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10-28-2008, 10:37 AM
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Do people with Luxury & SUV car notes are...
...basically in the same boat as the bad sub-prime mortgage people? Most owe more than their gas guzzlers are worth, can't afford to drive them and can't sell them. That's a direct result of car dealers burying them further by tacking on their payoff trade-in balance due onto the new loan.
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10-28-2008, 10:43 AM
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I have a mini van. I have it because it's the only type of vehicle that will carry my Oxygen tank so that I can travel. Otherwise, I would be almost totally confined to the area around my small town. My husband and I are very conservative in our spending and outlook on life. I don't owe more on my van than it's worth. In fact, we will shortly pay it off. BTW, we are far from wealthy. We just don't have a need to own more than we can afford.
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10-28-2008, 12:40 PM
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I have an SUV note that's $289/mo and I spend $200/mo on gasoline at $2.65/gal. I've never missed a payment and my Jeep is sitting about 30 feet from me at work right now. The problem is not with what people purchased. The problem is that PEOPLE PURCHASED THINGS THEY CAN NOT AFFORD. I can afford my Jeep and thus, I have no problem.
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