Anyone work for GM??

[westbeach70]

Does anyone know of where I can find a newer 08 Chevy 1500 reg cab or ext cab truck right now.. They have the stupid insane discounts right now on for the 08's, and thats how I can get rid of my negative equity on my trade.. Thanks... Any comments or concerns or if you have an idea please PM me on here.. Looking to get into full size this little colorado is way too small.. Thanks.

[blacklabel]

I'm going to go out on a limb here and say a GM dealership.

[Eleanor]

I think he's offering someone a chance at a sale.

Keep sipping that haterade :whipped:

[Mr_ET]

Originally posted by westbeach70
Does anyone know of where I can find a newer 08 Chevy 1500 reg cab or ext cab truck right now.. They have the stupid insane discounts right now on for the 08's, and thats how I can get rid of my negative equity on my trade.. Thanks... Any comments or concerns or if you have an idea please PM me on here.. Looking to get into full size this little colorado is way too small.. Thanks.

I don't think buying a brand new truck will get you out of the negative equity that your current one got you into since it's value has probably dropped like crazy and they'll give you almost nothing. That will probably actually make your negative equity even higher.

Have you also stopped to think why they are giving stupid insane discounts on them?

[westbeach70]

Yes a gm dealership but what I am getting at is my job, & life require a 4 wheel drive to get around first and foremost.. but 2nd my chevy colorado that I do owe 23K on they are appraising at 6 grand, which I am not sure why so low but anyways... 2wd, extreme model, power everything etc.. 85K... warranty till 100K but yeah .. Anyone got any ideas other then selling it privatly which I am in the process of doing have been since ... I bought it.. haha

[Nix87]

what year is your colorado?

[westbeach70]

my colorado is a 05... here is a picture of it this past summer...

http://img72.imageshack.us/img72/5606/coloradokw9.th.jpg (http://img72.imageshack.us/my.php?image=coloradokw9.jpg)

[dimi]

Well if it's selling for that much, maybe that's how much its worth :nut: You think a dealership will offer you much more than the market price?

I understand that it is a necessity to have a large truck for your job and I respect that. But thinking that upgrading to a larger, newer, more expensive one will lower your negative equity, that's naive.

Why not buy a larger USED truck that will be around the same ballpark as your current Colorado?

[westbeach70]

because you cannot finance a USED truck and hide the negative equity from my colorado in it due to blackbook on a used one.. Unless i find someone on here whom has a used dealio they wanna hook me up with.. VFC has me approved on a conditional 650.00 a month cap.. So who ever can help me would be great..

[Xtrema]

CBB tag it at $6K-$8K depending on condition. Most used cars won't sell much for more than CBB these days unless your ride is rare or you're extremely lucky.

So who exactly you want to con to cover the $16K difference to get you out of neg equity?

I'm not being an ass. I'm just intrigue in the scheme.

[TACO.VIDAL]

you need to take a step back and look at your situation.

you have a 2005 vehicle that by the sounds of it youve owned since new. its 3 to 4 years old and you still owe $23,000 on it and the vehicle is worth significantly under $10,000.

you think that buying a newer, more expensive vehicle is going to get you out of your financial troubles?

on american vehicles in particular, as youre seeing deep discounts on new vehicles, the used car prices are getting hit as well. your plan may get you a new 4-wheel drive vehicle. you will also owe more and be more under water than you are now, if you find someone to approve your financing.

VFC has me approved on a conditional 650.00 a month cap.. this sounds like an episode of King Of Cars on A&E where customers dont care about anything except their monthly payment with no worry about trade-in values or residuals or interest rates. only the monthly payment and getting a new car.

heres an article that talks about the situation you are in:



More Owners 'Upside-Down' In Their Cars
Consumers Might Owe More On Loan Than Vehicle Is Worth

By DIANE C. LADE

Sun Sentinel

December 14, 2008

FORT LAUDERDALE, Fla. —
Click here to find out more!

