Comments on: Upside Down Car Loans: Eight Simple Steps To Get Out Fast

By: wade

wade — Thu, 29 Dec 2011 05:49:16 +0000

i had an explorer at 12 mpg, ugh, with ten k on it so i got a fusion at about 30mpg or so and ended up owing 16k, the car books at 8200. i will drive this thing until one of us dies, the payment is only 275 and it is the better motor and tranny.
if this thing quits i will haul it to the river and have an ACCIDENT!

By: Borrowing Money is the Same As Buying Risk

Borrowing Money is the Same As Buying Risk — Wed, 13 Oct 2010 19:56:23 +0000

[...] that I’ve been saving up and avoid the 2.99% interest, and any other fees associated with financing a car. However, that would leave me $18,000 less in savings. Do I care? [...]

By: Erik

Erik — Tue, 12 Jan 2010 20:36:13 +0000

Becoming upside down on a car loan is one of the most common financial mistakes. Money Crashers gets hundreds of hits a day from the posts we’ve written about being upside down. The best way to prevent this from happening is to pay cash for a used car or save up a huge down payment. Don’t do SIGN AND DRIVE!

By: Farouk

Farouk — Tue, 12 Jan 2010 14:52:26 +0000

thanks for these useful tips

By: Brad @ Jacksonville real estate

Brad @ Jacksonville real estate — Tue, 12 Jan 2010 03:24:41 +0000

You may actually be able to find a nice “beater”. I’ve started seeing 2000-2002 model cars in great condition with less than 120k miles for under $7k. Not quite the $2k beater. Cars like Toyota, Audi, Volvo, etc. Craigslist: use a search tool that will search multiple craigslist locations vs. just your city.

By: John DeFlumeri Jr

John DeFlumeri Jr — Tue, 12 Jan 2010 01:59:48 +0000

You may have to keep the current vehicle, finally pay it off and drive it 5 more years without having payments, that works too.

John DeFlumeri Jr

By: The Lost Goat

The Lost Goat — Mon, 11 Jan 2010 23:13:28 +0000

I’m with Linette – it’s easy to opine that a person should buy a mechanically sound used car; it’s way harder to find one. If your monthly payment is $400, and you pay 2K for a used car, it has to go 5 months without problems for you to break even financially. And a car that you buy new and maintain properly should keep going for years after you have paid off the loan (even a 60 month loan); you have very little assurance of such with a used car.

By: Kate

Kate — Mon, 11 Jan 2010 21:12:56 +0000

I feel like I am totally upside down in my car and it isn’t just from what I own on the loan. Unfortunately, I have had to sink almost $5k in repairs into my car. So even if I sell it in a private sale for what it is worth – I will still be out the money it has taken me to fix it. I loved the car when I bought it and felt I was getting a good deal. A year and a half later, I have basically had to rebuild the engine. Yes, I bought it used.

What are your thoughts on leasing instead of buying?

By: Steve @ ACE Financial Services

Steve @ ACE Financial Services — Mon, 11 Jan 2010 19:24:47 +0000

Cars are becoming more expensive to maintain nowadays. I agree with the depreciation. I think the more expensive the car, the higher will be the depreciation. So buy only cars that fit right with your budget and live within your means.

By: Linette

Linette — Mon, 11 Jan 2010 16:55:31 +0000

Back when I was looking for a newer, but used car. I had too many bad experiences with dealers. Actually I am still having bad experiences with dealers. Too many want to sell you too little car for too much money. The other day I had one try to sell me one that completely died in the middle of test driving it. At least make the car run LOL.