I bought a 2003 Ford Focus almost 2 years ago and it didn't come with a warranty. Now I know that a used car is going to have some maintenance issues but I'm having to pay for repairs on this car quite frequently and I just can't afford to make the car payment, pay for insurance and pay for all the repairs. I've thought of just calling them and telling them I'm not going to pay for the car anymore so they can come and repo it. At the rate it breaks down the car isn't going to work at all long before I finish paying the loan which is in 3 years. Any recommendations or advise?
2007-10-14 04:50:19 · 9 answers · asked by Raven 3 in Cars & Transportation ➔ Buying & Selling
Well for starters, you took a note on a car without a warranty.
So, sending it back as a repo will only hurt youself further.
I reccomend calling in some favors to get the repairs done.
If you do not have any mechanical friends at this moment, go about making some...This might sound a bit odd, but at least you can get some honest advice instead of a headhunting shop....
Start taking it to Autozone to get it scanned when needed, The service is free, and the parts are generally cheaper at Autozone.
I've heard good things about the Focus, but any car can be a bum.
You can find mechanical minded people who are willing to work in trade on craigslist.org.
One last thought is that you can sell it or transfer the note to somebody who will take it, also on craigslist
2007-10-14 05:03:53 · answer #1 · answered by wi_saint 6 · 0⤊ 0⤋
Well, the Ford Focus is a low end model, and known for having issues. You've got yourself into a problem, but repo is not the way out. It will ruin your credit for years, and it simply isn't worth it. If you do the repo, yes, they'll take the car, but you are still responsible for the loan made, it doesn't go away because you returned the car, they auction the car, and apply the amount to your loan, you are still having to pay the balance. Very poor purchase, a five yr loan on a car that is already 4yrs old is insane. You're gonna have to hang in there, and do what you can to keep the car in running order. Letting the car go back isn't an option, you have to have a way to work, I assume. Live and learn!
2007-10-14 07:32:36 · answer #2 · answered by fisherwoman 6 · 0⤊ 0⤋
Letting them repo the car would be a real blow to your credit score. Why not just trade it in at a dealer for another used car? Chances of you getting another lemon from a reputible dealer is low. The dealer wont ask you how the car runs but it should be running when you try to trade it in.
2007-10-14 05:00:56 · answer #3 · answered by Diane M 7 · 0⤊ 0⤋
I would suggest trying to trade the car. If you let it be repoed that will not only hurt your credit but the finance company will auction the car and if they do not get the amount that you left oweing them,they will take you to court and sue you for the difference..And they will win their case because they have the signed documents stating that you owe them..
2007-10-14 07:48:22 · answer #4 · answered by Harley-HST 4 · 0⤊ 0⤋
If it runs, trade it in or sell it. Even if you end up loosing money on it. Dont destroy your credit. Next time buy a Toyota and consider this a lesson learned about the quality of N. American brands.
2007-10-14 05:35:51 · answer #5 · answered by cimra 7 · 0⤊ 0⤋
You can make payments if a lender says you can. You cant if they say you cant. You have to qualify to borrow money. That means good credit & a good job.
2016-05-22 10:22:03 · answer #6 · answered by ? 3 · 0⤊ 0⤋
you contracted to purchase the auto without warranty. Pay for it or let it be reposed and wreck your credit rating.
2007-10-14 05:00:19 · answer #7 · answered by Jan Luv 7 · 1⤊ 0⤋
ONCE YOU GET IT RUNNING AND ALL SEEMS TO BE WORKING TRY AND SELL IT OUTRIGHT "AS-IS".
WHATEVER YOU DO, DON'T LET IT GET REPOSED, YOU WILL BE PAYING FOR THIS VEHICLE EVEN AFTER THE REPO AND YOU CREDIT WILL BE RUINED.
2007-10-15 04:18:09 · answer #8 · answered by Anonymous · 0⤊ 0⤋
i'd trade it in when it isn't totally broken...
also, you can check out your lemon law for your state. i am not sure if it is just for new cars, but doesn't hurt to check it out.
2007-10-14 08:11:27 · answer #9 · answered by Tonnie 1 · 0⤊ 0⤋