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Need help Buying a Viper (loan and lease) upside down trade!!

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Need help Buying a Viper (loan and lease) upside down trade!!
Old August 26th, 2015, 02:57 PM   #1
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Need help Buying a Viper (loan and lease) upside down trade!!

Hey,

I owned a 2006 Dodge Viper few years back and ended up trading it in for a Cadillac CTSV. Now i am wanting to get back into a Viper. I am driving a 2014 Ford F-150 Supercrew Platinum truck currently, traded a 2014 Shelby GT500 in on it.. I have some how owe (57k) more on the truck than it is worth (42k - 45k)and need to figure a way to get into something that might hold it value better than a truck over the next few years and get me back in the black. Truck was just over 63k new with all options.

I want to stick in the $1200-1400 month range and was really wanting to do a lease. But most dealerships I have talked to said they don't do lease on Vipers. I would also not be against a used gen v viper to finance outright with a bank loan. As it appears right now my only option it to wait and keep paying on the truck until the loan balance catches up with the truck value.
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Old August 26th, 2015, 04:15 PM   #2
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You need a financial advisor and quit wasting money with car ADD
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Old August 26th, 2015, 05:22 PM   #3
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Dude. You are a moron.
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Old August 26th, 2015, 06:17 PM   #4
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I gave him advice in this thread, but it appears not to have suited him.

https://www.viperalley.com/forum/vipe...my-2013-a.html
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Old August 26th, 2015, 09:42 PM   #5
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Quote:
Originally Posted by Extremneon View Post
Hey,


I want to stick in the $1200-1400 month range and was really wanting to do a lease. But most dealerships I have talked to said they don't do lease on Vipers. I would also not be against a used gen v viper to finance outright with a bank loan. As it appears right now my only option it to wait and keep paying on the truck until the loan balance catches up with the truck value.
Instead of throwing away 1400+ a month on a depreciating liability, wouldn't it be much smarter to put that funding into investment assets like real property, metals, stocks etc.
THEN go and buy toys when you've made at least 15-30+ times more than the total value of the liability, in this case a vehicle.



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Old August 26th, 2015, 09:46 PM   #6
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Loan balance catches up with the truck value? Is that even possible lol
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Old October 22nd, 2015, 04:28 AM   #7
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I wouldn't give this guy too much of a hard time! Its people like him who really keep the economy moving! lol

Good gawd man $1400 car payment on a f150? ouch!
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Old October 22nd, 2015, 07:02 AM   #8
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This says it all: "I have some how owe (57k) more on the truck than it is worth..."

Trying to translate that into English, I assume you mean you "somehow" owe more than the truck is worth. If you can't figure out how you owe more than it's worth, you probably don't need to be buying high-dollar cars.

See above. And what you've been told here before, and undoubtedly by friends and family: STOP BUYING. Pay off what you have, put yourself in a decent position financially, and get your fucking priorities in order.
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Old October 22nd, 2015, 07:03 AM   #9
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Sounds like the perfect situation for a"go fund me account" OR just learn to live within your means like most of the country.
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Old October 22nd, 2015, 08:20 AM   #10
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Originally Posted by Ramtuff View Post
live within your means like most of the country.
LOL !!!! Most of WHAT country ? Canada ?
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Old October 22nd, 2015, 08:46 AM   #11
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LOL !!!! Most of WHAT country ? Canada ?
HA! Probably true! But I'm willing to bet most people are not underwater almost 60 grand on an f 150.
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Old October 26th, 2015, 04:19 PM   #12
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He's only $12-15k under water on the truck, not $57k.

Either way, sounds like the best thing he could do is sell the truck, get back to $0, and buy something cash. He clearly can't handle or understand financing.
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Old October 27th, 2015, 11:33 AM   #13
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Originally Posted by wje4 View Post
He's only $12-15k under water on the truck, not $57k.

Either way, sounds like the best thing he could do is sell the truck, get back to $0, and buy something cash. He clearly can't handle or understand financing.
He clearly said he owes 57K MORE THAN the truck is worth, so yes he is fucked. Go buy a 2000 honda civic and catchup on this crap.
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Old October 27th, 2015, 12:44 PM   #14
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He didn't "clearly" say he owed 57K more than the truck is worth. He actually didn't clearly say anything in that sentence. But I think most would agree what he meant was he "somehow" (somehow=I am a moron who doesn't understand APR, depreciation, or negotiating) owed $57K on his truck, which is more than its value of $42-45K. Thus, upside down by about $10-15K. Or roughly the price of a decent used Honda.
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Old October 27th, 2015, 12:51 PM   #15
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Quote:
Originally Posted by Chinook47 View Post
He clearly said he owes 57K MORE THAN the truck is worth, so yes he is fucked. Go buy a 2000 honda civic and catchup on this crap.
If that is what you gathered from his statement you need to go back to reading comprehension 101.

( QED. )
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Old October 27th, 2015, 01:05 PM   #16
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Originally Posted by wje4 View Post
If that is what you gathered from his statement you need to go back to reading comprehension 101.

( QED. )
Just stating what he said, don't get your panties in a bunch...
" I have some how owe (57k) more on the truck than it is worth"
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Old October 27th, 2015, 01:33 PM   #17
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Originally Posted by Chinook47 View Post
Just stating what he said, don't get your panties in a bunch...
" I have some how owe (57k) more on the truck than it is worth (42k - 45k)"
Conveniently left that part out eh' .

You came at me with the condescending attitude, so pipe down.
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Old October 27th, 2015, 02:26 PM   #18
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The OP said that he owes $57k.

Quote:
Originally Posted by Extremneon View Post
I have some how owe (57k) more on the truck than it is worth (42k - 45k)
In English grammar, parentheses are used around "a word, clause, or sentence inserted as an explanation or afterthought into a passage that is grammatically complete without it"

(57k) explains how much he owes and (42-45k) explains how much it is worth. If the (57k) was after the word "more," then it would be explaining how much "more" he owes. -OR- If the (57k) didn't have parentheses around it then it would be modifying the word "more".

The sentence could be better written because it is easily misunderstood; but, this is a car forum. No one expects to be graded for composition. (But ridicule can be expected.)
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Old October 27th, 2015, 02:58 PM   #19
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I still find it incredible that,
1. Someone paid 63k for a F150
2. It's actually worth 42-45k
3. 57k is still owed on it
4. Someone wants to get further into debt with no return on investment.
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Old October 27th, 2015, 05:12 PM   #20
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Quote:
Originally Posted by Ramtuff View Post
I still find it incredible that,
1. Someone paid 63k for a F150
2. It's actually worth 42-45k
3. 57k is still owed on it
4. Someone wants to get further into debt with no return on investment.
It's the definition of "trying to look good while going broke".

This credit borrowing society could learn a lot from the simple rule of "earn it then burn it" meaning, you stay away from all the toys and other luxuries until you're established in multiple strong investments, all producing cash flow. THEN and only then do you go out and play without having to lease or finance anything short term or long term.
Buying up tax liens on real property has been the trend in my local REI club for the past few years now as an example.

With that said, I'd love for the OP to post again about how he handled this F150 finance debacle...
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