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Negative Equity :(


thorne

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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.

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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).
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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.... :(

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Guest 78novaman
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.
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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?

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Guest 78novaman
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.

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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.

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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. :p

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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?

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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.

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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.

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