Well , I bought a car 1 year ago ( 2001 Audi A4 quatro turbo ) for which I'm paying 435 $ montly x 48 months . Almost immediatly it started breaking down on me , after 3 repairs I just stopped driving it , since I have my old car ; so for 6 months I was driving my old car. I got a little tired driving old nissan maxima , so I went back to Audi , on the second day going to work poor car started making really loud noise and I noticed oil leaking from underneath of the car.
So , now I'm oficially through paying for the car that I dont drive and that breaks down all the time.
Thats where my problem comes in : how do I get rid of it w/o hurting my credit history ? I asked about lemon law , but unfortunately it applyes only to new cars . If you guys know some way to help me , I would really apreciate that . Thanks .
2007-11-25 06:32:47 · 6 answers · asked by Anonymous in Cars & Transportation ➔ Insurance & Registration
You need to find out what the payoff is for the remainder of the loan. I expect you will need to pay it down to be able to get rid of the Audi. Other than letting them repo it, I don't see any other options, and if it gets repo'd your credit suffers (as you mentioned already). It's too bad you didn't get it checked by a mechanic prior to buying it. Good luck. And to MotaMouth....Try drumming up business elsewhere. This isn't the place to solicit for your own gain.
2007-11-25 06:46:46 · answer #1 · answered by Otto 7 · 0⤊ 0⤋
Sell it or trade it in and eat the loss. After all, you don't want to continue paying $435/mo for a car you can't even drive!
It won't do anything to your credit to sell or trade the car, just make sure you can cover the difference between what you get for the car and what you owe on it. You may end up having to tack the difference onto the next car you purchase, but at least you'll actually be able to DRIVE the next car.
You could even trade your old Maxima in with the Audi to offset some of the value you've lost on the Audi.
2007-11-25 06:44:30 · answer #2 · answered by Ben Linus 6 · 0⤊ 0⤋
Don't ruin your credit over this car!
The best thing to do is to sell it yourself with FULL DISCLOSURE of the problems that it is having.
Why would you want to do that? Well, if you sell it yourself you can get more for it than if you traded it in and a lot of people are actually looking for For Sale By Owner cars that they can have for less than off a dealer lot, even if that means that they need to do some work on it. You may lose some money but it is better than ruining your chances of getting the car that you deserve eventually.
I don't want to give you a shameless plug because that would be uncool here but email me if you want some advice on how you can list your car on all the major car sites with a full inspection for $99 and no back end fees.
2007-11-25 06:45:34 · answer #3 · answered by Miss Motor Mouth 4 · 0⤊ 0⤋
No offense but I don't think it's the CAR that's stupid....$20,000+ for an '01 quatro?? Dude! Anyway, your only choice is to sell the beast for whatever you can. Start with the bank -- try and make arrangements with them to release the title for whatever you can sell it for and then pay the difference off as a personal loan. Beg them if you have to, just get it done. Face it, a $5,000 debt looks a lot better than a 20K debt and you will be rid of the lemon. Chalk it up to stupid-tax and move on with life. If you let it get repo'd it will stay on your credit for seven years and you will STILL have to pay it off (oh, yes...the bank will sue you, win, and a judge will seize your assets to pay off the loan).
Time to cut your losses.....
2007-11-25 10:53:05 · answer #4 · answered by Anonymous · 0⤊ 0⤋
You sell it to someone for the loan payoff amount. That's it.
2007-11-25 09:46:33 · answer #5 · answered by Anonymous 7 · 0⤊ 1⤋
Get it repaired, then sell it to someone else.
2007-11-25 06:41:21 · answer #6 · answered by Barcadcadacada 6 · 0⤊ 0⤋