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Car issues

Posted by on Aug. 7, 2010 at 2:44 PM
  • 11 Replies

What on earth do you do when you owe more on a car than it's worth AND the car has gone to crap?? My car has decided to just crap itself and of course it has to do with the electrical system. So between us all ready being in the red with this car and the amount it will take to fix it...we're screwed. Is there anything that can even BE done??

by on Aug. 7, 2010 at 2:44 PM
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Replies (1-10):
dosthepost
by on Aug. 7, 2010 at 2:47 PM

We ended up trading for a new car, b/c with the upside down equity it was our only financable option (since banks will only finance 120% of the worth of the car, and new cars always have cash back and rebates, it evened out for us).

erinsmom1964
by Gold Member on Aug. 7, 2010 at 2:48 PM

What exactly are you looking for?  A way to make that car someone else's problem?  You bought it.  The only person whos problem it is is yours???  What are you hoping you can just give it back and be absolved of the debt?  I guess you can file bankruptcy and make the company who loaned you money eat it.

Jaidamom03
by on Aug. 7, 2010 at 2:52 PM
I have the same problem with my car. I just sucked it up and fixed it. I just dropped 1500 in my car in 2 months. I know there is more to do. I am currently upside down 3000 in that car. Unless you can afford to up your car payment a Couple hundred dollars a month I would say fix it.
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chaoticmonkey2
by on Aug. 7, 2010 at 2:56 PM

If you can afford a car payment for a new vehicle, there are many dealers out there right now offering fantastic trade in deals. I know in my local area (central florida) there are dealers offering 5 grand over trade in value of any vehicle towards a new vehicle. It is possible to get out of a vehicle you are upside down in BUT, you will pay for it one way or another. Unless, you file for bankruptcy like previous poster said ?

dosthepost
by on Aug. 7, 2010 at 2:59 PM


Quoting chaoticmonkey2:

If you can afford a car payment for a new vehicle, there are many dealers out there right now offering fantastic trade in deals. I know in my local area (central florida) there are dealers offering 5 grand over trade in value of any vehicle towards a new vehicle. It is possible to get out of a vehicle you are upside down in BUT, you will pay for it one way or another. Unless, you file for bankruptcy like previous poster said ?

yep. 

               

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xElizabethx
by on Aug. 7, 2010 at 3:42 PM

 

Quoting erinsmom1964:

What exactly are you looking for?  A way to make that car someone else's problem?  You bought it.  The only person whos problem it is is yours???  What are you hoping you can just give it back and be absolved of the debt?  I guess you can file bankruptcy and make the company who loaned you money eat it.

I wasn't looking to make it someone else's problem! Gosh! Sorry I wasn't more clear. I was upset when I wrote the post because my car wouldn't start once again, after thousands of dollars in mechanic work, and I needed to be somewhere. I was looking for the advice dosthepost, jaidamom03, and chaoticmonkey2 gave me.

xElizabethx
by on Aug. 7, 2010 at 3:44 PM

Dosthepost, jaidamom03, and chaoticmonkey2: Thanks for the advice. I've never traded a car in and the one I currently own is the only one I've ever purchased with financing. This stuff freaks me out. It's so much money!! I think I'm going to look around and see if there are any good deals locally for trade in. I wouldn't trade in a bad car and not say anything....so I'm not sure how much luck I'll have in finding someone who will take it. LOL If I can't trade it in, I'll just continue to suck it up and fix it. Thanks for the advice!

dosthepost
by on Aug. 7, 2010 at 3:53 PM

Fair warning, your payment WILL go up unless you get a super deal on a cheap car (like a Kia)... but I'd rather pay for a car thats worth it than put my kids in one that might leave us stranded :)

Quoting xElizabethx:

Dosthepost, jaidamom03, and chaoticmonkey2: Thanks for the advice. I've never traded a car in and the one I currently own is the only one I've ever purchased with financing. This stuff freaks me out. It's so much money!! I think I'm going to look around and see if there are any good deals locally for trade in. I wouldn't trade in a bad car and not say anything....so I'm not sure how much luck I'll have in finding someone who will take it. LOL If I can't trade it in, I'll just continue to suck it up and fix it. Thanks for the advice!


               

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mommawombat
by on Aug. 7, 2010 at 4:07 PM

 But the value of KIAs drop like a lead ballon when you drive it off the lot. I owe 3 times the value of my van. I pray everyday someone will hit and total it so their insurance will pay it off. LOL. of course without my kids and where I can walk away without an injury.

Dodge Neons and Ford Focuses are the way to go. They are cheap and they hold their value longer

Quoting dosthepost:

Fair warning, your payment WILL go up unless you get a super deal on a cheap car (like a Kia)... but I'd rather pay for a car thats worth it than put my kids in one that might leave us stranded :)

Quoting xElizabethx:

Dosthepost, jaidamom03, and chaoticmonkey2: Thanks for the advice. I've never traded a car in and the one I currently own is the only one I've ever purchased with financing. This stuff freaks me out. It's so much money!! I think I'm going to look around and see if there are any good deals locally for trade in. I wouldn't trade in a bad car and not say anything....so I'm not sure how much luck I'll have in finding someone who will take it. LOL If I can't trade it in, I'll just continue to suck it up and fix it. Thanks for the advice!


 

chaoticmonkey2
by on Aug. 7, 2010 at 4:07 PM

When you trade in a car for a new one they could really care less about the problems it has. Most big dealers send your old car straight to the auction. They usually just look at it, check the mileage and vin and see if it starts. Well, this was the standard that was used every time I've traded in vehicles :-) Like I said look at all the larger dealers in your area. With the bad economy they are putting some good offers out there to try to bring in business.

Quoting xElizabethx:

Dosthepost, jaidamom03, and chaoticmonkey2: Thanks for the advice. I've never traded a car in and the one I currently own is the only one I've ever purchased with financing. This stuff freaks me out. It's so much money!! I think I'm going to look around and see if there are any good deals locally for trade in. I wouldn't trade in a bad car and not say anything....so I'm not sure how much luck I'll have in finding someone who will take it. LOL If I can't trade it in, I'll just continue to suck it up and fix it. Thanks for the advice!


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