Can I trade in my car with a blown engine and an upside down loan?
So here's my dilemma... I blew the engine of my 2012 kia optima due to poor maintenance (went without oil for 32,000 miles) The car also has 65,000 miles on it, a damaged nose (destroyed it when i hit a ran over a tire on the road), and has 22,000 left for me to pay on it. The KBB values it at around 8,000 and I've been told by my dealership that a new engine would cost me between 7,000 to 11,000 dollars... and a new bumper around 3,000 to 5,000 dollars. Is it better for me to save up over 17,000 to repair a car that's apparently worth 8,000? Trade it in and hope for a loan on a used car that isn't over 500 dollars a month? Are there any other options that I haven't considered? I know I've screwed myself here >.< I really would like someone's advice on this. Thanks in advance.
I have a car with a blown engine and still owe the bank?
You're kind of out of luck. If you quit paying on the car they will come repo it and it will adversly affect you credit and cost you money in the future. You either need to get it fixed and drive it or junk it and roll the loan into a new one. No real good solutions. go to www.daveramsey.com
Paying on Car Loan with blown motor?
I had to consolidate a credit card and car loan in January. As luck would have it the motor blew in the car this week. The car is pledged as collateral on the overall loan but now is almost worthless. What options do I have. Should I tell the credit union about this? My credit is not good and I have no where to stow the car in the meantime. Any suggestions? Thanks
Can I trade in my car with a blown engine and money still owed on it?
I have a 2008 Dodge Charger SXT v6 3.5L with a blown engine. I haven t gotten it professionally checked out but before the engine went out, it had a loud knocking noise. It ran for a while but after a few days, it wouldn t start anymore. My mechanic said it was my engine. I didn t pay attention to on time oil changes because I was unaware how fast Chargers burn oil. I paid around $19,000 for the car with $4,000 down about 2 years ago & I now owe about $9,000 left on it which is over the KBB price when running. The car is worth about $3000-$5000 running. The car is flawless with no damage to it. It is in perfect condition minus the engine problem. What are my options? I can either sell it as a private sale as is & pay the difference to pay it off, keep the car & make the $500 payment even though it s not running, or save up for a replacement engine which I can t afford. Can someone help me with the best option? I really need a new car & I have bad credit with little money down. What can I do?
Upside Down car loan with a blown engine... Please Help!!!!?
I'm upside down owing around 12k for a 2002 Nissan Altima. I was just told that the engine ring are bad and that it will cost around $2500-3k to fix or to get a new engine. I have already replaced the entire exhaust system as well all of the recalls. My credit is bad but I'm sure there is worst out there. I need a reliable car and at the same time I do not want to get into a new loan. But I may have to. My major concern is that I refuse to pay another car note or spend 3k to fix it, and in return they reposes the car and I will have a repo on my credit that will prevent me to buy another car. Either way im still without a car. If there is anyone out there that can advise me on the best way to handle this situation I would truly appreciate it!
Can I trade in my car with a blown engine and negative equity?
You're going to have some problems here. The first problem is that the dealership is going to lowball the hell out of your trade, in fact they will likely give you an offer around $1–2k for this car in non-running condition. They will have to assume the worst and assume it needs a new engine, which will cost much more than $3k to replace in a 2008 WRX since that's probably on the low end of a very used engine. You have to understand there is a lot of risk here for the dealership and most of them don't want to deal with the hassle of fixing the car. You're much better off fixing the car and then selling it privately for more than $10k, which is likely possible for this car depending on the condition.So, will you be able to roll a large amount of negative equity into a lease? That question is very hard to answer based off the information provided. It depends on your credit, the amount rolled over, and the value of the car your leasing. It is possible to roll over negative equity into a lease, but all banks have strict limits on the amount that you're able to roll over. For some banks it's 10% the cost of the vehicle you're buying and some go up to 30%.Good luck!
I financed my car and it broke down..what are my options?
Hello, I recently financed a car in June 2013. Its now Jan 2014 and my engine is done! I took it to a mechanic and he said my engine oil pressure was low, and he thinks it may have been a crack somewhere in the engine that caused it to leak out, so basically i cant drive it. I got a 90 day warranty on the car, so i know if i take it back to the dealer there isnt anything i can do. I know the engine may cost alot of money to fix/replace. Is there anyway that the finance company can loan me money for car repairs? Can i hold the dealer responsible for selling me a faulty car? DO i have to still keep paying car payments/insurance on a car that doesnt run? I kept maintenance up on it (oil changes, etc). ANy advice will be helpful. Thanks!