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Worse and worser.......
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Posted by Mike Lynch [Email] (#81) [Profile/Gallery] (more from Mike Lynch) on Wed, 7 Jul 2004 11:35:00 Share Post by Email
In Reply to: best way to get out of an upside down situation?, JB, Mon, 5 Jul 2004 16:05:33
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You're probably driving 'em faster than you're paying them off. You've pushed your high mileage liability into the future. Keep driving and keep paying will keep the cash flow reasonable. Any other remedy requires a couple of thousand in down payment or drive offs.

If you've got new car fever then just the payment on your negative equity is $150 a month at 60 months added to whatever new payment you'll have.

Impossible to trade down with negative equity. That is you can't hide massive negative equity in a cheap car. It has to be a similar or more expensive car.

If you can squeeze that much negative into say a 36 month lease, then at the end of the lease you'll be even. A lease will result in a lower payment than a buy, but it's tougher to roll negative into a lease. If you choose another Saab there's a huge incentive on a 9-5 Arc right now that'll cover almost 80% of your neg and the $500 loyalty won't hurt either.

Choose carefully 'cause if you do roll the neg into something you will be stuck with it. So make sure it's something that you enjoy.

Least painful might be a home equity deal. $7k ain't much on home loan. And with today's low rates you might wind up with a lower payment. Hell buy the whole car with your home loan, you can write off the interest then.



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