breakerfalls

I still owe $9000 on on my 1995 4Runner. I bought it about a year ago for just under $7000 but I had the negative equity from my 99 Elantra added to the cost of the loan.

I'd guess that my 4Runner might be worth about $4500 if I sold it outright, which is kinda depressing considering I owe twice as much as it's worth.

I'm starting to wish I had just stuck with the crappy elantra ntil now, then I'd be in position to get a 3rd gen 4Runner or maybe a SR5 Tacoma 4x4 like I was originally looking for.

Is there anyone else who is in the same position as I?

-Keith

bitchaaz

Nope, not me..Payed off my Runner 2 months ago and now I'm working on paying the rest of my 4 grand balance on my Taco.
Man, it feels good to not be in an upside down position...

jtrent

I'm a little upside-down on my Tacoma. I traded my '00 Runner and my '97 Cobra (owed $33k and they allowed $31k in trade) and financed $21k on the Tacoma ($19k plus the $2k in negative equity from my trades). I figure the Tacoma is worth $16k if I sold her right now, so I'm about $4k upside-down myself.

On a side note though, I don't feel bad about it, because I got an unbelievable interest rate. I got 4.05% for 60-months on a used vehicle, so my payments are about $375 a month vs. the $725 a month on the other two vehicles (at 7.00%).

mt_goat

It always amazes me that car dealers advertise buying a new car as a solution to negative equity. Friends, buying another car does not help get you out of upside down loans. It only makes it worse.

flecker

I own everything outright... and will never make payments on another one, that's just me though I understand having to get a new/ new to you vehicle... I just don't understand getting reamed for one.

bitchaaz

You know, if I may add something else...
My brother has a '98 runner at 550/mth w/ 136,000 miles, and he owes about 17k. The most a dealer would give him was 11 grand for it and they had 98's sittting on the lot for no less than 18 grand.

The thing is, I think its too much a a monthly payment for him and it's ashamed when people have to work 40 hrs a week just so they can make their monthly bills..

breakerfalls

I can't say my 4Runner was a mistake, I absolutely love it and am totally content with it. But on the other hand I let my hatred for my previous car blind me into rushing into a decision just because I found something that I liked instead of waiting to really think about things. I couldn't decided one a 4Runner or a Tacoma, and when a 4Runner presented itself I took it rather than thinking more and researching things. I knew the negative equity was going to put me upsidedown alot, but I don't really regret it. I was just shocked to see how much I still owe after a year, looks like I've been paying all my interest up front.

I'll keep my 4Runner until I graduate from college. I'll be done in about 2 years, and by then I'll hopefully get a descent job and as a present for myself I'll get me a shiny new toy (pun intended)!

-Keith

instntset

I am in the same exact postition as you Keith. I hastily traded in my POS Dodge for the 4Runner because I loved the Runner. I bought the 4Runner 2 1/2 years ago and was trying to decide between it and the taco. After warranty(that I never used) and some rollover from the Dodge that was not paid off I financed quite a hefty sum and at 6 years!!!! I wish I had taken my time but my hatred for my vehicle as well made me want to get rid of it bad.

Let me put it to you this way. If I had waited two more years and purchased I would be into a 99 or newer for what I ended up financing my 95 for and I kick myself all the time for it!:cry:

amusement

I was upside down on my ol'Tacoma. Was making $595 USD a month payments. Financed for 60 months (I think) @ 23.95%.

Bad credit was my problem and a carried over some debt from a 93 Nissan PU. It took four years to pay it off.

Cash is the best unless it's an emergency. Keep your vehicle till the wheels fall off. Then donate it to a charity after paying it off.

Take the donation recept and use it as a tax deduction.

Toy good ... Hyundai bad

Keep the Toy and look foward to paying off and stop watching those new car commerials and car show promotions. They're just going to suck you in.

Newer sometimes isn't better. So says Toyota 4runners and PU's with straight axels.

toy283

Not me, paid off the pickup 15½ years ago. Paid the 4Runner in cash. Have no intentions on buying anything anytime soon. Good not to have that debt.

Cebby

I liked not having a payment when the Runner was paid off and I had a company vehicle. Now I have a 2000 JGC and don't think I'm upside down - probably break even. I'd love to sell it outright and get a nice southern 85 Runner or even an FJ60-62. My 93 certainly isn't going anywhere. I've really grown to appreciate the old iron!!

kraegelb

I've had my 2000 Runner for about 2mo's now and I wish I had gotten it sooner! I had my 94 S10 Blazer for about 3 yrs in college and paid $143/mo on it. When I got out I got the bug to get a new (used) 4Runner Highlander and with the Blazer starting to nickel/dime me w/ 125K and about $500 left to pay I traded it in, got my loan paid off, $2300 for the trade in bargained down from $21,900 to $19,000 on the used price of my 2000 and now I'm paying $325/mo.

So..I guess I'm not REALLY upside down, just sorta leaning a little more...?

