Topic: Upside Down Major

[dkaz]

Ah, I don't think the point of the ad is to entice people to skip lunch...

Oh sarcasm.  Now I get it.

Unfortunately I wasn't being sarcastic unless not a single person fell for that gimmick. But given how many people fall for "we'll pay off the loan on your trade!", I wouldn't doubt it.

[tooscoops]

so one today.... had their 2017 car for 7 months... had done a tonne to decrease value (high kms, accident, cut off muffler, broke the sunroof, current exterior damage, broke heated seats, etc.)... it was already a heavy depreciating car. thought they owed 24k, was worth 10-11 blackbook... this one was not worth blackbook value. plus, i did some math and figure they must be off by nearly 5k on the loan.

thinks it's all the cars fault and the dealers fault... wants a wrangler... can't afford payments now because she is quitting her job (nothing else lined up, just doesn't think they pay her enough).

what... the.. hell.

[Firm]

so one today.... had their 2017 car for 7 months... had done a tonne to decrease value (high kms, accident, cut off muffler, broke the sunroof, current exterior damage, broke heated seats, etc.)... it was already a heavy depreciating car. thought they owed 24k, was worth 10-11 blackbook... this one was not worth blackbook value. plus, i did some math and figure they must be off by nearly 5k on the loan.

thinks it's all the cars fault and the dealers fault... wants a wrangler... can't afford payments now because she is quitting her job (nothing else lined up, just doesn't think they pay her enough).

what... the.. hell.

Sounds like a class act. What the hell has that car been through to have that much damage? And what is it?

[carcrazed]

so one today.... had their 2017 car for 7 months... had done a tonne to decrease value (high kms, accident, cut off muffler, broke the sunroof, current exterior damage, broke heated seats, etc.)... it was already a heavy depreciating car. thought they owed 24k, was worth 10-11 blackbook... this one was not worth blackbook value. plus, i did some math and figure they must be off by nearly 5k on the loan.

thinks it's all the cars fault and the dealers fault... wants a wrangler... can't afford payments now because she is quitting her job (nothing else lined up, just doesn't think they pay her enough).

what... the.. hell.

Sounds like a class act. What the hell has that car been through to have that much damage? And what is it?

Yeah what kind of car is it?  And how does one break heated seats?  Liquid spillage on the switch?

[EV-Light]

I’m shocked at the amount of damage that car has taken...some people don’t deserve what they have my gosh....


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[Brig]

so one today.... had their 2017 car for 7 months... had done a tonne to decrease value (high kms, accident, cut off muffler, broke the sunroof, current exterior damage, broke heated seats, etc.)...

[ngorongoro]

Yeah what kind of car is it?  And how does one break heated seats?  Liquid spillage on the switch?

My guess is a Hyundai Elantra or Kia Forte.

[dirtyjeffer]

Yeah what kind of car is it?  And how does one break heated seats?  Liquid spillage on the switch?

My guess is a Hyundai Elantra or Kia Forte.

if you treat a car like , it doesn't matter what brand it is, stuff will break.

on a side note, a colleague just picked up a new 2018 Elantra SE to replace her 2005 Forester that was going to cost too much to keep on the road any longer...needed a new wheel bearing, tires and a head gasket (they always go) as it was consuming oil like a Mazda rotary engine...the Elantra was one i said she should look at (it had all the features she wanted), but i also suggested the Civic and Corolla...the Corolla was my top suggestion, but like many consumers, features won out...i told her all 3 cars were good though, and she wouldn't be going wrong either way and to pick the vehicle she'd most likely be happy with while she's paying for it (4 year lease)...she picked it up last night and brought it to work today...looks pretty nice.

[tooscoops]

elantra. bought it "used" (rental) with already over 40000kms on it and put another 35k on it in that 7 months.

the heated seats had a fault and burned her leg, so she went in and broke it. not sure how whether to give her full blame or not there.

the sunroof, someone jammed a fork in the rails and it managed to break the cables. the glass is ok, but it won't open and it rattles something crazy.

cut the muffler because she liked the sound.

body damage was just carelessness.

accident was "someone else's fault" (of course).



so many of these cheaper cars get destroyed... customers only see it as something that they make (small) payments on, not something they own. their is no pride of ownership and they see it like a cell phone... eventually it will break and they just get a new one. not even a question of the costs associated.

[OliverD]

the sunroof, someone jammed a fork in the rails and it managed to break the cables

What in the eff.

[dirtyjeffer]

the sunroof, someone jammed a fork in the rails and it managed to break the cables

What in the eff.

just as we suspected...a bunch of treating the car like crap, so the car is now crap...not the car's fault, it can't pick its owners.

