75% of new car sales in US have negative equity attached

[Raddicted]

I knew it was high but not that high!

As we all know, obviously not the smartest financial decision and should be avoided as much as possible, but who on here has been guilty of this in the past for whatever reason? I know I have. I took a $6K ass-raping on an Audi. But I couldn't keep it any longer, the boredom was too much and worth the trade. It was either trade or drive head on into a semi one day.

Anyone else?

 

[KingOfJericho]

I was $1K upside down in my Exige when I sold it and I had to pay $2K at the end of my Altima SE-R lease as well. I was fine with the Exige because that was essentially 1 months payment so it wasn't a big deal... I thought of it as my final payment.

 

[loudib]

I was about 3k upside down...put down 2K net 1K upside down...

 

[darkorb]

My dad put $0 down on his car, but he now 'owes' 6K because of over mileage. Balls

 

[Strmtrpr]

Ya....I also fucked up when I was younger and got a srt4 when I shouldnt have. I am doing good now though, so live and learn

 

[MkVBlkMgc]

Holy crap! I had no idea that practice was so prevalent.

I've never rolled negative equity into a new car loan, but I can see how it would be easy to do. I worked for a while at Carmax, and I saw some pretty sketchy deals get financing, so I guess I shouldn't be so surprised.

 

[KingOfJericho]

Oh wow, I must have misread the OP... I have never rolled negative equity from one car into a new loan. I've sold a car for less than I owed but that's it. I had the money to cover.

 

[my07blkgti]

I had no negative equity when I got my GTI since the car before was bought cash(bmw e36) and sold privately before I got the GTI.

 

[clutch fool]

im an 80s baby so i paid in full. i will prolly drive this car till the 18s fall off.

 

[utekineir]

Thats just ridiculous.

Do you think vwcredit and or other manufacturers credit branches were doing the 0% for people attaching negative equity with their purchase?

 

[KingOfJericho]

Do you think vwcredit and or other manufacturers credit branches were doing the 0% for people attaching negative equity with their purchase?

The way my deal went in June, I could have rolled my mortgage into my car loan at 0%.

 

[MkVBlkMgc]

Do you think vwcredit and or other manufacturers credit branches were doing the 0% for people attaching negative equity with their purchase?

If their FICO score was good enough - probably. Not today, of course.

 

[DanSan]

I put half down on my GTI and only owe like 10k left so i wont end upside down on this thing..

 

[crabpot]

Negative equity is an absolutely HORRENDOUS idea. I guess if you really enjoy throwing money away, go right ahead. I understand sometimes it is unavoidable but I can't imagine doing that, I would hold on to a car for another 10 years if it meant that was the only way to not have negative equity.

 

[Cosmo]

Where exactly did you find that 75% statistic quoted?