Stories from the Sales Frontlines

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Comments

  • snakeweaselsnakeweasel Member Posts: 19,593
    These days in terms of coverage it's good to be a Mets fan

    Its never good to be a Mets fan, the bad thing about being a Mets fan is that the Mets are your team.

    Eamus Catuli.

    2011 Hyundai Sonata, 2014 BMW 428i convertible, 2015 Honda CTX700D

  • snakeweaselsnakeweasel Member Posts: 19,593
    Also,,I never understand why people go to independent mechanics/chain stores for service and maint.?

    I use an independent mechanic because he is convienent (he is on the way home and walking distance from home), he is less expensive than the dealership in most cases, and he is honest.

    2011 Hyundai Sonata, 2014 BMW 428i convertible, 2015 Honda CTX700D

  • isellhondasisellhondas Member Posts: 20,342
    If you take your car to a discount "chain" store you can expect second rate work, and you can expect to be sold unnecessary work.

    Not always the case but believe me, I know from many years in the field.

    And, yes, dealerships can screw up too. The difference of using 10-30 vs. 5-20 in your car wouldn't make the slightest bit of difference in the life of your engine. Maybe .0004 MPG less...maybe.
  • fezofezo Member Posts: 10,386
    Eamus Catuli - third base for the Padres, right? :)

    Ever since 1969 I have this sympathy spot for the Cubs. You'd be pleased that at the first game in Citi Field a cat made an appearance. You would not be pleased that it wasn't a black one passing bythe dugout. Those are reserved for the Cubs.

    The other thing that will always make the Cubs special in my book is that the best baseball story ever was written about the Cubs - The Dying Cub Fan's Last Request by the late great Steve Goodman - the ultimate Cubs fan. That and Wrigley Field which I've been to several times.
    2015 Mazda 6 Grand Touring, 2014 Mazda 3 Sport Hatchback, 1999 Mazda Miata 2004 Toyota Camry LE, 1999.
  • fezofezo Member Posts: 10,386
    For years we had one of those dealerships where the sales department was abysmal but the service department was stellar. Their sales people are still pretty bad but service has slipped a bit. It's still pretty decent.
    2015 Mazda 6 Grand Touring, 2014 Mazda 3 Sport Hatchback, 1999 Mazda Miata 2004 Toyota Camry LE, 1999.
  • ventureventure Member Posts: 3,180
    I have never heard of a car needing any brake work at 35k.

    My BMW had pads and rotors replaced at around 25,000 miles...and remember, it's on their dime.

    2025 Forester Limited, 2024 Subaru Legacy Sport

  • delthekingdeltheking Member Posts: 1,152
    The dealership uses fluids and parts specific to the car.Honda ,Nissan,toyota especially are very specific about the the type of AT fluid to be used.Infact under the hood they have a warning stating this.
    Not that the indy mechanic is not honest-- Just that modern cars especially the imports are more electronic,complex and more computerized with very specific fluid and part needs which the indy guy does not know about.
    My rule of thumb is for cars 2002 or newer -- dealers are better and for the older cars indys may be the way to go but never ever a fast lube or retail chain store.Modern cars are getting very very sophisticated and complex.

    Also for eg. if the indy guy messes up the electronic or engine stuff big time-- he has no recourse-- he will ultimately ask u to take it to the dealer.
    Personally ,MHO is that the dealer is best for all services,maint . except tires and wipers ;) .
    Chain stores and fast lube chains--- biggest rip offs,,,incompetent technicians,,have no idea whatsoever about the car and I seriously doubt they do much service...absolute mystery as to why folks flock to these clueless and scam stores.
    An example -- for a brake pad install-- dealer labor rate was 180 and the indy labor rate was 110.But dealer used oem parts and had warranty.Indy used aftermarket parts with no warranty.

    So the summary i got from all your posts is -- we just cannot tell whether the dealer has done the required flushes or not unless the dealership service area has a transparent bay and we watch our car the whole time it is there.Even then he can connect the car to a flush machine and not use it and we would think the service has been done ;)

    So good faith and belief and trust in mankind is all it boils down to .There is still some good left in the world!!! ;)
  • jmonroejmonroe Member Posts: 8,989
    Do you always feel dealers are by the majority (that is the way it comes across) out to screw you at every turn of the road?

    I never said that or came close to saying that. I said, “If you can’t trust the place where you go for service you should go elsewhere”.

