Well long story short my car is becoming very unreliable and its fairly new. its a 2002 hyundai accent. The warranty is up and its becoming extrmely expensive to keep it running. I still owe more on the car than it is worth as far as a trade in and i have no extra money to put down on a new car. if i went to a dealer i would try to keep my payments below 250. the car is in my mothers name however i have a little credit and it is good so co-signing is an option. should i lease a car, buy one,keep fixing this one. i tried to sell it outright but i cant get what i owe for it.advice please.
2007-07-06 05:45:26 · 11 answers · asked by Adam 5 in Cars & Transportation ➔ Buying & Selling
You pretty much went through all of your options there. I would try to keep it running until you are no longer upside down on your loan. At that point you can sell it but you are still stuck with no money for a new car. A lease is an option, but might not work since you don't have great credit and probably don't fit the profile where it makes financial sense.
2007-07-06 05:48:30 · answer #1 · answered by Jay P 7 · 0⤊ 0⤋
You don't want to lease, so rule that out. You cannot afford to sell it yourself because you don't have enough money to pay off the loan after you sold it for a loss. The only option you have is to trade it for a newer car with your mother co-signing again. You will carry over the negative equity from this car, but it sounds like it would be worth it. If you go to a dealership, look at the cars that are the same make;ie, Nissan dealership, look at Nissan cars new or pre-owned with under 60k or less on the miles so they can certify those cars. With your present circumstance, your best option is going through a captive lender that will advance more on their own product. Hopefully you can find something within your range of payment.
Good luck!
2007-07-06 14:31:04 · answer #2 · answered by Oblivious 3 · 0⤊ 0⤋
If you have to sell it for less than what you owe, it may be your only option since it is unreliable. But you would need to disclose that to the new owners that you have had problems with it. This happened to my brother.
The only way to lower the payments would be to put more cash down and renegotiate the loan to lower the monthly payments so you can afford the warranty.
Buying a new car is not only expensive but also costs you more in insurance.
Buying a used car that is only a few years old (check cars for sale by rental agencies, some deals there) and has been maintained is a better deal. Your payments would be less, and your insurance would be less too. You need to shop around though and it takes time.
2007-07-06 12:55:39 · answer #3 · answered by queen_of_inkland 4 · 0⤊ 0⤋
You are at catch here with no credit value on your car now with owing more than it is worth!
Option go to car dealer and ask about trading your car in for one of lesser value on their lot BUT you need to re-finance the loan of the hyundai with the new vehicle purchase and try to keep loan with-in your specified range.
If you have good credit and the interest is low enough see if they carry a loan for 5 years if not you may have to bank direct with a personal loan.
2007-07-06 14:18:06 · answer #4 · answered by Injun 6 · 1⤊ 0⤋
You did not say why it is unreliable. Sounds like you need more money. Get a second job to pay off the car. That is where you are stuck---unless you weasel your mother to buy you a different car.
Did you say "co-sign". do not for the rest of your life ever co-sign for a loan. Not for everyone. You can trust me on that. You can take this advice to the bank.
If you co-sign on a loan my friend you I guarentee will be making the payments.
2007-07-06 13:09:54 · answer #5 · answered by Gerald 6 · 0⤊ 0⤋
you should only lease a car if your yearly mileage is really low. I would say borrow some money from a credit card and put a down payment on a car with your mom as a co-signer. I know that more debt is not what you need, but you'll be wasting your time putting more and more money into a car that just wastes it away.
2007-07-06 12:50:13 · answer #6 · answered by ambar1400 2 · 0⤊ 0⤋
If the car is a peice...just take the hit and sell it for what you can get and buy a used foreign car like a Toyota Corrolla. A lease will be a never ending payment.
2007-07-06 12:49:49 · answer #7 · answered by Anonymous · 0⤊ 0⤋
i wouldn't lease a car,because all that you pay on it basically is a waste,and keeping that one running right now may cost you more than its going to be worth in a few years,if it was me id buy a new one,(not lease one) leasing isn't a wise idea,most people now are beginning to realize this,and trying to get out of their leases,its harder to get out of a lease also,at least if you buying it ,someday it will be yours,id sell that one and get a newer one,that seems like your best option here on this one,good luck hope this helps.
2007-07-06 12:54:12 · answer #8 · answered by dodge man 7 · 0⤊ 0⤋
DO NOT LEASE A CAR. Your only option is to keep driving it and fixing it or sell it for a lose.
2007-07-06 12:53:59 · answer #9 · answered by mccoyblues 7 · 0⤊ 0⤋
you need to get yourself in a positive situation if you can get finaced without having to trade let the car you are upside down in go back to the bank make all your payments on your new car and the reposession wont mean much! if its not in your name then it wont hurt a bit!
2007-07-06 19:35:13 · answer #10 · answered by scotsells 2 · 0⤊ 0⤋