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SportTrac Discussion
General Sport Trac Discussion
my st trade gone bad
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<blockquote data-quote="Richard L" data-source="post: 807153" data-attributes="member: 52972"><p>Mike,</p><p></p><p>Rule 1. Never get into an upside-down load (where you owe mre than the vehicle is worth, and that is especially true with SUVs when the market shifts to more fuel efficient vehicles. </p><p></p><p></p><p></p><p>It's kind of like what has happened to the mortgage business lately. People bought homes with an ARM mortgate and when the interest rate jumped they were not prepared to pay that big of a monthly payment. That swamped the market with homes for sale, and the values dropped to where the house is worth less than the people owe.</p><p></p><p></p><p></p><p>If you are buying a new vehicle, you should have at least 25% down and preferably even more. If you don't have that kind of cash to put down, then leasing is a better alternative since you can get a lower payment and just give the vehicle back at the end of the leas and pay the $250 turn in fee. </p><p></p><p></p><p></p><p> Now the US auto makers are dropping the lease options because they are now stuck with a bunch of 2-3 year old SUV's that are not worth what they originally thought they would be worth. That puts them in the same boat with the owners who bought their SUV's and can't get rid of them without losing a lot of money.</p><p></p><p></p><p></p><p>...Rich</p></blockquote><p></p>
[QUOTE="Richard L, post: 807153, member: 52972"] Mike, Rule 1. Never get into an upside-down load (where you owe mre than the vehicle is worth, and that is especially true with SUVs when the market shifts to more fuel efficient vehicles. It's kind of like what has happened to the mortgage business lately. People bought homes with an ARM mortgate and when the interest rate jumped they were not prepared to pay that big of a monthly payment. That swamped the market with homes for sale, and the values dropped to where the house is worth less than the people owe. If you are buying a new vehicle, you should have at least 25% down and preferably even more. If you don't have that kind of cash to put down, then leasing is a better alternative since you can get a lower payment and just give the vehicle back at the end of the leas and pay the $250 turn in fee. Now the US auto makers are dropping the lease options because they are now stuck with a bunch of 2-3 year old SUV's that are not worth what they originally thought they would be worth. That puts them in the same boat with the owners who bought their SUV's and can't get rid of them without losing a lot of money. ...Rich [/QUOTE]
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SportTrac Discussion
General Sport Trac Discussion
my st trade gone bad
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