    You said, “ask to see the RO” and I answered that by saying, “they can be doctored”. So, to me that isn’t the proof I’d be looking for. The only way you know what is done and HOW it is done is to do it yourself. I know that is becoming much harder to do with the cars today but the simple stuff like oil changes and other fluid changes are still doable by most car owners and the time saved by not being inconvenienced by taking the car to a shop and then picking it up after service, alone, is worth the effort to me.

    Now for my PA inspection tale:

    Like I said I took the 05’ XG 350 with 31,438 miles on it in for state inspection on Friday. I was past due for inspection (it should have been done by the end of March. I forgot, OK ). I called the shop I’ve dealt with for years on Thursday to see if I could bring it in first thing on Friday and wait on it. The guy said, “sure jmonroe, bring it in and we’ll take care of you”.

    They are doing me a favor so I stop at Dunkin Donuts and buy a dozen fat pills for the shop guys. They take me right away at 8 AM. Twenty minutes later the owner, who is doing the inspection says, “you need front pads”. We walk out to the garage and he shows me the pad he pulled on the left front and I thought the pad looked pretty good. He said, “see how it’s wearing more on this edge than that edge” as he’s pointing at the inboard pad. I said, “your getting pretty picky, that pad is not bad and you know it. Look at how much pad is left. The sounder isn’t even close to the wear surface of the pad.

    If you want to change the pads it should be because of the other pad (outside of the caliper). When I looked at that pad before I brought it in I noticed that pad was showing more wear but even it is still good”. He then said, “what do you want to do, I can let this slide because I know you’ll change it in a couple thousand miles”. I said, “what are you going to charge me to do it”. He said, “$105 and that is for quality pads (Wagner) that I’ll guarantee forever. If they go bad I’ll replace them for $45”. I said, “knock yourself out, order the pads”.

    That is the first time I can remember having someone do brakes for me but I knew what was being done, who was doing it, what parts were being installed and the price was right.

    jmonroe

    '15 Genesis V8 with Ultimate Package and '18 Legacy Limited 6 cyl

  • driver100driver100 Member Posts: 32,629
    My BMW had pads and rotors replaced at around 25,000 miles...and remember, it's on their dime.

    You must be driving too fast in the city...and making lots of fast stops.

    It is my understanding that newer model bmws, mercedes etc., do have brake pads that wear down faster. They are very efficient brakes but they go sooner since they don't use asbestos. Seems they like to do everything at once so they change the rotors etc too....but, like you say, it is covered under the warranty.

    2017 MB E400 , 2015 MB GLK350, 2014 MB C250

  • oldfarmer50oldfarmer50 Member Posts: 24,402
    "...See what happens when they're allowed out of the kitchen..."

    Did I just hear the ka-bang of a frying pan hitting a skull? :cry:

    2019 Kia Soul+, 2015 Mustang GT, 2013 Ford F-150, 2000 Chrysler Sebring convertible

  • driver100driver100 Member Posts: 32,629
    “see how it’s wearing more on this edge than that edge” as he’s pointing at the inboard pad. I said, “your getting pretty picky, that pad is not bad and you know it.

    Fortunately you know your car parts very well. It does make sense at this point to get new pads for $100 and get another 30,000 miles of carefree driving as far as brakes are concerned. But, what would he have charged if you weren't knowledgeable? I think he gave you a break on your brakes (Richard note, they must have a name for that - alliteration+) because you caught him, and at that point he gave you a deal you couldn't refuse....probably to keep you quiet.

    So, now, how much do you trust your mechanic?

    2017 MB E400 , 2015 MB GLK350, 2014 MB C250

  • oldfarmer50oldfarmer50 Member Posts: 24,402
    "...never understand why people go to independent mechanics..."

    My family has three generations of experience with my indie guy. This is for one reason--TRUST. I've brought my car in with problems I think it has only to be told "No, it was just a loose wire" saving me hundreds. Once when I thought my indie guy wanted too much for a repair I brought it to a competitor and got an estimate for TWICE what my regular guy wanted.

    The only down side is that he's so popular you have to wait a week to get your car in.

    I've had all the service on my new Eclipse done at the Mitsu dealer so far because he keeps sending me free coupons. It hasn't needed anything but oil and rotations so far but I'd have no trouble with my regular guy when it does.

