share on other sites More sharing options...
Bam Posted February 13, 2007 Report Share Posted February 13, 2007 are you negative on the impreza too? If not, why not sell that and drive the monte until its paid down some and get the wife a suv for the dogs. ? Quote Link to comment Share on other sites More sharing options...
MrMeanGreen Posted February 13, 2007 Report Share Posted February 13, 2007 Park it on the side of a country road. Honestly, people wonder what dealers do when they have their "push it, pull it" trade-in specials when they guarantee the buyer $XXX on a trade-in? There ya go. Quote Link to comment Share on other sites More sharing options...
iwishiwascool Posted February 13, 2007 Report Share Posted February 13, 2007 Have the foresight to imagine your situation 5 years from now when you are 30k in negative equity (or whatever). Doing such things will hurt your financial future for many years in the future. The short term sacrifice of putting up with the smaller car and paying it off is far greater than the long term impact on your financial future. Let this be a lesson to the rest of the youngins not to do Zero down car loans ever. Quote Link to comment Share on other sites More sharing options...
Science Abuse Posted February 13, 2007 Report Share Posted February 13, 2007 Dear god make a comet fly down and hit my monte Amen Do you want this to happen? Cuz it can. Quote Link to comment Share on other sites More sharing options...
Got-Boost? Posted February 13, 2007 Report Share Posted February 13, 2007 dude there you go, you get supplier discount+rebates+gm loyalty cash= no neg. What about the $8k he's behind now....? That will be added to the price of the new vehicle so he isn't any better off than before other than he's driving a different car.... Quote Link to comment Share on other sites More sharing options...
Kevin R. Posted February 13, 2007 Report Share Posted February 13, 2007 What about the $8k he's behind now....? That will be added to the price of the new vehicle so he isn't any better off than before other than he's driving a different car.... I think he is just doing the car salesman thing and leaving out the negative points. Quote Link to comment Share on other sites More sharing options...
WWD JUNK Posted February 13, 2007 Report Share Posted February 13, 2007 Have the foresight to imagine your situation 5 years from now when you are 30k in negative equity (or whatever). Doing such things will hurt your financial future for many years in the future. The short term sacrifice of putting up with the smaller car and paying it off is far greater than the long term impact on your financial future. Let this be a lesson to the rest of the youngins not to do Zero down car loans ever. +1 Since you're already screwed for a few more years with the Monte, and you're set on getting something bigger, DO NOT BUY and put yourself in the hole for another 5-6 years. Bite the bullet and get yourself the cheapest vehicle that will fit your needs with the best lease program. Don't go over 24 months and you'll have a clean slate sooner than later. The issue that you'll run into is going to be the LTV on a new lease/loan. You'll be hardpressed to get into something new without putting any money down. If your credit is great a lender might go to 135% or so, but that's pushing it. The banks aren't a big fan of having negative equity in something they own either. Maybe get rid of some dogs? Or leave the smelly automobile destroying things in some cages at home? Quote Link to comment Share on other sites More sharing options...
thorne Posted February 13, 2007 Author Report Share Posted February 13, 2007 are you negative on the impreza too? If not, why not sell that and drive the monte until its paid down some and get the wife a suv for the dogs. ? Have thought about it. Quote Link to comment Share on other sites More sharing options...
thorne Posted February 13, 2007 Author Report Share Posted February 13, 2007 What about the $8k he's behind now....? That will be added to the price of the new vehicle so he isn't any better off than before other than he's driving a different car.... Well My wife in a less gas guzzling, 4 door would be easier on us. So what If i roll same negative ammount eatherway i'm behind 8k. My wife drives cars to they are done. But she can't manage the monte. She don't drive stick. I know its fucking stupid. I got myself into this. We might just stick with the monte. I would just wanting to make it easier on the wife. ohhh well Live and Learn. Quote Link to comment Share on other sites More sharing options...
Guest powers Posted February 13, 2007 Report Share Posted February 13, 2007 Have the foresight to imagine your situation 5 years from now when you are 30k in negative equity (or whatever). Doing such things will hurt your financial future for many years in the future. The short term sacrifice of putting up with the smaller car and paying it off is far greater than the long term impact on your financial future. Let this be a lesson to the rest of the youngins not to do Zero down car loans ever. Dead on. There are only 2 smart decisions you can make here. Make a sacrifice and sell the suby to get what you say you need. Make a sacrifice and tough it out until you are AT LEAST even on the GM. Quote Link to comment Share on other sites More sharing options...
Skinner Posted February 13, 2007 Report Share Posted February 13, 2007 I'll set it on fire for $100. Quote Link to comment Share on other sites More sharing options...
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