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Sunflower State | I'd believe those stats. When I was a consumer loan officer about every deal I did has a car that was upside down. Or the person knew the loan was upside down and looking for some kind of relief from the six years of payments they signed up for. Seemed like about two years into a six year loan and folks were hurting and had a car they could not get right on.
My recommendation to those folks was to retail the thing for all they could get, finance the balance with a lender who did not mind a small unsecured loan (or throw in some other kind of collateral) and buy a super cheap car until they could save a good down payment and start over. These darn cars drop in value like a rock . Brand, make and model did not matter. Harleys seemed to keep value better than anything.
I found cash deals to work best on private sales. Works for me and saved 1000s. A bit more risk with private sale but if I get the right deal I can afford the extra risk.
Eric | |
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