Am i up a creek w/o a paddle or is there hope?Ok heres my situation, last saturday i just signed up for a seven month lease and yesterday i got in a accident that messed up my car really bad, bad enough that it might cost less to get another car.My problem is that i only bring in about 1200 to 1350 a month! What can i do to get back on my feet? is there any type of loan or something i can get thats not going to screw me financialy forever?has anyone been in the same situation?Should i fix the car or get another, its a mazda 626 94' w/ 177,000 miles on it.
2007-09-10 07:39:27 · 6 answers · asked by Anonymous in Cars & Transportation ➔ Buying & Selling
The Lease was too a apartment. And the car was bought off a owner, not leased.I was driving down hill in rainy weather and hydroplaned into a concrete drainage ditch.The only insurance i have is liability, but i dont think that covers accidents,w/ yourself
2007-09-10 08:20:32 · update #1
Is your car drivable and can it be safely driven?
If it is you can postpone the repairs until you're able to handle them better. You might also see if it's possible to get along without a car.
From what you are saying it is probably not worth repairing your car, unless it's a relatively easy fix.
I would stay away from loans if you can. Most of the time you are trading one problem for another.
2007-09-10 07:48:02 · answer #1 · answered by Warren D 7 · 0⤊ 0⤋
OK, so the lease was for an apartment, right, not the 13 year old Mazda. Of course you don't say how much the rent is. hopefully it's no more than 40%-50% of your take home pay.
You wrecked a 13 year old Mazda with 144,000 miles on it. Even if you carried full coverage insurance, (which is probably not the case) you wont get enough $$ out of the insurance policy to replace this car. This car is probably a total write off loss for you.
If you can save (or have on hand) $2500 in cash, just go buy another car. If you don't have enough cash to buy a good used car, you are going to need to borrow a small amount of money and buy a decent used car in the $4000 - $6000 price range. If you have a steady job and can show some stability you should qualify for a loan at a local Credit Union. But stay small and stay short term. A $5000 loan for 3 years will only cost you about $175.00 a month. You should be able to afford that.
2007-09-10 15:07:40 · answer #2 · answered by mccoyblues 7 · 0⤊ 0⤋
You signed up for 7 month lease of what? The car? Something else?
You got into an accident. Were you at fault? If so, do you have collision coverage? If so, you can collect on that, less your deductible.
Was it not your fault? Then the person at fault will pay for the fix, or the worth of your vehicle, whichever would be least. With a vehicle that old and that many miles, it wouldn't take much damage to total it.
Have you talked to your insurance? What are they advising?
What does the police report say as far as who was at fault, and who their insurance company is?
2007-09-10 14:47:44 · answer #3 · answered by oklatom 7 · 0⤊ 0⤋
Weren't you required to have full coverage since the car was financed/ leased? If so have your insurance company pay the bill. If you have a lease the only way to get "out of it" is to buy the car from the lease company and then sell it privately. But if the car is damaged a lot and you dont have insurance then you are outta luck.
2007-09-10 14:48:28 · answer #4 · answered by Chris G 1 · 0⤊ 0⤋
Don't you have insurance? They are supposed to take care of it and if you have a leased vehicle I'd think it would be required to have atleast liablility insurance if not full coverage although most full coverage you have a co-pay of 250-500 dollars
2007-09-10 14:45:17 · answer #5 · answered by ja man 5 · 1⤊ 0⤋
who leases a car with 177,000 miles on it...give it back ...and buy a car
2007-09-10 14:46:21 · answer #6 · answered by Anonymous · 0⤊ 0⤋