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Don't know what to do

Ok so I have a 2006 buick rendezvous. My extended warranty just ran out sept 21. we still owe $11,000 on the car, with $630 a month payments. Literally I picked up my car from the dealership from having a transmission problem fixed 2 days ago which thankfully was still under the warranty because we took it in before the warranty ran out. Driving the kids to school today, the service engine light came on. I called onstar, they ran a diagnostic, and said my emissions system is completely not working and I need to have it fixed within the week. I have NO $$ to fix it. We had been previously discussing selling the car for what we owe on it and just getting a cheaper dependable used car because the rendezvous breaks down majorly every couple months. However, with a foreclosure on our credit from 3 years ago, we can't get another car loan. Is it worth it to go through those "low credit/no credit" places? What would you do?


Asked by AprilDJC at 12:26 PM on Oct. 6, 2010 in Money & Work

Level 20 (8,524 Credits)
This question is closed.
Answers (9)
  • I have never been in your shoes but selling it for what you owe on it sounds like the best way to go. As far as buying a car through one of the no credit needed places I would imagine that you would be paying an extremely high interest rate. They are kind of setting you up for failure. Perhaps sell it and save up a bit of cash and then buy a very cheap used car. Then continue putting away the money that you are using for car payment until you get an amount for a better used car.

    Answer by Melbornj at 12:29 PM on Oct. 6, 2010

  • If you owe 11K or close to it, and think you can get that if you sell it, you should do that, then use the money to pay CASH for a reliable used vehicle. That will be much better than getting saddled with payments and interest again, which is like flushing money down the drain, and it sounds like you're on a pretty tight budget right now.

    Answer by vicesix at 12:31 PM on Oct. 6, 2010

  • First, check with Kelly Blue Book to find out what you can get for it. My loaded Rendezvous, also a 2006, was worth about $6,000 when I recently traded it in. (I had so many problems with that thing after 4 years, it was ridiculous, everything broke at once!! I had a lot of miles on it as well.) I know that a private sale may get more money, but they do not hold their value very well.

    Be very careful of the bad/no credit places. The interest rates are really, really high, and some have really tough rules regarding late payments (as in, your car can be repossessed after 10 days late sort of thing.)

    I would try to nurse this one along, at least until you are sure you can break even on selling it. They are nice trucks, when they are running correctly.

    Answer by Scuba at 12:35 PM on Oct. 6, 2010

  • My only problem with paying cash for a used car is that I have to have a car to get my kids to and from school every day, it's 20 miles a day or more of driving for me because they don't offer buses for them. So, yes I could save for 3 months to buy a car for $2000, but I couldn't get them to and from school which is an issue for me. I would need a car the same day I sold mine basically :(

    Comment by AprilDJC (original poster) at 12:35 PM on Oct. 6, 2010

  • Yes mine is fully loaded, cxl, with the nav system, dvd system, rear parking assist, pretty much every extra we could get on it, we did. It's been a horrible car for us. The transmission went out before 30,000 miles and had to be replaced, the rack and pinion steering was replaced at 25,000 miles, it's literally been in the shop 3--4 times a year and we have kept up the recommended maintenance on it too which sucks. It has only 60,000 miles on it and now the emission system is out :( I have a feeling the car will cost more to keep it just in repairs then it would if we were to sell it. Ours the KBB in fair condition said that it was at $11,000 for private party value.

    Comment by AprilDJC (original poster) at 12:39 PM on Oct. 6, 2010

  • Ok I just looked it up on It would be rated in "fair" condition because it does need some work obviously, and there are 2 rock chips in the windshield that would need to be repaired/replaced. So I looked at trade-in value, and it's $10,025 in fair condition. The private party value in Fair condition is $12,565. I've never done a trade in, do you know if they give you the KBB value or a lot less?

    Comment by AprilDJC (original poster) at 12:53 PM on Oct. 6, 2010

  • It depends on how much they're going to make off of you on the car you purchase. It's all about the bottom line on the whole transaction for the dealer. But you may not be happy with what offer you get from ANY lot. My DH and I took a used work van to Carmax a few years ago (they have the whole "we'll buy your car even if you don't buy ours" thing) and it was a total rip. We got just a little over half the amount that the vehicle was valued at.

    Answer by vicesix at 12:58 PM on Oct. 6, 2010

  • That's a tough question, as I have been in that position more times than I can remember. I do have one event that stands out in my mind though. I was having issues with a vehicle, which I had paid cash for. I called around to dealerships and explained my situation, telling them I needed something of equal trade, but something that ran well, as I wasn't concerned about appearances. I finally found a small, local dealer who said he had something for me. It was an older looking car, versus my SUV, but it got me where I needed to go for about two years!!

    Answer by m-avi at 2:37 PM on Oct. 6, 2010

  • You should sell if you can. With a $630 payment you can rent a car for less until you can save for a new one. I have an 11K car and my payment is under 200. Make sure you are not signing up for a high interest loan. Dealerships make alot of money to get you to sign up for a high interest rate. One tried to sign me up for 18% I called my bank and they never called. I got it for 6%. Be careful at the car dealers.

    Hope things work out.

    Answer by partiesbyjan at 2:43 PM on Oct. 6, 2010