Yeah, I took out too long of a loan.... owe 7k still, but I only have 62k miles.
I know a bunch of you are upside down...... admit it.
Funny how were only hearing from people who have paid off.....
If you go by KBB private party value, I am very close to being upside down. I think I owe around $13k still? I was doing good, until the economy took a dive, then my car lost about $5k of value in less than a few months. Thats really what hurt my situation, but I'm doing ok, have never missed a payment, & plan on having the car paid off within the next 2 years at the most...
Not everyone can afford to buy a $20k car with cash... I should've put more down, but didn't want to give the stealership my 97 Cobra as trade....
when i bought my car, it was my first time, at 19 yrs old so the interest rate was 18%.
BUT
i also took out a school loan, paid off Chase Financial with a buyout deal, and now im paying my school back at 4% interest. which turned out waaaaaay better in the end.
Paid cash for mine this year, bought it from the original owner is 85k on it, and alot of stuff done to it. Debating on getting a small collateral loan against it, to build some credit....and make some "improvements"
Get this, I have my wifes 03 grand caravan paid for, my 02 f150 paid for, and our two '05 quads paid for but not my 99 GT. I just bought it this last june and would love to know how much money this car has been bought for since new?
Paid cash for mine this year, bought it from the original owner is 85k on it, and alot of stuff done to it. Debating on getting a small collateral loan against it, to build some credit....and make some "improvements"
I am buying the 97 from my parents and technically still owe them 700$. The economy went to the dumps, and I was laid off, so now I'm in engineering school full time. They are understanding and we agreed I could resume payments when things are looking better. So technically I still owe money, but my lender is cool about it and not charging intrest.
I owe 10k on my used 04 GT with 39,xxx miles. I love my stang and all, but I can honestly say it was a dumb move when I decided to get it 2 1/2 years ago.