Negative Equity
The difference is owing $17k or $67k(on something thats worth $50k and depreciating faster than a rock sinking) all for a want. Hes also going to be financing that $67k at a higher rate because its a used truck from the dealer. Buying anything because you can afford the payment is also a bad idea because they can drag that term out for who knows how long, imagine what the interest on an 8yr loan would be
Im in Canada so its probably different here but the ford dealers had billboards offering up to $15k cash back on f150's 2 years ago. We got into a major recession in my city in 2015 and people were losing jobs by the thousands so im assuming that was a marketing ploy to get poeple to buy new trucks and financing another $15k on top to get some cash back to pay bills.
Im in Canada so its probably different here but the ford dealers had billboards offering up to $15k cash back on f150's 2 years ago. We got into a major recession in my city in 2015 and people were losing jobs by the thousands so im assuming that was a marketing ploy to get poeple to buy new trucks and financing another $15k on top to get some cash back to pay bills.
holy **** lol
5 Year Member
Joined: Jun 2017
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Option C: Don't get underwater on a truck loan? Holy ****. These trucks hold their value relatively well compared to other vehicles. How did you get $17k underwater on that thing? I have about $17k in equity in my truck and I only bought it last year with 2.5K down. Either you took out a ridiculous 8 year loan, or you have already been rolling neg. equity from prior vehicles. I'd get that sorted out first.
Senior Member
Joined: Nov 2017
Posts: 1,771
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Option C: Don't get underwater on a truck loan? Holy ****. These trucks hold their value relatively well compared to other vehicles. How did you get $17k underwater on that thing? I have about $17k in equity in my truck and I only bought it last year with 2.5K down. Either you took out a ridiculous 8 year loan, or you have already been rolling neg. equity from prior vehicles. I'd get that sorted out first.
Do you mind if i ask how you have 17k equity already? Theres gotta be something special about your situation to have that much in a year. High monthly payments or given the truck lol In a normal purchase/finance situation with little to nothing down youd be lucky to be even after 1 year id think.
Option C: Don't get underwater on a truck loan? Holy ****. These trucks hold their value relatively well compared to other vehicles. How did you get $17k underwater on that thing? I have about $17k in equity in my truck and I only bought it last year with 2.5K down. Either you took out a ridiculous 8 year loan, or you have already been rolling neg. equity from prior vehicles. I'd get that sorted out first.
Senior Member
Joined: Dec 2017
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Now your getting into more advanced money. I say: I'd rather borrow a million than make a million, the borrowed money is tax free. Apply that principal to real estate fairly often.
Large Member
Joined: Apr 2017
Posts: 2,805
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From: Raleigh, NC
Option C: Don't get underwater on a truck loan? Holy ****. These trucks hold their value relatively well compared to other vehicles. How did you get $17k underwater on that thing? I have about $17k in equity in my truck and I only bought it last year with 2.5K down. Either you took out a ridiculous 8 year loan, or you have already been rolling neg. equity from prior vehicles. I'd get that sorted out first.
Senior Member
Joined: Sep 2017
Posts: 376
Likes: 117
From: TN
Option C: Don't get underwater on a truck loan? Holy ****. These trucks hold their value relatively well compared to other vehicles. How did you get $17k underwater on that thing? I have about $17k in equity in my truck and I only bought it last year with 2.5K down. Either you took out a ridiculous 8 year loan, or you have already been rolling neg. equity from prior vehicles. I'd get that sorted out first.
Last edited by butcher73; Oct 19, 2018 at 06:07 PM.
Senior Member
Joined: Nov 2017
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Now im really intrigued..... It could very well be he paid off his truck with some aggressive payments but then his post would make no sense for 95% of the finance buyers because they dont have the option for short term loans and super high payments