I spent a year in Korea driving a $400 used POS Hyundai.. When I came back, i appreciated what I had much more.. Go drive some old POS for a bit. Find something with no defroster and no A/C.

 

Well as most say zero and they would be right, but with that being said if you ended up with a zero percent loan you could roll a few thousand over and be just fine. ONLY if its zero percent!

 

Would be more than a few thousand.......... About $17,000 negative equity.

Can't believe I actually thought about it just for a "want".

 

I'd take a wild guess and say greater than 90% of America is in that situation... and I wouldn't judge anyone based on it either, I don't walk in anyone's shoes but mine.

 

Agreed one of the dumber comments I've read on this board.

 

Not judging anything but the need for professional financial advice. Wouldn't matter if 99% or 2% were in the same boat.

I do the rental house thing and really enjoy learning about people in general. One thing holds true. Never evicted anyone who didn't leave behind an imprint on the carpet where their big screen TV sat. Never texted anyone about their late rent who didn't get the text on a nicer phone than I have.

 

 

To the OP: We don't live in a socialist country so "need" doesn't need to come into the equation. We are a "want" society. If you "want" the Limited and the only way to do it is to accept some negative equity, as long as you are able to comfortably make the payments, I don't see why not. Depending on how much negative equity will play into the rate and loan terms. Personally I would probably not do it I usually try to put down at least 25-50% and finance the rest. If you are looking to finance more than the cost of a new Limited your payments will be really big! Good luck!

 

I personally would never do negative equity, unless I had the cash in my bank account to back it, and I was making more interested having that cash on hand vs the loan interest rate.

Example:

I would: Do a 0% interest credit card for X amount of dollars, if I could pay it off before the rate expires, because X amount of dollars in my investments makes me money.
I wouldn't: Leave a balance of X amount on my credit card at a high interest rate, because I'm not likely to earn a high interest rate on my investments. Mine are slow and steady, versus super aggressive.


Another thing, is WHY would lenders even allow this??? It causes much more exposure to them, as the loan is secured by an vehicle worth less than the loan, a lot less in this situation. I imagine the interest rate is aggressive? And GAP insurance is needed?

Ok, I'm done rambling, but smart move staying where you are. Get caught up, then get on top of it by paying things off.

 

then youd probably be $20000+ upside down in the limited. keep what you have, make some double or triple payments if you can and get the truck in a couple of years.