    2019 Kia Soul+, 2015 Mustang GT, 2013 Ford F-150, 2000 Chrysler Sebring convertible

  • driver100driver100 Member Posts: 32,629
    my indie guy. This is for one reason--TRUST.

    I have used indie garages and if I found a good honest one I stay with them...they are truly worth their weight in gold. The main problem is they are usually very busy.

    Dealerships are the next best choice if you don't have a reliable indie. They have an ad on the radio right now for tires, cost $120 at the tire company store, $108 at an indie shop, and $90 at Mr. Goodwrench. Same with my snow tires. Set of four was about 30% less at the dealership. I think these days the car dealers are smarter and they are using their buying power to their advantage, at least on some items.

    2017 MB E400 , 2015 MB GLK350, 2014 MB C250

  • jmonroejmonroe Member Posts: 8,989
    ...and at that point he gave you a deal you couldn't refuse....probably to keep you quiet.

    I’ve been going to this guy for a number of years and he knows I know more than just the basics of a car and because of this he also knows I take care of my cars. I pay particular attention to safety items and brakes are at the top of my list. I’m much more of a believer in the 60-0 time than the other way around.

    So, now, how much do you trust your mechanic?

    For the most part this guy is very good and honest but as times are getting tougher even he is looking for ways to maintain his income and to recommend doing something that is marginal should be expected. I’m just a little surprised he got that picky with ME.

    jmonroe

    '15 Genesis V8 with Ultimate Package and '18 Legacy Limited 6 cyl

  • driver100driver100 Member Posts: 32,629
    For the most part this guy is very good and honest but as times are getting tougher even he is looking for ways to maintain his income

    I am very trusting of most people - until they do something distrustful.
    Since he has been a good mechanic you will keep wanting to go back, but I am sure you will watch him a little closer these days. I think you are right, in these tough times there are more scammers out there than usual, so you have to be even more careful.

    Now go back and polish up your car for today. ;)

    2017 MB E400 , 2015 MB GLK350, 2014 MB C250

  • jipsterjipster Member Posts: 6,299
    The difference of using 10-30 vs. 5-20 in your car wouldn't make the slightest bit of difference in the life of your engine. Maybe .0004 MPG less...maybe.

    I believe it was changed late summer/early fall of last year, so no it wouldn't make much difference. But, if I recall my owners manual correctly, you're not suppose to put the heavier oil in during the cold months of winter (below freezing), as it is not good for engine start ups.
    2021 Honda Passport EX-L, 2020 Honda Accord EX-L, 2011 Hyundai Veracruz, 2010 Mercury Milan Premiere.
  • oldfarmer50oldfarmer50 Member Posts: 24,402
    "...The dealer uses fluids and parts specific to the car..."

    When my Toyota blew a head gasket the mechanic who fixed it said that the Toyota antifreeze had corroded the head. And didn't GM have problems with their "official" antifreeze rotting out various gaskets? OEM might not always be the way to go.

    2019 Kia Soul+, 2015 Mustang GT, 2013 Ford F-150, 2000 Chrysler Sebring convertible

  • jipsterjipster Member Posts: 6,299
    And didn't GM have problems with their "official" antifreeze rotting out various gaskets? OEM might not always be the way to go.

    Yeah, that would be the 5 years/100,000 mile Dexcool. It was the upper intake manifold gaskets that had problems. Affected the middle to late 90's to early 2000 Buicks/others.
    2021 Honda Passport EX-L, 2020 Honda Accord EX-L, 2011 Hyundai Veracruz, 2010 Mercury Milan Premiere.
  • isellhondasisellhondas Member Posts: 20,342
    If you went through a set of pads and rotors at 25,000 miles, you are a very hard driver.

    And..it was actually on your dime. They build this into the price you paid for that BMW.

    Sounds good though!
  • driver100driver100 Member Posts: 32,629
    And..it was actually on your dime. They build this into the price you paid for that BMW.

    Of course it is built into the price. But, they are confident enough to pay for all repairs for 4 full years, including servicing. You are paying for it in the cost of the car, but bmw believes enough in their cars they will fix anything during that time period. It is piece of mind. The thing is, it isn't a scam, the extra cost is minimal for the car, for the extra amount a bmw costs over say an Accord, you are getting a lot of superior engineering and content. Nothing wrong with an Accord, it's a great car, dependable and very nice to drive, but some people will pay extra for the bmw because of it's true value, not because they are getting "free" brakes or oil changes.

