getting rid of a car with a loan, and the loan....help

[Steven.]

So here is the short story...

my fiance has a 07 Hyundai Accent with 86,xxx miles on it, she bought it new with about 100 miles ( must have been a test drive car? or salesman drove it home), well this thing is a huge POS, a lemon.
it has transmission issues, alignment issues (pulls to the left, Firestone said it has a bent LCA, but not sign of anything being bent, and $175 for one stock LCA is outrageous, im not paying that if its not really the problem.)

She still owes about 8k on it, a couple months ago we took it to Carmax to trade it in, they only wanted to give her $3200. they want her her to come up with 4k right there on the spot to trade it for a GTI they had, that she wanted. of course we didn't have anyway of getting $4000.

now, the body is not in best of shape (one of the main reasons we cant trade it or sell it, and because of the high miles.)

Question is, How do you get rid of (sell, trade, something else?) the car and the loan? the car wont sell for $8000, its not worth that much at all. and we just cant justify still paying the loan and not driving the car.

**edit**:Oh to add, its not just in her name, its in Her and her grandfathers name, that makes it complicated when trying to resell or anything.

any advice on what to do?

 

[mymmeryloss]

let it get repoed...

they will then take it to auction and u have a 50/50 chance of completely getting out of the loan or u could wreck it..

 

[Steven.]

Dont want it to go on her credit report, or we would have already did that.


Oh to add, its not just in her name, its in Her and her grandfathers name, that makes it complicated wen trying to resell or anything.

 

[mymmeryloss]

part it out..

and a repo isnt that devastatingl to your credit report..

talk to a financial advisor, and they will help u repair your credit from anything in a matter of months..

 

[LowNotSlow]

Trade it in for a cheaper car.

 

[mymmeryloss]

idk, its a hyundai. thats almost like a kia..

even if u wreck it, they wont give u s**t for totalling it out..

 

[Steven.]

idk, its a hyundai. thats almost like a kia..

even if u wreck it, they wont give u s**t for totalling it out..

Hyundi and Kia are both the same, pretty much.

both made in south korea, both use almost same parts, guess its kinda like Honda and Acura, or Toyota and Lexus.

cant part it out, its the only car she has. trying to find a reasonable way to do it, no repos, no "stolen", no wreck

 

[Steven.]

Trade it in for a cheaper car.

would have to be like $3200, thats all anywhere will offer to trade it.

 

[mymmeryloss]

u can get a decent older car for 3200 that will last for years.

older toyota corollas and such..

 

[Steven.]

u can get a decent older car for 3200 that will last for years.

older toyota corollas and such..

yes i know, but we still have the $8000 left for her loan.
so ok, we get rid of the car and get her a used car, with no payment. but what about the loan? any way to get out of it?

 

[mymmeryloss]

call the place where u got the loan.
or u could try a refi.

talk to a financial advisor, i know there are some lemon laws out there that u might be able to use..

 

[Steven.]

i will have her call M&T bank ( where the loan is through) and see if she can refi.
she pays $240 a month i think.

she paid $13,500 for the car, WAY overpriced for that POS

 

[AllStockHatch]

I've been upside down with a loan before. Back in the day with my EM1(02'), owed $17,000 and had to sell the car for $13,000. I had scoped out an eg hatch and the bank just tacked on the remainder to the new loan for the eg. Even though I owed more the the hatch was worth, i got rid of the more expensive car. I couldnt justify having a car loan out for way more the it was worth, but i had to do what i had to do. It's all paid off now years later , but always think of how much worse it couldve been. I was in luck that someone wanted the car as i was just going to take it to the bank and tell them that i couldnt afford it anymore. My payments were $420/month and insurance was $380/month, remember now that it was back when i was younger and had full coverage since the car was still almost new. Impulse buying at a young age is deadly, LOL. hope some of that kinda sheds some light for you.

 

[mymmeryloss]

wow.
is there anyway she could double payments or something?

sounds like a refi is not really the answer for u guys..

look into some of the lemon laws.

 

[Steven.]

I've been upside down with a loan before. Back in the day with my EM1(02'), owed $17,000 and had to sell the car for $13,000. I had scoped out an eg hatch and the bank just tacked on the remainder to the new loan for the eg. Even though I owed more the the hatch was worth, i got rid of the more expensive car. I couldnt justify having a car loan out for way more the it was worth, but i had to do what i had to do. It's all paid off now years later , but always think of how much worse it couldve been. I was in luck that someone wanted the car as i was just going to take it to the bank and tell them that i couldnt afford it anymore. My payments were $420/month and insurance was $380/month, remember now that it was back when i was younger and had full coverage since the car was still almost new. Impulse buying at a young age is deadly, LOL. hope some of that kinda sheds some light for you.

carmax would not tack the new loan onto the old one, or vice versa. we tried...

cant do double payments, dont make enough, we just scrape by now, we are trying to move out, and plan a wedding. so its tough.

pretty much f**ked huh.

the alignment got f**ked up somehow, she hit a curb in the rain(before we got together, so i wasn't the one to fix it), guess that's when it got f**ked up, problems ever since.

 

[mymmeryloss]

see if u can take out a low interest personal loan to pay the car off or something.

do u have anything for collateral?

 

[Steven.]

see if u can take out a low interest personal loan to pay the car off or something.

do u have anything for collateral?

she cant get any loans, she dosent have good enough credit.

we dont have anything for collateral, sad to say, we live in my parents basement


sucks DONKEY d**k. f**k Hyundai.

 

[AllStockHatch]

carmax would not tack the new loan onto the old one, or vice versa. we tried...

Wow. Sounds like Carmax doesnt try to help their people out. They have the "f**k you, pay me" attitude. Suppose thats why i go through a local bank that has ways to work with you.
Carmax=FTL
Dont know what else to say bro.

 

[Steven.]

Wow. Sounds like Carmax doesnt try to help their people out. They have the "f**k you, pay me" attitude. Suppose thats why i go through a local bank that has ways to work with you.
Carmax=FTL
Dont know what else to say bro.

yes, the guy was a HUGE d**k. they mailed us a survey to mail back, we put all negative responses on it.
hopefully the guy gets fired.

 

[lilROOKZ]

ill steal it for you for $700 lol