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Owe more than it's worth... I'm upside down and I can't get up!

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  • Chase won't even finance 100% of invoice on a new Saab anymore and they won't finance longer then 60 months.

    I think the max they will do is 70% of invoice.
  • volvomaxvolvomax Posts: 5,274
    Yikes!
    $ucks to be a SAAB dealer.
  • grandtotalgrandtotal Posts: 1,207
    Is that because Saab is 'going away'?
  • I know :sick:

    Back a few years ago if we did 40 Volvos a month then we did 30 SAABs. We can still hit 15 or even 20 Volvos on a good month but only get four or five SAABs.

    We did do eight SAABs last month were probably number one SAAB dealer in the country too. We don't know though cause GM canned our rep back about a month ago and we didn't get a new one until just last week. Didn't even tell us they fired him just noticed one day that we never got emails from him anymore.
  • roadburnerroadburner Posts: 6,011
    My wife has always wanted a SAAB and I'm willing to give them a look now that they are no longer part of An Amerikan Revolution- AKA Government Motors... :D

    2009 328i / 2004 X3 2.5/ 1995 318ti Club Sport/ 1975 2002A/ 2007 Mazdaspeed 3/ 1999 Wrangler/ 1996 Speed Triple Challenge Cup Replica

  • Just joined. Female needing advice. I've had numerous problems with a 2005 Nissian Altima I bought less than a year ago. After several rounds with the dealer, he has agreed to get me out of the Nissian and offered me a Prius. After my ordeal with the Nissian, I'm trying to be extra careful. What should I do? How should I approach this? What should I be on the lookout for with the dealer? My Nissian is upside down. Should the dealer pay off the Nissian completely? Should I take the Prius or look for something else? Should the dealer declare the Altima a "lemon"? I know lots of questions. But don't want to make the same mistake again, and need help/advice.

    WHAT KIND OF QUESTIONS SHOULD I ASK THE DEALER WHEN I MEET WIT HIM?

    Please Advise.
    Thank you,
    Beingcareful
  • corvettecorvette United StatesPosts: 3,999
    I think that when they talk about getting you out of the Nissan, they're really talking about you trading it in and rolling the negative equity into the new car. You need to take a look at the trade-in value of the Nissan, as well as the average selling price of the Prius (according to Edmunds) to make sure you won't be rolling negative equity into the new vehicle.
  • sebring95sebring95 Posts: 3,225
    First off, the dealer can't just declare the vehicle a lemon. They can have compassion on you if they're truly good business people and have sold you a hunk of junk....but no such thing as lemon law on a 5 year old vehicle.

    As corvette mentioned, you need to know what trade-in value they're giving you on the Nissan, what your payoff is, and how much they're charging for this Prius. Is the Prius something YOU want or is that something they offered up? I would think if they're truly going to work with you, they would do so on any vehicle they have.
  • stickguystickguy Posts: 13,559
    well, the OP did mention neg equity, hence coming to this thread!

    I am guessing that the Prius is what the dealer has available that will allow them to hide the neg equity. Has to be something that the bank will loan more on than what they are selling it for, or have some serious rebate action (not hear since I assume it is used too?)

    Generally a losing proposition to keep rolling over your upside down, but at least you will same some of it back by getting better MPG!

    2013 Acura RDX (wife's), 2007 Volvo S40 (when daughter lets me see it), 2000 Acura TL (formerly son's, now mine again), and new Jetta SE (son's first new car on his own dime!)

  • Thanks to all who responsed to my questions. I will meet with the dealer tomorrow. Taking someone with me. Will ask what else they have to offer. Will not be so quick to sign any papers. If I'm not comfortable with what he's offering, will try other avenues to get out of vehicle. I have all the figures for the Nissian - payoff; trade-in value. Have looked at prices of Prius. May need a good attorney. Know any attorney who would be willing to take this case?. I'm nervous, but won't be taken advantage of this time. If push comes to shove, will have the Nissian repaired on the dealer's dime. So far the warranty has covered none of the problems I've had to deal with. Had to fork over the money myself. But this latest problem is covered by the warranty - $100 deductible. Will let you know how it goes.

    Thank you,
    Beingcareful
  • fezofezo Posts: 9,195
    Take careful notes and if you aren't sure pause the process and post what's up in here.

