The value has gone down, you can't sell it because you owe more on it than what you can sell it for. You can't trade it in on a higher mileage car/truck
for the same reason. Same thing as the housing crunch, the mortgage
balance is more that what the house is worth.
Yep, I have a friend in the exact situation. She wants to get rid of her Dodge Durango, and they offered her NOTHING. I think a lot of people are going to be in this situation.
New member Mark Ontkush:
There are about 80 million Americans who rely on SUVs, trucks, and vans; with little trade-in value and maybe car payments, its may be tough to swap out right now. Frankly, I see this as a pretty serious issue.
Let me suggest this - you can do it! If you either (a) cut your mileage in half or (b) get a paying customer for each and every trip, you can make your SUV purchase work for you. It may seen like you have only lemons, but you can still make lemonade.
Anyone out there caught in this position??? Have an SUV that is now costing you a fortune to fill up? What are your plans?