Long-term loans and low down payments, coupled with falling auto values, are leaving some motorists "upside-down" in their cars — owing more than their vehicles are worth.

Consumer advocates worry that this trend will become increasingly problematic over the next year, as cash-strapped consumers — desperate to dump their gas-guzzling SUVs, trucks and cars — discover they can't get good financing on their negative-equity trade-ins.

The values on "clean, 1-year-old" vehicles have dropped in the past year — by between 9 percent and 38 percent, depending on the make and model — according to the National Automobile Dealers Association. Car industry statistics released this month show that auto sales are at a 26-year low.

For years, some dealers have offered financing that rolls a customer's negative equity into a new car loan, which is legal. Or consumers with little to put down on a new car might opt for extended terms that today can stretch as long as seven years, to keep their payments low.

But advocates say that many buyers don't understand that these transactions can lock them into a downward financial spiral that's tough to escape. And they question whether all dealers are disclosing the negative equity in these trades.

Such financing "means a car probably will die or need expensive repairs before it's paid off," said Rosemary Shahan, founder of the California-based Consumers for Auto Reliability and Safety, also known as CARS. "People are sinking deeper into debt on a product that depreciates rapidly."

About one-fourth of new auto sales this year left consumers upside-down, according to Edmunds.com, an auto shopping service, with them owing an average of $4,421 on their loans over their car's value. The percentage of negative equity sales has hovered around that mark since 2003, although the negative balance on those loans is about 25 percent higher.

During the auto industry bailout hearings in Congress early this month, CARS was one of several consumer groups in Washington promoting additional protections for auto buyers, including more transparent sales tactics and financing.

In the worst-case scenario, a buyer who uses his negative auto equity on a trade-in could find himself on the hook for two car payments.

That's what happened to Carlos Dominguez, a graphic designer who exchanged his Volkswagen Jetta and $4,000 in negative equity for a new, $30,000 Mazda sports sedan at Mazda of Kendall in Miami. When the dealership went into bankruptcy several months later, Dominguez said, the Volkswagen's lender was holding him responsible for the outstanding Jetta payments because the dealer never paid off the car.

And when he went to buy a more affordable car this year, Dominguez realized that he owed thousands more than the Mazda was worth as a result of a financing plan that included 96-month repayment terms. "I have a thing for cars, but the financing part is pretty scary and confusing," said Dominguez, who filed a lawsuit to settle the case involving both cars.

California auto buyers in Dominguez's situation can petition their state's Consumer Recovery Fund, created last year, for reimbursement if a dealership didn't pay off their loan. But Florida doesn't have such a law.

Tim Blake, the Miami lawyer handling Dominguez's case, said he has been flooded with calls about smaller auto sales companies, including one that went out of business without paying off the loans on trade-ins belonging to at least five clients.

Copyright © 2008, The Hartford Courant



Originally posted by westbeach70
Yes a gm dealership but what I am getting at is my job, & life require a 4 wheel drive to get around first and foremost.. but 2nd my chevy colorado that I do owe 23K on they are appraising at 6 grand, which I am not sure why so low but anyways... 2wd, extreme model, power everything etc.. 85K... warranty till 100K but yeah .. Anyone got any ideas other then selling it privatly which I am in the process of doing have been since ... I bought it.. haha

[dimi]

Originally posted by Xtrema

So who exactly you want to con to cover the $16K difference to get you out of neg equity?

I'm not being an ass. I'm just intrigue in the scheme.

That's what I was trying to get at. Nobody wants to hook nobody up, even if they are beyond members. Dealerships want to make money on trade ins too so if anything going private is your best bet.

If you really need a 4x4 larger truck for your work, sell the colorado, and use that money to get an older truck. :dunno: That's what I would do if my job is dependent on it.

[Meback]

not hating on op, but how can you still be owing 23k on this? This truck is 3 to 4 years old you should already have this paid off.

