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Dec 30th, 2023
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 Negative equity
#15076109
05/17/24 10:40 PM
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Joined: Sep 2005
Posts: 28,398
Brian Spagnola
OP
TFF Guru
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OP
TFF Guru
Joined: Sep 2005
Posts: 28,398 |
I've officially seen the most negative equity in my lifetime being in the car business. I didn't even really appraise it because there was nothing we could do and the guy got all huffy puffy about it. His 22 F-150 was worth about 40k. He owed 81,500 and wanted to trade into a diesel and keep his payments about the same.
Life at a car dealership.....
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Re: Negative equity
[Re: Brian Spagnola]
#15076124
05/17/24 10:43 PM
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Joined: Jun 2011
Posts: 6,442
Dave-0
DYSON
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DYSON
Joined: Jun 2011
Posts: 6,442 |
Whoa! Should call him back and tell him to get in touch with the folks at Dave Ramsey. Good on you for not adding to the problem as it seems some other unscrupulous people have done.
Laws won't fix a sin problem. What this world needs is a revival, change of the heart. ~The Skipper
Age is a number. Old is a lifestyle.
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Re: Negative equity
[Re: Brian Spagnola]
#15076126
05/17/24 10:44 PM
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Joined: Jun 2005
Posts: 12,982
DanDaBald
TFF Guru
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TFF Guru
Joined: Jun 2005
Posts: 12,982 |
"and keep his payments about the same."
R I G H T . . . . . maybe for an 84-month loan 6.25%
 NEVER FORGET 9/11/2001
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Re: Negative equity
[Re: Brian Spagnola]
#15076127
05/17/24 10:45 PM
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Joined: Nov 2022
Posts: 2,778
Grasshopperglock
Extreme Angler
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Extreme Angler
Joined: Nov 2022
Posts: 2,778 |
Everyone is under water from the covid prices. When market hits harder then reality.
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Re: Negative equity
[Re: Brian Spagnola]
#15076132
05/17/24 10:53 PM
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Joined: Mar 2007
Posts: 2,478
TPACK
Extreme Angler
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Extreme Angler
Joined: Mar 2007
Posts: 2,478 |
He got what he deserved. Stupid people.
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Re: Negative equity
[Re: Grasshopperglock]
#15076133
05/17/24 10:53 PM
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Joined: Sep 2005
Posts: 28,398
Brian Spagnola
OP
TFF Guru
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OP
TFF Guru
Joined: Sep 2005
Posts: 28,398 |
Everyone is under water from the covid prices. When market hits harder then reality.
Mainly the people that bought half tons for all the money, and mid size SUV's that ALWAYS loose value quickly. At least from what I have seen. Most of the people that paid a lot of money on the expensive diesel trucks and had a trade are ok. No one has heard from the people that paid 20k over for a Corvette, are you ok bro? LOL
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Re: Negative equity
[Re: TPACK]
#15076134
05/17/24 10:55 PM
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Joined: Sep 2005
Posts: 28,398
Brian Spagnola
OP
TFF Guru
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OP
TFF Guru
Joined: Sep 2005
Posts: 28,398 |
He got what he deserved. Stupid people. It's Midland. Ever truck out there they want 10-15k more than you can buy one in Dallas for.
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Re: Negative equity
[Re: Brian Spagnola]
#15076135
05/17/24 10:55 PM
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Joined: Nov 2014
Posts: 23,876
SteezMacQueen
TFF Guru
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TFF Guru
Joined: Nov 2014
Posts: 23,876 |
I've officially seen the most negative equity in my lifetime being in the car business. I didn't even really appraise it because there was nothing we could do and the guy got all huffy puffy about it. His 22 F-150 was worth about 40k. He owed 81,500 and wanted to trade into a diesel and keep his payments about the same.
Life at a car dealership..... My Tundra is paid for ….$0 a month. Can I get into that truck and keep MY payment the same? 
Eat. Sleep. Fish.