    2017 MB E400 , 2015 MB GLK350, 2014 MB C250

  • sterlingdogsterlingdog Member Posts: 6,984
    "I think he gave you a break on your brakes..."

    Hail Sire! Your wish is my command. You are dealing with something like "He who laughs last, laughs first." Alliteration is using words beginning with the same consonant sounds/letters to emphasize a point. In your case, you are also dealing with homonyms---words that sound alike but have different meanings and homophones---words that sound alike but have different meanings AND spellings. You did a nice job of combining all of this into one thought.

    Considering the person to whom you were addressing the thought, it was a waste of a good technique. :P

    Richard
  • driver100driver100 Member Posts: 32,629
    Considering the person to whom you were addressing the thought, it was a waste of a good technique.

    I am still laughing 10 minutes later....and I had to go back to see whom I was addressing.

    Yes, it was clever, but probably a waste of valuable resources.

    Just a note. I am off to London UK tomorrow for 1 week, so for all my fans who are watching for my sage bits of information and linguistic skills, I should be around (will have laptop with me), but won't be around too often, but will try to check in when possible.

    Thank you R for letting me know how smart I am, even if it was by accident.

    2017 MB E400 , 2015 MB GLK350, 2014 MB C250

  • sterlingdogsterlingdog Member Posts: 6,984
    "...the dealer is best for all service, maint. except for tires and wipers."

    Ordinarily, I would agree with you, but things are changing. My dealer is offering some very good deals on top grade tires. Example: Buy 3, get 4th one free and a $60 rebate coupon. I checked with my usual tire dealer. He can't beat that deal on the same set of tires. With the economy in a slump, I guess dealers are becoming more creative.

    Richard
  • crkeehncrkeehn Member Posts: 513
    Boy, that program makes me want to buy a Hyundai.

    Unfortunately, I just checked my hotmail account and learned that I already won a Hyundai and lots of money on an international drawing. I guess that goes with the BMW I won earlier this year.
  • driver100driver100 Member Posts: 32,629
    Boy, that program makes me want to buy a Hyundai

    Congratulations on winning a new Hyundai and BMW. Have you sent in all the taxes owing so you can pick up your free cars?

    One more chance....if you haven't seen the best warranty in the business, even covers your sleeping accomodation if you lose your home........

    Best warranty ever

    (it's only 30 seconds long so watch it right through)

    2017 MB E400 , 2015 MB GLK350, 2014 MB C250

  • sterlingdogsterlingdog Member Posts: 6,984
    Enjoy the trip to London. It has been years since I was there. I did love it during the last visit. Give Elizabeth my best. Since Michelle reached out and touched her, she may be in bed from the shock of it all. :P Actually touch the Queen? It's a no,no,no. :sick:

    Richard
  • sterlingdogsterlingdog Member Posts: 6,984
    "Did I just hear the ka-bang of a frying pan hitting the skull?"

    Perhaps it was a dining room chair. If so, she can get the new furniture. :D

    Richard
  • driver100driver100 Member Posts: 32,629
    London. It has been years since I was there.

    Thank you for your good wishes. We go twice a year for business and to see our daughter who lives there now. I love going there, it is so unique. A lot of history everywhere and yet very civilized. The streets are always busy, and there is so much to see and do. My favorite part is getting on a double decker bus, sitting at the front on top, and watching all the people, scenery, and traffic.

    Keep up the good work everyone. I am still around today.

    2017 MB E400 , 2015 MB GLK350, 2014 MB C250

  • isellhondasisellhondas Member Posts: 20,342
    I don't think it's a matter of confidence. I think it's pure marketing and it probably works pretty well. BMW figures out how much 4 years of service should cost and they add it into the cost of the cars.

    Of course, nothing is ever free but it makes for a good closing tool when they sell the cars.

    I've owned two BMW's and I agree, they are great cars. They are also troublesome as they age and they are very expensive to fix.

    Any they are worthless in the snow!
  • houdini1houdini1 Member Posts: 8,356
    The current bad economy has hurt car sales. It is generally considered common knowledge that the sub prime loans and the problems they caused started the current down spiraling economy...but here is what I don't understand:

    All these loans were backed by the value of the houses. Now the value of these houses may have gone down 10% but they did not go to zero. So I don't understand why the banks lost trillions of dollars and the value of their investments went to zero.

    We have some smart people here so someone please explain this to me.