MTL_4runner

I pay everything as fast as possible solely because I hate the feeling of having to owe someone. My 4Runner is finally paid completely, but when I first got it back in 1998 (bought it used for 23.5K!!!.....it is a 1996) it was quite a sum of money for someone that had just graduated college. The sad part was all I could borrow at the time (because I had just started my job) was 15K and I put 3.5K down in cash. So I had to find another 5K from somewhere.....so I borrowed from my parents who proceeded to charge me 10% interest!!!!!!!! They made 1K off of me because I needed the money but hey, when you need it, you pay. Looking back I do find it a bit cruel but such is life.

Anyway, I feel for you guys that are upside down but just be patient about paying it off and live within your means. I see so many who are leading extravagant lifestyles without the income to back it up. If you are upside down, cut back on other areas if you can to help you pay it back faster. When you finally do get it paid off be more diligent about your next purchase.

Another tip: Remember that cars lose their value in steps. I buy my cars 2-3 years old because that is when they have taken a heavy hit from their retail value. The next big drop does not come until about 7 years into the car's life. If you buy a Toyota, buying used is not a big deal since the quality is so high. Think of owning a car as minimizing your losses since any car is a wasting asset NOT an investment (unless you are dealing in classic cars but that is a whole different all game alltogether).

dirk diggler

parents charged you interest? that hurts. i have a 97, which i bought in 99 for 20k. was hurting about 2 years ago (damn gambling debts) and was going to sell my rig. i still owed 9k, the dealer said he's give me 10k, so basically i'd get a 1000$ after paying 4 years of payments. gave him the finger and stopped gambling, just paid off my rig last month, so there is a light at the end of the tunnel. -dd

bobzemuda

I owed about 3k on my 95 4Runner when I traded it in in october for my 2000. Got them to give me 5500 for it.

The 95 had a large dent I'd pressed out a bit by hand from getting hit as well as cleaning all the grip and rust off. It also had a bad clutch and a trasmission going bad to the point that I couldn't put the car into gear without A)grinding and B) when it was cold I couldn't put it in first from a cold start. I also needed new cv boots and a few other miscellaneous parts. To keep it, rebuild the transmission, fix the dent, and make the needed repairs was going to cost $3000-4000, and I had a check in my hand for $1000 to repair the dent. All that, and some areas of my truck were starting to rust pretty bad.

So I made the decision with my wife to look for a new car. Found the only manual 4runner in town then went home and buffed the absolute crap out of my 95 to make it as presentable as possible. Drove that baby around for an hour and half so that it was shifting pretty good, and traded it in. I agreed to pay the 21,500 they were asking if they'd give me 5500 for my car which they agreed to. So I got 2500 towards the price, and they rolled the other 3 of my existing loan into this one. Now the kicker is that they got me with 6% on a used vehicle. I really should have looked into a non Toyota Financial loan, but my car was really driving poorly when we traded it in, and I didn't feel like it was ever going to shift properly to bamboozle any other dealer at a later date.

I'm at $347 a month over 5. Higher than I wanted to be, but my wife and I try to live below our means as much as possible when it comes to cars, houses, etc. so it's not even remotely a problem at all.

PoBoy

Ever think about trading it in to Ford, GM, Chrysler and scoring 0% interest. They are all pretty antsy to sell cars...may pick up a good amount of the balance you have left. You can pick up a decent Ford Ranger for $12k ~ $2.5k a year. I know its a Ranger, but you dont want to destroy your credit...that will take LOTS of time to fix. Plus you're pretty young and dont have much credit to start with.

bbarggren

For those of you in upside down loans and other bad debt situations...

Buy the book "Financial Peace" written by Dave Ramsey. Aside from one SMALL part of the book where he gets kinda god preachy (I skipped that chapter), he has excellent advice on how to get debt out of your life. He has a great theory on buying cars, too. I read his book, followed his advice, and it changed my life. The only debt I have is my mortgage.

BB

Roadtripr

I got my 4runner last year and put whatever extra cash I have towards it every month. It should be paid off i a few months. I always try to get rid of carloans as fast as I can.
C

fishenman

Don't feel too bad.At least you have the 3.4 and it is a toyota. I paid sticker price (they threw in the bedliner and cd player). $28,400 plus tax licensce ex warranty and a alarm. After 60 payments plus my down, mt T100 cost me over $43,0000.00 I get SICK when I think about it but its paid for now. 2 years into it I was so upside-down it was'nt even funny. Now I have my truck that will last forever. Yeah I prolly paid 45% more than necessary but.WTF..........what's done is done. Count your blessings that your not in this situation with a s-10 or a ranger.You have a rig that will outlast any fugged-up deal.

Lurch

Take heart ... better to be upside down figuratively than literally ...

Like this: http://home.mho.net/toy283/slaughterhouse01e.htm



Toy283, I'm impressed! You have some great photos on your website, buddy.

I know it's somewhat off-topic, but even if you're "upside down" in your financial matters, looking at Toy283's pics will cheer you up!

You've got cajones, man ...