[soloracer]

Private sale probably isn't going to help either. The problem he is going to have is the outstanding loan on the vehicle. In order for a sale to go through the bank would have to take the lien off the vehicle and that means they would have to be paid off in full. So if he finds a buyer willing to pay double what the truck is worth by CBB standards he still has $11K to pay to get the bank to remove the lien. It's all the result of collapsing new vehicle pricing. Same thing happened to me with my 03 VROD. I paid the going rate only to see the factory drop prices on the new ones by 30% less than I paid for mine. Fortunately I have no inclination to sell and take the bath.

[Supa Dexta]

I could use a gm parts guy... I'm looking at a couple things, and so far the local quotes are 400+200 and some, and in the us, it's 180+75...:nut: :thumbsdow

[realazy]

I guess he was saying that if he does trade in his current truck for 6k on a new truck that is discounted 16k now. He can pretend nothing happened and say he bought it for regular price.

That is really stupid thinking because the resale on the new truck will just start at 16k less. You "think" you are hiding it, but everyone knows you can get that new truck at a huge discount and the used prices will be affected.

[chkolny541]

Originally posted by Meback
not hating on op, but how can you still be owing 23k on this? This truck is 3 to 4 years old you should already have this paid off.

i will agree with this ^^, you owe wayyy to much on a 4 year old vehicle

[Xtrema]

Originally posted by realazy
I guess he was saying that if he does trade in his current truck for 6k on a new truck that is discounted 16k now. He can pretend nothing happened and say he bought it for regular price.

That is really stupid thinking because the resale on the new truck will just start at 16k less. You "think" you are hiding it, but everyone knows you can get that new truck at a huge discount and the used prices will be affected.

Is that what he meant? Then why would he need any insider hook up? I'm sure any sales guy would do it if they want to close the deal.

[westbeach70]

I owe 23K on this truck due to I had to hide negative equity from the vehicle i had before this that blew up on the lot being they gave me 1000.00 for my old truck before this yellow one.. And i owed something like 8G or something so I had to put that neg onto this one.. All in all my interest rate thru VFC is a killer as well, but with GM Motors with their 14,000 discount on their new 08 chevy trucks right now I'd take the 6 grand they are giving me for the truck then add in the 11K which works out to 20... I'd probably have to put some money down, but meh.. Who knows..

Does anyone know if it would be wise and maybe just finance another truck on and keep this one as well for the summer.

[A790]

Originally posted by westbeach70
I owe 23K on this truck due to I had to hide negative equity from the vehicle i had before this that blew up on the lot being they gave me 1000.00 for my old truck before this yellow one.. And i owed something like 8G or something so I had to put that neg onto this one.. All in all my interest rate thru VFC is a killer as well, but with GM Motors with their 14,000 discount on their new 08 chevy trucks right now I'd take the 6 grand they are giving me for the truck then add in the 11K which works out to 20... I'd probably have to put some money down, but meh.. Who knows..

Does anyone know if it would be wise and maybe just finance another truck on and keep this one as well for the summer.
Has it occurred to you yet that hiding the negative equity previously has put you in this situation? Perhaps you should buckle down and pay this vehicle off as opposed to trying to pull the same thing again.

[westbeach70]

Yeah or get another vehicle and park this pos truck in the winter.. I just can't see me putting 24K into a truck thats worth 6... 18K is alot of cash..

[A790]

Originally posted by westbeach70
Yeah or get another vehicle and park this pos truck in the winter.. I just can't see me putting 24K into a truck thats worth 6... 18K is alot of cash..
Absolutely, but even if you park this vehicle you're still going to be paying for it.

[westbeach70]

Yeah but i would park it on a lot or let the brain dead sister drive and pay for it, then maybe she could write it off for me.. lol

[prae]

Originally posted by westbeach70
Yeah but i would park it on a lot or let the brain dead sister drive and pay for it, then maybe she could write it off for me.. lol

then you'd have no car and still you'd owe over 15k on a non-existent car. Real smart.