    2013 LX 570 2016 LS 460

  • madmanmoomadmanmoo Member Posts: 2,039
    I believe it is because of the "Mark to Market" law put in place by some bigwig accounting agencies. The banks are sitting on tons of inventory that, on paper, have lost value. They haven't sold the homes yet, but the market says they are worth a ton less. So, they have to mark that on their sheets which accounts for huge losses.

    I'm no genius, but I think that is part of it.
  • isellhondasisellhondas Member Posts: 20,342
    In many cases, the people appraising the houses would fudge the numbers and in a lot of cases, by quite a bit.

    Appraisers who were realistic and tried to do the right thing were simply not used.

    Same thing with home inspectors. the ones who ferret out every tiny problem won't stay in business for long.
  • driver100driver100 Member Posts: 32,629
    how much 4 years of service should cost and they add it into the cost of the cars.

    Agree, it is ingenious marketing, because not too much should go wrong in the first 4 years. Also, repairs are done in the dealers garage at wholesale prices for oil etc (I know, even though the garage will techincally be billed at full price). It is good because most of the people buying a bmw want the convenience of just taking their car back to the dealer and not shopping around for cheaper repairs.

    They are also troublesome as they age

    True, but just lease for 3 years or buy and trade when you start to have problems. I only do 10,000k a year, so hope to keep it for 10 years. We have a garage nearby that specializes in prestige cars, and that's where I'll go if I over pay at the dealer.

    Any they are worthless in the snow!

    Last year, I would have agreed with you. My wife has AWD and she was fine. I got 4 snow tires this year and they made a huge difference.

    I haven't calculated it yet but I imagine if you keep a bmw for 6 to 10 years, calculate the depreciation and repairs, it probably isn't much more than any other car. If you trade a cheaper car more often you take a hit on depreciation and pay sales tax more often.

    2017 MB E400 , 2015 MB GLK350, 2014 MB C250

  • boomchekboomchek Member Posts: 5,516
    Chain stores and fast lube chains--- biggest rip offs,,,incompetent technicians,,have no idea whatsoever about the car and I seriously doubt they do much service...absolute mystery as to why folks flock to these clueless and scam stores.

    I agree. Most techs there are either fresh out of tech school and learning, and working for close to minimum wage. You can't expect top notch service when you pay a tech $10/hour.

    My previous car, an out of warranty 01 Mercedes C240 I had, I took to an indy mechanic specializing in german cars, and not the MB dealership, or even the Nissan dealer I worked at while I had the car.

    I received better service at the indy mechanic, there were no mysteries about any work being done or not, he had all the up to date computer equipment, and this guy was usually booked a few days in advance cause he was so good. He's an older german guy who even wrote out the invoice in nice handwriting with everything done to the car instead of printing it out on the computer. His prices were close to dealer prices but the old school honest good serivice is what keeps many people coming back.

    2016 Audi A7 3.0T S Line, 2021 Subaru WRX

  • golicgolic Member Posts: 714
  • joel0622joel0622 Member Posts: 3,299
    What is an "indy mechanic"
  • sterlingdogsterlingdog Member Posts: 6,984
    I'm no genius either, but I have owned over a dozen homes through the years. I learned one or two things from my agents. Local appraisers usually have close relationships with the realtors. The agent tells the appraiser that they really need this sale. The house really needs to be appraised at $xxx,xxx to get the sale done. The appraiser wants continued business through the agents. Therefore, he/she brings the house up to or above asking price, though it may not be worth that much. He/she will even use comps from across town, instead of in the immediate neighborhood. Anything to make the appraisal work.

    Inspectors work the same way. They want the business from the agents, so they "overlook" certain things. In my last house, the jacuzzi tub in one of the upstairs baths wouldn't work. I tried to have it repaired, but was told that it probably wouldn't pass inspection. I dreaded the day of inspection. When the inspector came, he passed by that particular bath and winked at me. Evidently, he had a little talk with the agent who knew of my problem. I had used that same agent for most of my houses.

    Between the appraiser and the inspector, I sold the house for $65k more than it was worth. It's just like the car business. Some people are more trustworthy than others. Unfortunately for the housing industry, my situation was more the norm than the exception.

    Richard
  • sterlingdogsterlingdog Member Posts: 6,984
    "indy mechanic"

    I thought that it meant an independent mechanic who owned his own shop. I could be wrong.

