[legion]

Guy at work went and bought a brand new GT3 in 2005. He saved for 15 years, then paid cash for it (around $150k).

No car payments.

There's no way these people can get out from under this car without taking a big haircut. There's no way someone else is going to pay more than the car is worth to save them.

And a 7.5% rate for a car loan isn't bad--especially considering they probably took a hit of a couple of points because of the loan amount.

I'm guessing that they rolled over a loan on another underwater loan on another ridiculous car to get hosed this bad. My sis-in-law buys a new car every six months--just rolls over the old car loan into the new one. At six months, no car is worth more than the loan balance.