They’re trying to unload their 2 year old SUV because they can no longer keep up with the payments on three cars. That’s right folks – they have three cars, all of them financed. I wasn’t sure consumers of this caliber still existed, but apparently Darwinism no longer applies to financial matters in this day and age.
However, now that they think “times are tough”, they appear to have seen the light.
They’ve tried selling this SUV for months without any luck. So they’ve dropped their price to roughly 50% of the original price (what a car dealer would give them on trade in) or looking for someone to simply take over their monthly payments.
Naturally, I have my doubts about taking over the car payments because common sense tells me that they may owe more on their loan than the SUV is worth. However, the bargain hunter in me started getting curious.
Don’t get me wrong, I feel bad for people who were negatively affected in the financial crisis and economic meltdown we’re experiencing.
But still, the writing on the wall wasn’t written in invisible ink. The family in question here isn’t exactly a model of frugality as you can plainly see. If anyone is this severely leveraged and just now identifying the problem, it’s difficult for me to hold back the tough love in this “Keeping Up with The Joneses” case study.
Moreover, I know them fairly well and I’m almost ashamed to say the husband sort of looks like Stanley Johnson from my favorite Lending Tree commercial. I particularly love the part of “How do I do it? I’m in debt up to my eyeballs! Somebody help me!”
Since they’re in need to liquidate their assets at discounted prices, it’s not hard for me to see why those who kept sound financial discipline to swoop in and buy their assets at substantial discounts.
It might take you some legwork and bargain hunting, but the deals are out there.
I’m sure there are tons of formerly hot items that are now selling for pennies on the dollar. If you found a bargain, and want to brag about how much you saved or you just want to help some other folks save a few bucks, drop us a comment below.
Photo by eschipul