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RightNation.US: A $45,000 Loan for a $27,000 Ride - RightNation.US

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A $45,000 Loan for a $27,000 Ride More Borrowers Are Going Underwater on Car Loans Rate Topic: -----

#21 User is offline   Dean Adam Smithee 

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Posted 13 November 2019 - 09:07 PM

View Postgrimreefer, on 12 November 2019 - 09:19 PM, said:

I had a few negative equity trades in my youth. I learned my lesson, though. Making others pay for your own bad decisions seems to be growing in popularity.

Never did myself, but ONLY because lenders in the day wouldn't let me.

First auto loan? $2,000-ish in 1978 for a 1975 Audi Fox via Navy Credit Union. Second auto loan? $3,000-ish in 1980 for a '76-1/2 Porsche 924... Also Navy Credit Union... but NOT UNTIL I'd paid down the previous enough so as to not be "upside down".

.... Fast forward 40 years....

Most recent auto loan? $10,000 from Navy Credit Union for a '12 Mercedes GLK350 that had a KBB value of $12K+. COULD HAVE paid cash but NFCU's 1.8% was cheaper than inflation; it made no sense NOT to finance it and pay back with cheaper dollars. Accelerated it to 24 MO rather than the 60 mo they COULD HAVE given it; it was a righteous deal.

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