    Richard
  • Kirstie_HKirstie_H Administrator Posts: 11,249
    Or a mechanic living in Indianapolis - but as we all know, it'd then start with a capital "I".

    MODERATOR /ADMINISTRATOR
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    2015 Kia Soul, 2021 Subaru Forester (kirstie_h), 2024 GMC Sierra 1500 (mr. kirstie_h)
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  • oldfarmer50oldfarmer50 Member Posts: 24,402
    "...What is an "indy mechanic"..."

    That's a mechanic that makes your car run so good that you go out and enter it in the "indy" 500. ;)

    Also a term used to describe an independent repair shop.

    2019 Kia Soul+, 2015 Mustang GT, 2013 Ford F-150, 2000 Chrysler Sebring convertible

  • boomchekboomchek Member Posts: 5,516
    Yeah it's short for independent. The mechanic is a stand alone store, not a chain store, privately owned, somethinglike Bob's BMW Repair or Adam's Auto Service Shop etc ....

    2016 Audi A7 3.0T S Line, 2021 Subaru WRX

  • sterlingdogsterlingdog Member Posts: 6,984
    Hope you finished up your taxes. Did you realize that when you combine "the and IRS" you get "THEIRS"?! :P

    Richard
  • sterlingdogsterlingdog Member Posts: 6,984
    "...it'd then start with a capital 'I'".

    LOL!!! That was good1

    Richard
  • houdini1houdini1 Member Posts: 8,356
    I have seen that before but where that explanation breaks down for me is when they say "The $300,000. home is now worth $90,000. so the homeowner walks away". That is simply a gross exaggeration !

    $300,000. homes that are now worth $90,000? Or $1,000,000. homes now worth $300,000? Any of you guys seeing home prices going down by this much where you live? If they were down this much there would be a stampede of people wanting to buy them.

    Gotta be something else going on here !

    2013 LX 570 2016 LS 460

  • boomchekboomchek Member Posts: 5,516
    I saw houses in detroit listed for $5000-$10000!! Crazy pricing if you ask me. So if during better times when there were many manufacturing jobs there, and the houses were worth $50k, and over time they lost up to 95% of their value, I see why someone would walk away from say a 40 year old mortgage on which they still owe $40k after 10 years of payments.

    2016 Audi A7 3.0T S Line, 2021 Subaru WRX

  • sterlingdogsterlingdog Member Posts: 6,984
    "They are very efficient brakes but they go sooner since they don't use asbestos."

    Without the asbestos, you don't get the brake dust either. That is a big help when it comes to the appearance of the car. Does the BMW use ceramic pads?

    Richard
  • houdini1houdini1 Member Posts: 8,356
    Of course there are exceptions to the rule, but in general, housing prices have decreased by about 10% across the country. In some areas they have increased. How about where you actually live?

    2013 LX 570 2016 LS 460

  • sterlingdogsterlingdog Member Posts: 6,984
    You are correct. They are not down to that degree. I read the other day that house values across the country are down about 17%. On a $300k house, that would only be about $51k. It also depends on where you live. I live in a resort area. Values here are down about 5%, but projected to get better by September.

    Richard
  • golicgolic Member Posts: 714
    Yes, I have seen it. In fact, are you ready for this - there were MOBILE HOMES in Malibu, CA going for over $1million. Ever see a mobile home with SubZero appliances?

    Back in the '90s when the regulations were loosened to allow for no document loans and for loans were you ability to pay was only based on the pre-adjustment period interest rate. The new availability of credit drove demand and prices through the roof.

    Housing prices are down in some places by 40% - just call someone you know in Michigan or Naples, FL. Couple that with the fact that people borrowed 80%+ and then leveraged the additional equity with a second mortgage or a HELOC with the drop in demand for housing, its no surprise people are upside down as they are.

    Funny thing is - you don't see your Realtor telling you to sell that upside down house for a new one and just roll the negative equity into a new loan!!

    Now, the thing is the automotive industry "promoted" this practice for years in order to sell cars. Upside, NO problem - we will finance you so we can push metal. Eventually you have a consumer in a 72/84 month loan 15K upside down. Well this becomes 30% of your market, the buyers will disappear.

    I once heard that 81% of GMAC loans were for terms greater than 60 months!!
  • sterlingdogsterlingdog Member Posts: 6,984
    Many people walked when their interest only monthly payments doubled. How could they not have known this was going to happen? Ignorance is not always bliss!

    Richard
This discussion has been closed.

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