    It couldn't hurt.
  • delthekingdeltheking Posts: 1,152
    Get the trade in value of the Altima.try a place like carmax for the trade value.you will have a price in writing.Then see what your trade of is.

    And if you decide to get another car ,get a used car rather than a new car as you will save the initial depreciation and save quite a bit.Also a Prius -new or used-tend to be high priced as it`s resale is excellent.try getting a 2 or 3 yr old-Hyundai Sonata/Kia Optima with less than 40 k miles--These are pretty relaible but depreciate horribly and they ghave the 5yr/60k warranty.
    Let us know the payoff amount and your Altima description-year,miles,trim level etc- and folks here can give a trade value. Hope this helps.
  • Thank you for your help.
    Payoff: $17,213.52
    Trade-In - Top Value - $14,725
    Trade-In - Middle Value - $10,725
    Trade-In - Lowest Value - $9,650.
    Mileage - 69,000
    Sun roof; leather seats; navigation system; anti-theft system; V-6; power seats; keyless entry; 6-changer CD player; 4-door; auto on/off lights; - it's loaded, just lots of problems. More than I care to deal with

    I meet with the dealer this afternoon. Would like to speak with you prior to my meeting with him. My name is Deborah and my cell # is 813-716-6252; office is 813-253-1057.
  • I WILL.

    Thank you.
  • euphoniumeuphonium Great Northwest, West of the Cascades.Posts: 3,305
    Since when does being upside down justify not satisfying the loan contract you read, understood, and agreed to when you signed the agreement.

    You are obligated to honor the terms and conditions of buying the money to purchase the vehicle so continue to honor that promissary note. That the vehicle is worth less than the balance owed is another issue.

    It is deceptive to go further in debt on another vehicle trying to wrap the negative balance into a new loan. A loan which will, down the road, end you up to be more upside down than you are now.

    Continue with your original transaction, pay it off, and learn from this experience.
  • tidestertidester Posts: 10,110
    Since when does being upside down justify not satisfying the loan contract you read, understood, and agreed to when you signed the agreement.

    Since when do ordinary loans not contain provisions for early pay off?

    It is deceptive to go further in debt on another vehicle trying to wrap the negative balance into a new loan.

    It may not be wise but there is no indication of deception. By your measure, loan consolidation would be deceitful. I don't think so. :)

    tidester, host
    SUVs and Smart Shopper
  • That is not what she is saying at all. Did you even read her posts at all or just jump in fire, ready, aim?

    She is having problems with the Altima, not exactly sure what kind of problems but problems that her warranty is not covering, and knows she is upside down but thinks it would be better to go into another car then deal with the problem car.

    She needs to go into a car with good book value like the prius to have any hope of covering the negative equity. I have done this dance with people a couple of times. Sometimes it works and sometimes it doesn't but if the car is truly problematic then it can be the best course of action. Used cars have no lemon law provision.
  • steine13steine13 Posts: 2,409
    I'm late to the party, so this may not be much help... but...

    The solution here, assuming a car is a necessity, is one of two things: Either fix the Altima and drive it a loooong time...

    ... or somehow come up with the negative equity -- bank of Dad comes to mind -- and buy a brand-new, lemon-law protected, totally boring and uncool Corolla or Civic for $15 to $17 and keep it forever, all the while making five or six years of new-car payments and paying off the $6 or $7 of neg. eq.

    What is totally beyond me is the idea of buying a 5-year-old Altima when one has enough credit to just buy a brand-new car one rung down the ladder. It's not like the Altima is some sort of status mobile.

    But that's in the past. For the future, I strongly recommend looking at one of the two solutions above. I'm not getting the warm fuzzys from the dealer you're talking to; anybody who sells a warranty that doesn't cover real-world problems is a sleazeball.

    Best of luck to you,
    -Mathias
  • I test-drove a Prius last night. Wanted to know in advance what the dealer was offering. Liked it. Appreciate all your comments/advice. Did not meet with dealer yesterday, 12/09. Meeting with him today, 12/10, @ 5pm. Will post the results of the meeting. If any of you pray, would appreciate it if you would pray that I have God's favor when meeting with the dealer. If you don't pray and/or don't believe in prayer, I respect your preference. So, please don't send me any negative comments. I believe in prayer.

    Again, thanks to all of you.
    Beingcareful
  • cdnpinheadcdnpinhead Forest Lakes, AZPosts: 3,206
    Good luck with your potential Pious purchase.

    Keep us posted.
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