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Dec 30th, 2023
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 Re: Negative equity
[Re: Grasshopperglock]
#15076220
05/18/24 01:18 AM
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Joined: Sep 2018
Posts: 2,536
Flyfisherman
Mama's Boy
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Mama's Boy
Joined: Sep 2018
Posts: 2,536 |
Everyone is under water from the covid prices. When market hits harder then reality.
Yep… I am in the sub prime auto lending space and the recoveries from the repos are so far off of the principal balances being written off. Has a lot of buy here pay here’s hurting.
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Re: Negative equity
[Re: Brian Spagnola]
#15076223
05/18/24 01:21 AM
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Joined: Apr 2017
Posts: 12,573
tmd11111
TFF Guru
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TFF Guru
Joined: Apr 2017
Posts: 12,573 |
Seen it all the time when I was in the car business. Customers think their ride is worth what they owe. Told more than one before, If you owed $1 would you take $1. Twenty or so years ago Mitsubishi was selling Montaro Sports and advertising 0 down, 0 payments for a year, and 0 interest for 72 months and approving subprime. Talk about buried
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Re: Negative equity
[Re: Brian Spagnola]
#15076225
05/18/24 01:25 AM
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Joined: Jan 2013
Posts: 2,472
The Searchers
Extreme Angler
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Extreme Angler
Joined: Jan 2013
Posts: 2,472 |
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..... How is that possible
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Re: Negative equity
[Re: The Searchers]
#15076231
05/18/24 01:27 AM
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Joined: Aug 2004
Posts: 4,630
Duke 22
TFF Team Angler
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TFF Team Angler
Joined: Aug 2004
Posts: 4,630 |
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..... How is that possible Someone needs to take some remedial math and economics courses...
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Re: Negative equity
[Re: Brian Spagnola]
#15076233
05/18/24 01:32 AM
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Joined: Apr 2004
Posts: 14,253
Stump jumper
TFF Guru
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TFF Guru
Joined: Apr 2004
Posts: 14,253 |
All those people that had to have a vehicle and paid dealer markups are going to be hurting when they go to buy a new one.
2200 Bay Champ/200 Mercury Optimax
2017 Tundra TSS 4x4 Crewmax 5.7L
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Re: Negative equity
[Re: The Searchers]
#15076234
05/18/24 01:33 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 |
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..... How is that possible I'm guessing he bought it in 22 for 15-20k over sticker and rolled another 20K+ of negative equity into it then financed it somewhere over 10%
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Re: Negative equity
[Re: The Searchers]
#15076236
05/18/24 01:35 AM
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Joined: Apr 2017
Posts: 12,573
tmd11111
TFF Guru
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TFF Guru
Joined: Apr 2017
Posts: 12,573 |
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..... How is that possible Lenders were too generous and if you have stout enough credit they were loaning upwards of 140-150% LTV plus taxes and fees
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Re: Negative equity
[Re: Brian Spagnola]
#15076251
05/18/24 01:47 AM
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Joined: Aug 2002
Posts: 4,109
Rangerkev
TFF Team Angler
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TFF Team Angler
Joined: Aug 2002
Posts: 4,109 |
My grandfather taught me Life lesson 1. Pay as you go and you never owe. Interest is the devil. And when you go out, always pay cash. He said with a credit card or debit card you dont see the money leave your hand. With cash you see it and feel it. The wife and I have 0 debt other then our house. And we will have it paid off in 6 months. If not sooner. My ego boost is going into a dealership and writing a check for the difference. We have a few credit cards we use to get points. We used our AA card to pay for our Alaska trip next month. We already have enough points for 3 round-trip tickets. And our balance is 0. I see boat ads offering up to 10 years to pay. I love to fish. But not enough to do something that stupid.
Rangerkev
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Re: Negative equity
[Re: Harleydude]
#15076281
05/18/24 02:33 AM
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Joined: Jan 2010
Posts: 6,822
Dognot
TFF Celebrity
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TFF Celebrity
Joined: Jan 2010
Posts: 6,822 |
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. Thats a fact, But it has been that way as long as I can remember.
Sometimes what didn't work out for you, did in fact, work out for you.
Haters going to hate and believers are going to believe.
Every man has two lives,The second one starts when he realizes that he has only one.
“Hard times create strong men, strong men create good times, good times create weak men, and weak men create hard times.”
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Re: Negative equity
[Re: Rangerkev]
#15076313
05/18/24 02:50 AM
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Joined: Jan 2007
Posts: 14,722
Happykamper
TFF Guru
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TFF Guru
Joined: Jan 2007
Posts: 14,722 |
My grandfather taught me Life lesson 1. Pay as you go and you never owe. Interest is the devil. And when you go out, always pay cash. He said with a credit card or debit card you dont see the money leave your hand. With cash you see it and feel it. The wife and I have 0 debt other then our house. And we will have it paid off in 6 months. If not sooner. My ego boost is going into a dealership and writing a check for the difference. We have a few credit cards we use to get points. We used our AA card to pay for our Alaska trip next month. We already have enough points for 3 round-trip tickets. And our balance is 0. I see boat ads offering up to 10 years to pay. I love to fish. But not enough to do something that stupid. Nothing wrong with that approach, if I would have taken that advice I would not have a pot to piss in, now I have a lake to piss in. But I took a lot of chances, is what it is.
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Re: Negative equity
[Re: Brian Spagnola]
#15076330
05/18/24 03:01 AM
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Joined: Jul 2005
Posts: 11,002
MARKIT
TFF Guru
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TFF Guru
Joined: Jul 2005
Posts: 11,002 |
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..... We got a dodge dealership could fix him up Might be a 20 year note
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Re: Negative equity
[Re: Brian Spagnola]
#15076506
05/18/24 01:37 PM
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Joined: Dec 2007
Posts: 14,848
bloo_rainger
TFF Guru
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TFF Guru
Joined: Dec 2007
Posts: 14,848 |
Does anyone want to buy my used EV?
It’s the thing of the future….
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Re: Negative equity
[Re: Brian Spagnola]
#15076563
05/18/24 02:28 PM
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Joined: Jan 2009
Posts: 8,357
Jig Man
TFF Celebrity
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TFF Celebrity
Joined: Jan 2009
Posts: 8,357 |
There are some things even duct tape won’t fix.
Life is Good..<><
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Re: Negative equity
[Re: Brian Spagnola]
#15076583
05/18/24 02:45 PM
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Joined: Nov 2011
Posts: 7,318
beartrap
TFF Celebrity
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TFF Celebrity
Joined: Nov 2011
Posts: 7,318 |
I remember those years with 3 small children and living paycheck to paycheck....washer or dryer quit and having to go to Sears and put it on charge account and pay 18% interest...miss two paychecks and you would lose everything you had.....those were the good ole days but not financially good ole days...fortunately always was able to buy car,finance it three years,pay it off and get another....
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Re: Negative equity
[Re: tmd11111]
#15076608
05/18/24 03:08 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..... How is that possible Lenders were too generous and if you have stout enough credit they were loaning upwards of 140-150% LTV plus taxes and fees Not anymore. 120% of clean NADA trade in value. 800 beacon can get bought up to 130%, rate will go from 8% to 20%. And book values are lower than the market by a lot right now. During covid I sold some trucks for 50k that NADA trade value was 70k.
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