Is there a way OUT of an Auto Loan When my Car needs $4000 in Repairs?

Question

Ok here's the scoops: I own a Jetta that until recently ran fine. In the past 2 mos. it's been in the shop and I've paid over $2500 in repairs. Now it's basically busted again and the engine needs replacing which will cost $4000. I've had it checked out at several repair shops which all tell the same story. Also I still have $11,000 balance on my auto loan. Is there a feasible way to get out of my loan. I'm a college student and just can't pull strings to get another $4000 for more repairs !!!! Other notes:Since I'm in school I probably couldn't get another auto loan unless I quit school, AGAIN, so I have employment history, paychecks, etc.. Also I don't want a co-signer OR trade my piece of junk Jetta for another car. Basically I'm looking for way out of my loan. After this experience with my Jetta, riding public transportation has been an oasis !!

Answer 1

so sorry - you are on the hook

you can't sell the car for the balance - because of the repairs
and the only way to forfeit the loan is a repossession -
...then the finance company can sell it for what they want - AND
YOU GET TO PAY THE BALANCE AND STILL NOT HAVE THE CAR.(the balance between what you owed and their sales price)
((and they DO NOT care))

this is a no win situation - experience is expensive, just like education

you HAVE to take car of your vehicle - oil changes - good gas

and I did not win the lottery tonight - or I would pay it off and buy you a new one

best of luck

Answer 2

Sorry to hear it. Your fatal mistake was borrowing money on a car that was out of warranty. Never do that again...

One guy thinks you got the repair bill coz you didn't maintain the car... maybe, but VWs are notoriously unreliable, and expensive to fix because they're German. Might consider cutting your losses, don't fix it, pay off the loan, lessons learned.

If transit works for you, cool! Cars cost way too much... all the little gotcha's add up! $5000-8000 a year according to AAA. IRS says 48.5 cents a mile, yikes!

If you just gotta have a car, consider a modest, simple one you can fix yourself. You can get reliable cars for under $1000 now. Not cool, but not bankrupt either.

Answer 3

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RE:Is there a way OUT of an Auto Loan When my Car needs $4000 in Repairs?

Answer 4

Call around and see if you can find a used engine for it, they are less expensive. try some forgien auto shops and just ask if they know a source for a used engine. Maybe a 1K for the engine and 1500 to put it in,,that's 2500. best i can do for ya.

Answer 5

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