Posts Tagged ‘toyota’

should i buy a 2nd car then give my current car back to lender due to negative equity?

Wednesday, March 3rd, 2010

i went to a dealership to trade my vehicle. due to the negative equity the dealer said it would be a good idea to buy a new car today and give my current vehicle back to my current lender. i have never heard of anything such as this before, and wondered if anyone else had either.

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Should I trade in an expensive car with negative equity for a cheaper one to lower my payments?

Monday, September 7th, 2009

I have a 2006 Dodge Charger R/T that I owe about ,000 on. It’s now worth ,000. I pay about 0 a month for the car and I’m a few months into a refinanced five year loan. I was looking at trading the Charger in for a ,000 Toyota Corolla and rolling the negative equity into the new loan. My payments would be about 0 on a 6-year loan with a total finance of ,000. The Charger gets 20 mpg at best and costs 00 a year to insure. A Toyota Corolla gets nearly 40 mpg and would cost less to insure. Plus the Charger attracts police and traffic tickets because of its appearance. However, I would be trading in a top-of-the-line car with all the options in for a very basic commuter car. The question is, "Is it worth the trade?
The reason I’m doing it is just for saving money. I can afford the current payments.

Why would someone try to make themselves appear “rich” when they’re struggling?

Thursday, July 9th, 2009

My husband’s mom boasts about putting ,000 down on a Toyota Prius. They’re about ,000 without financing. She just had a car repossessed in winter. Now she drives a mini van and took out a home equity loan that she still pays. She called my husband and asked him specific questions about skateboards including his shoe size. He was so excited and asked if she was buying one for his birthday. His birthday came and she gave him two lotto tickets and a card. He felt disappointed but got over it.

His mother also makes it seem like she’s doing really well off. Every time we see her, she has on a new pair of Nike sneakers (not cheap, at least a pair) and new clothes. I check up on her payment history online (I set up an account a while back and told her to change the password, never has!) and she can barely make the minimum due on her utility bills, usually a few weeks after the due date. She is in such denial that she’s not rich! No one should drive a luxury hybrid car if they are in that situation, so why is she boasting? My husband owns his own business and it seems she is in competition with him to see who brings home the most money monthly. She’s the first to say we "blow our money" because she’s mad that we have to spend our income to pay the bills instead of using an outside source (her boyfriend pays her bills for her sometimes) or spending it on frivolous things.
I’d hate to throw these words out there but what comes to my mind when I think about it is: Jealousy and competition with no other than her own son!!!

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