[prae]

you aint gonna be hiding any of your neg. eq... dont you realize why GMAC stopped leasing trucks and is discounting them so heavily?

omg :facepalm: :facepalm: :facepalm:

[urban.one]

Keep your current truck.

If its yours, sell the motorcylce in the picture:

http://img72.imageshack.us/img72/5606/coloradokw9.jpg

Drive this truck for another 5 years and pay off your loan over that time.

The other option Id give you is to get a LOC for the amount of negative equity. Sell the truck. Use the LOC to pay off the balance on the loan. Then take the bus for a few years while putting every spare cent into your LOC.
Negative equity is too nice of a term. You need to think in realistic terms that you have a debt of around $17,000 with no assett to show for it.

[westbeach70]

:banghead: Yea looks like the truck is in my driveway for another 5 years.. Banks even my own that I have been with will not look at me why I am not so sure about but still. Thanks for everyones help...

[prae]

Originally posted by westbeach70
:banghead: Yea looks like the truck is in my driveway for another 5 years.. Banks even my own that I have been with will not look at me why I am not so sure about but still. Thanks for everyones help...

you should seek credit counselling. no joke.

[blownz]

So many people end up in this situation it is unbelievable. And lots did it because they thought the dirt cheap interest rates meant it was best to finance 100% and over a long period of time.

You should definitely know that things will only get worse if you 'upgrade' again.

Lets say right now you are in the hole 17k. (owe 23, truck worth 6)

You find a dealership that will sell you a brand new 50k truck for 33k (unlikely, but still). You think 'good, now I owe 50k on a 50k truck.'

But you just drove a 33k truck off the lot that is now worth 28k so you are now 22k in the hole. You are actually worse off then you were before. And how long is it going to take you to pay off 50 grand? It can be never ending.

Best thing to do is just focus on paying off your current truck. Good luck.

[The Cosworth]

a few thoughts:

1.) You think you will screw the bank? never, they will always get you no matter how they may explain it to you.

2.) You owe $23,000 which includes interest, you will then be burying this into another payment that is accumulating interest. Your paying interest on interest my friend.

3.) If they give you $14,000 of the truck new, that means that when you turn around to sell it it will be worth less. Anyone who purchased the truck at MSRP (not sure why you would but lets assume) that person just had $14,000 evaporate. They still owe $14,000 that they paid but the truck is worth significantly less. You cant win, it may appear that you will win, but you cant. Blownz did a better job of explaining this then I did.

[googe]

dont think of it as paying 23k for that truck. think of it as paying 23k for that truck, and half of another car that you still havent paid for.

the reason its so high is because your rolled your old loan into it, so you're paying off 1.5 - 2 cars but only owning one. sucks, but you made that choice awhile ago :dunno:

[dimi]

You're starting to sound more and more like a troll, simply because you don't seem to understand that there will be NO way to erase your negative equity. You can "hide" it, but then you'll be twice worse off than you are now. Weather you drive the car, buy a new one, or let your "brain dead" sister write it off, you'll still be paying all that money off.

So make the smart decision and stick with it. It's not a bad truck, and if that motorcycle is yours, I would also advise you to sell it and put it towards your debt, as I would bet you're currently paying insane amounts of interest.

[jonnycat]

If you can afford to finance another truck, with VFC nonetheless at 18%-30%, add that money you can afford, to the payment of your current colorado, and pay that thing down as fast as possible.

I'm going to go ahead and assume your buried in your bike too. Financed it for 84-96 months? If not not sell it and drop the cash on the truck too.

What you are doing is building an ever bigger hole for yourself. What would happen if you did this deal on the new Regular Cab truck and knocked a chick up in two years and needed another vehicle. Simple answer is you'd be so fucked, pornstars would be in shock.

[Xtrema]

Originally posted by prae


you should seek credit counselling. no joke.

Best advice in the whole thread.

[chkolny541]

Originally posted by Xtrema


Best advice in the whole thread.

Agreed, your deff in a hole