At the first dealership I ever worked at there was a logbook at the Sales Manager's podium where the salespeople were supposed to record the customers they talked to along with some brief notes. On my very first day I was looking at the logbook and noticed that for one customer the salesman had wriiten "Upside Down Major." I couldn't figure out what it meant. Was the guy in the military? Had he rolled his car? I was finally told that it meant the the customer owed way more than his trade was worth.
So in honor of that bit of car biz jargon here is a thread about some of the more spectacular cases of people being Upside Down Major.
Upside down dude 'o the day:
Guy owns a 2011 Fusion, trying to trade it on a used Mustang. The Fusion has 180,000 km, is a 4 cyl/Auto, has been lowered, has ugly aftermarket rims, needs tires, driver's door handle doesn't work, has an $8000 accident history.
The car is worth $1500 wholesale. He owes $16,000.
He was approved up to $700/mo max at 13.99% (a reduction of 10% from his current loan). Still couldn't come within $250 of that payment over 84 mos. BTW, he was totally on board with a $700 payment but he thought $950 might be a bit too much.
