Omg...Soooooo Mad Right Now!!!

[dEHmom]

Not worth ruining your credit hun!

I'm not sure of the laws down there, can you not sell the car privately for ummm I don't know how much but enough to help you out, but not too much that people won't be willing to buy it? I'm just throwing a number out there, like $1000. Then you take your 1000 you made, plus 700 you have, and buy a cheap used car to get you by until you are done paying off that car?

We usually buy a cheap 1000 dollar car/truck for my husband to drive. They last him until he gets bored of it. Honestly, he's hard on vehicles, pretty handy with them, and if he pays 1000 for it, and puts 3000 into it within 3 yrs, he's still only spent 4000 right? better than a vehicle loan. For him. For me I needed something that I won't have to boost in the mornings or go outside to start in the cold so I got a buick terraza .

[Stacy214]

Now is probably a good time to let it go and trade...I know my friend did this (sort of the same situation your in) and they called it an "upside down loan" I'm sorry don't know the details however she ended up only paying like $30 more, got a brand new car plus her credit was saved (she also had a better interest rate)....I think in the long run you would end up saving on the repairs, better gas mileage and the money and hassle of using days from work.

[laundrymom]

This stupid stratus was $20,000 and we still owe $9000 and we've put about $6000 worth of work into it...

that explains alot. ugh, I dont know of anyone who had a stratus that didnt cause fits, is it under any recalls? (and I live in the town with 3 chrysler FACTORIES!!!!!) we have lots of dodge chrysler vehicles here.

[dEHmom]

are the roads icy there? is there a tree near your driveway? are you in whiteouts right now like we are? JK! settle down everyone i'm joking.

[MommyMuffin]

My hubby works for that company and when he has ppl in his shop who r on a really tight budget he tells them what the most important thing u need to have done..like for safety n stuff.
I kno you probably arent still there but I'd just be like look...what is most important

[dEHmom]

My hubby works for that company and when he has ppl in his shop who r on a really tight budget he tells them what the most important thing u need to have done..like for safety n stuff.
I kno you probably arent still there but I'd just be like look...what is most important

yeah most shops will tell you this is what needs to be done, this is what you need to do NOW.

I am glad hubby is mechanically inclined, because i dont' trust garages. they could tell me my engine was about to explode, and i wouldn't know better. plus i think they mess with things, so they are fine when you're there but you have to bring it back within a month.

[MyAngels]

Don't do a "voluntary repo" on your car. They will sell it at auction for pennies on the dollar in comparison to what you could get if you sold it yourself. If you really want to let the car go and pay the difference you should call your lender and discuss any options that they may have. They may release the title for less than the balance due and refinance the remaining balance into a personal loan. You could also determine the value of the car vs. what you owe and take out a personal loan for the difference from your bank if the car lender won't work with you.

If you do turn the car back in it will affect your credit tremendously, which will have a trickle down effect on those credit cards you have. In today's lending environment any black mark on your credit is noted by other lenders. Many credit card companies will use that as an excuse to lower your credit limits to your existing balance owed, raise your interest rates through the roof or cancel the credit lines altogether.

[SandeeAR]

Don't do a "voluntary repo" on your car. They will sell it at auction for pennies on the dollar in comparison to what you could get if you sold it yourself. If you really want to let the car go and pay the difference you should call your lender and discuss any options that they may have. They may release the title for less than the balance due and refinance the remaining balance into a personal loan. You could also determine the value of the car vs. what you owe and take out a personal loan for the difference from your bank if the car lender won't work with you.

If you do turn the car back in it will affect your credit tremendously, which will have a trickle down effect on those credit cards you have. In today's lending environment any black mark on your credit is noted by other lenders. Many credit card companies will use that as an excuse to lower your credit limits to your existing balance owed, raise your interest rates through the roof or cancel the credit lines altogether.

Plus with that trickle down effect, if you have not been using those cards, they may cancel them altogether.

[cillybean83]

i thought I couldn't sell the car without the title. Do you think they would release the title to me so I could sell? I wonder how much that would cost?

[marniewon]

Not worth ruining your credit hun!

I'm not sure of the laws down there, can you not sell the car privately for ummm I don't know how much but enough to help you out, but not too much that people won't be willing to buy it? I'm just throwing a number out there, like $1000. Then you take your 1000 you made, plus 700 you have, and buy a cheap used car to get you by until you are done paying off that car?

We usually buy a cheap 1000 dollar car/truck for my husband to drive. They last him until he gets bored of it. Honestly, he's hard on vehicles, pretty handy with them, and if he pays 1000 for it, and puts 3000 into it within 3 yrs, he's still only spent 4000 right? better than a vehicle loan. For him. For me I needed something that I won't have to boost in the mornings or go outside to start in the cold so I got a buick terraza .

She said she still owes $9000 on it - no way would she get get that much out of it (plus extra to buy a new one) with as much work as it needs. In order to transfer the title, the bank loan would need to be paid.

[Little People]

cillybean, also if you do the repo and with the black marks on your credit report, your insurance can go up really high or they may even cancel you. And also as a couple of others said, your credit cards can be lowered or canceled. In this day and age it is horrible how a person is judged if they make a mistake and get a black mark and every credit card company, insurance company or bank thinks you are a bad risk.

Is there anyway you think you could salavage the car for a couple more years? If not your only other best option would be to trade it in and take your loss. But that would be another 9k on top of another loan

[marniewon]

yeah most shops will tell you this is what needs to be done, this is what you need to do NOW.

I am glad hubby is mechanically inclined, because i dont' trust garages. they could tell me my engine was about to explode, and i wouldn't know better. plus i think they mess with things, so they are fine when you're there but you have to bring it back within a month.

I don't either. When I first got my van (last year) it was supposed to have a 70 point inspection done on it, and a 6 month warranty. That stupid van was in the shop more than it was out for the first 3 months. And it really wasn't that the van is a POS or anything, it was the garage. Apparently since it was warranty work (for their sister company) they didn't feel the need to listen to me or look to see what was wrong. Well, one of the times they had it in the shop, the manager calls me to tell me that my shocks are shot, in fact the whole system was shot and it could fall off at any time!! Of course, then he told me that wasn't covered under the warranty. Well, I called the place where I got it and argued my case (it sure as heck IS under warranty, it's a major safety issue - the shocks/struts go it could wipe out my steering!). So, place where I got it okayed the work, and when I talked to manager of the shop to set it up to get them fixed, he all of the sudden was backpedaling and telling me that they weren't all that bad. And this was after they had had the van to fix the rack and pinion steering, the week before. So....when they had it torn apart, the shocks weren't bad enough to even worry about or notice, then the next week they were "falling off the van", and 30 minutes after that they were "not that bad". You tell me they weren't trying to scam money off me! I am soooo blessed to have a very mechanical husband! He does almost all the work on our vehicles and saves us a ton of money!

[cillybean83]

the only way the car would be usable until the loan was paid off (27 more months) would be if I did this work ($1200) plus installing a new engine ($4000-$7000) so we're looking at spending $5200-$8200 on just getting the car to work until we pay another $9000 off...

I don't know what to do I really feel like it comes down to ruining my credit or blowing through all of my savings over a car that will die anyway, and then having nothing to fall back on for REAL emergencies....


i kinda wish I already had bad credit..then it would'nt bother me so bad!

[juliebug]

ahhh so sorry! looks like it would just be better to get a diffrent car!

[SandeeAR]

Since the the house has no mortage.....have you considering get a small home equity loan and paying off the car? That interest rate should be low.