Tips on Buying Cars: upside note, glenda, upside down

Question
what is an upside down note.

Answer
Hi Glenda: An upside down note, or "being upside down" is a term used when the balance or payoff amount on your car note is higher than the value of the vehicle. For example if your payoff on your car is 15,000 and it is valued at 12,000, you are 3,000 dollars "upside down". ---Jim.