$12,000 negative equity

Wow! Just had a customer in the dealership that owes $22,000 on a $10,000 car. Apparently he didn't come to this site prior to purchasing. When he bought the car (at another dealership) and asked how long he had to make payments, the dealer should of told him until it's paid for, because he's going to own that thing until he makes his last payment.

Poor guy! I actually do feel bad for him, because he's got another kid on the way and needs a larger vehicle.

The difference between people like you reading this and him, is education. Had he educated himself prior to buying that vehicle he wouldn't be in anywhere near as bad a situation as he is now. I wonder if he bought at one of those big liquidation car dealer sales events that I'm so fond of! Read Car Buying Tip #2 - Stay Away From Car Dealer Big Sales Events, for more info.
In the mean time...

Take care and beware,
J the Car Guy