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Re: Negative equity
[Re: SteezMacQueen]
#15076137
05/17/24 10:58 PM
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Joined: Sep 2005
Posts: 28,398
Brian Spagnola
OP
TFF Guru
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OP
TFF Guru
Joined: Sep 2005
Posts: 28,398 |
I've officially seen the most negative equity in my lifetime being in the car business. I didn't even really appraise it because there was nothing we could do and the guy got all huffy puffy about it. His 22 F-150 was worth about 40k. He owed 81,500 and wanted to trade into a diesel and keep his payments about the same.
Life at a car dealership..... My Tundra is paid for ….$0 a month. Can I get into that truck and keep MY payment the same? I could write a book of all the funny conversations trying to sell or trade for Toyotas.
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Re: Negative equity
[Re: Brian Spagnola]
#15076139
05/17/24 10:59 PM
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Joined: Nov 2022
Posts: 2,778
Grasshopperglock
Extreme Angler
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Extreme Angler
Joined: Nov 2022
Posts: 2,778 |
Everyone is under water from the covid prices. When market hits harder then reality.
Mainly the people that bought half tons for all the money, and mid size SUV's that ALWAYS loose value quickly. At least from what I have seen. Most of the people that paid a lot of money on the expensive diesel trucks and had a trade are ok. No one has heard from the people that paid 20k over for a Corvette, are you ok bro? LOL I paid cash long ago. Look outside the truck box and think Chevy Malibu. The smaller GM suv's. That were coming of age in 2020,22,23. There was no other price being paid but what's on the window sticker. Used prices were extreme also.
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Re: Negative equity
[Re: Brian Spagnola]
#15076144
05/17/24 11:04 PM
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Joined: Feb 2003
Posts: 597
Harleydude
Pro Angler
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Pro Angler
Joined: Feb 2003
Posts: 597 |
He got what he deserved. Stupid people. It's Midland. Ever truck out there they want 10-15k more than you can buy one in Dallas for. Truth! Some dealers in Midland and Odessa still have market adjustments listed on vehicles. Car dealing has always sucked out this way.
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Re: Negative equity
[Re: Brian Spagnola]
#15076159
05/17/24 11:31 PM
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Joined: Aug 2003
Posts: 1,458
skeeterokc
Extreme Angler
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Extreme Angler
Joined: Aug 2003
Posts: 1,458 |
Bidenomics at its finest.
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Re: Negative equity
[Re: skeeterokc]
#15076191
05/18/24 12:31 AM
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Joined: Apr 2023
Posts: 116
BobCobb
Outdoorsman
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Outdoorsman
Joined: Apr 2023
Posts: 116 |
For sure. November needs to hurry Skeeter
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Re: Negative equity
[Re: Brian Spagnola]
#15076197
05/18/24 12:42 AM
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Joined: Feb 2008
Posts: 4,618
Jaredk
TFF Team Angler
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TFF Team Angler
Joined: Feb 2008
Posts: 4,618 |
For sure Biden is a clown but he has absolutely nothing to do with a dude that owes $81k on a truck he bought 3 years ago. The owner is clearly an idiot with money and there’s no need to try to shift the blame to anybody other than himself
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Re: Negative equity
[Re: Brian Spagnola]
#15076213
05/18/24 01:09 AM
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Joined: Apr 2005
Posts: 3,352
John Peebles
TFF Team Angler
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TFF Team Angler
Joined: Apr 2005
Posts: 3,352 |
Everyone is under water from the covid prices. When market hits harder then reality.
Mainly the people that bought half tons for all the money, and mid size SUV's that ALWAYS loose value quickly. At least from what I have seen. Most of the people that paid a lot of money on the expensive diesel trucks and had a trade are ok. No one has heard from the people that paid 20k over for a Corvette, are you ok bro? LOL My uncle bought a new C8 LT3 Vette in 2020 for 110K he just traded it in with 5K miles, showroom condition and got 70K for it.
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