[OliverD]

I drove my GTI for three years and 80k and dropped it off at the dealer last week. Aside from the rock chips in the windshield and minor curb rash on two wheels, it was damn near perfect from an aesthetic point of view. I have a copy of the paperwork of the work they did to it before putting it on the lot. 75k service, new pads and rotors all around, and that's pretty much it. How someone can basically destroy a car in a few months is beyond me.

[dirtyjeffer]

I drove my GTI for three years and 80k and dropped it off at the dealer last week. Aside from the rock chips in the windshield and minor curb rash on two wheels, it was damn near perfect from an aesthetic point of view. I have a copy of the paperwork of the work they did to it before putting it on the lot. 75k service, new pads and rotors all around, and that's pretty much it. How someone can basically destroy a car in a few months is beyond me.

because they are trash.

my Rio5 is almost 6 years old...i could get a $200 detail on it (i usually do it in the spring time) and it would look almost brand new...i don't eat in my car and i take care of it...the plan is to keep it for 4 more years, and my guess is it will still look "like new" when i'm done with it...but we care...that's the difference...people like the one mentioned shouldn't buy/lease new cars...they should buy $1000 beaters and be happy they don't have to take the bus.

[tooscoops]

happens all the time. usually the people who are super upsidedown.... just no concept of the reality of upkeep and the value of things.

some of my trade-ins are just garbage. i've had my clean up kid (who lives on a farm mind you) refuse to step foot in some because they smell so rank.

[dkaz]

I know of a 3 year old Audi Q7 that looks like crap. Belongs to a drug addicted boyfriend and the girlfriend likes to take things out on him via the Q7.

[Shorlaw]

I've been slowly making my way through this thread with a morbid fascination at the situations people get themselves into, pretty shocking!  It seems like the consistent root of evil though is making a decision based on "what can I afford per month" and working backwards from there.  It's so odd to me because I have NEVER approached it that way with a dealer or within my own head, but it got me questioning if my approach is actually the best way to do it or not. 

When I'm interested in changing vehicles I do research on what the new one would cost, try to come up with a reasonable idea of what my trade is worth (which is tough to be realistic) and then determine before going in what an "out the door" price I'd be willing to accept.  I go in, offer somewhat less, and try to negotiate from there.  It can be an exhausting process of non stop "I don't care about your 4 squares" "why do you want to know what I can afford each month, it's none of your business" "I don't care what # you're giving for my trade, call it $2000 or call it $10000, makes no difference to me, here's the amount I'll give OUT THE DOOR"

Curious what the sales guys and others here think is the best approach to a fair deal for everyone?

[tooscoops]

just do your homework. some dealers make it difficult, but the same number of buyers do as well.

figure out what a fair price for the car you are buying is (easy to find out online). find out a reasonable range for your trade (basically the number it has to be before you pull the trade and sell it private). whatever the difference is is what you should pay. then look into what financing options they have to see what works best for your situation.

too many people come in with zero willingness or ability to sell their own car, a sentimental value on it as seen with rose coloured glasses, no expendable money in the bank, and no financial understanding. as for the price on the new one, they don't know WHY it is priced as it is, they only want to buy it for *less* than the number posted with no realistic reason for why.

[dkaz]

I reckon for a vast majority of people, financing allows people to afford cars they can't normally afford.

A small fraction of people will be like "I have $60k cash, but I'd rather keep it in my mutual funds giving me a return of 12% a year and finance it at 0%.

[tooscoops]

the payment predicament is that it becomes easy to tack on more stuff...

you buy a car for 20k, it will drop in value.. we know that. if you finance for 5 years, you'll be close to keeping up with depreciation, just not right away... add years, and it gets longer prior to that equal spot of value/owing....

the big issue is that once the customer is "switched" to the longer term (and already put behind the eight ball), they then can be convinced that 5 bucks here and there on the payments is nothing and start adding winter tires to the loan... warranty... rust protection... life insurance, all because that few extra bucks is "affordable".

but their mind is now just looking at payments. they aren't seeing that the 20k car is now 30k financed. if they didn't buy that stuff, the 20k car will be worth say 12k in two years... with those options, it's worth like 12500, but they owe MORE than 10k over what they would have owed on that *same* car, but with the shorter payment.

rather than suffer with the mistake, they get convinced to roll it into a new loan to somehow "get out" of the bad purchase. those types of people don't realize you aren't out of that first loan until you have no loan on whatever car you have.

anyway.... cheers everyone. i might not be on here much until after christmas, so have a good one and don't go rolling negative equity anywhere.

[ArticSteve]

so have a good one and don't go rolling negative equity anywhere.