Need some help/advice

[CodeRedR51]

Basically, here's the situation: I am financing a used car that I no longer have the desire to drive/purchase because I have had so many problems with it. The latest problem, although well known by other owners and GM in particular, is apparently not covered under the extra cost warranty I was required to purchase with the car. GM wants $$$$ to fix it, and the dealership I bought the car from (small dealer) refuses to touch it now.

Needless to say I feel like driving the car through their front doors at the moment.

Unfortunately I have semi-bad credit, no co-signer and very little money to put down on a car. My payoff on this car is about twice the private party value so there is no way I can sell it. Right now my only options as far as I can see are to give it back by voluntary repossession, and through research obviously that is not the best idea, OR find something much cheaper at another mom and pop dealer that I can live with and trade it in. (and take the large hit on the difference)

So as I sit here, I'm stressing out and ready to kill somebody because I don't know what to do with this car. I don't want it, I don't want to drive it, I just don't care anymore.

Ideas? Advice?

 

[TankAss95]

So as I sit here, I'm stressing out and ready to kill somebody...

Ideas? Advice?

How about:

a) Go for a walk, get that stress off and think.
b) Don't kill anyone.

Oh, and hey. Always look on the bright side I guess.

 

[CodeRedR51]

Right now my life has no bright side, this just adds more to the dark side.

 

[TankAss95]

Right now my life has no bright side, this just adds more to the dark side.

Well according to your signature you were a GT Academy US finalist. That's got to be awesome?

It's all about determinism man. I don't have the answer to your particular question here (I really don't know much about how the whole system works) but I can tell you that one day you will look back on the darker parts of your life and be glad they happened because it made you more determined to achieve your goals.

Always remember when your down: "There's no such thing as failure, just delayed success".

 

[CodeRedR51]

That was last year. This year sucks.

 

[chriz00]

What year/make/model is the car? Just curious.

 

[CodeRedR51]

Oops, should have mentioned that. 2006 Chevrolet Cobalt.

 

[Milldrum]

Is there an option to go to someone outside of GM to care for your car?

 

[CodeRedR51]

Sure, if you want to/can pay for it.

 

[Milldrum]

What's the car worth if it had no problems?
How much to fix the problem?

 

[CodeRedR51]

Private party value is just under $4,000. I've seen estimates around $500 to fix it.

 

[Milldrum]

$500 is only a lot of money if you have none. Is there a way to make some money? Odd jobs in the neighborhood? Sell your kidney? Sell some items you own?

If you can fix the car, then you won't be paying for a car that you can't use. If you buy that second car and trade this one in then you will be paying for the car you can't drive.

 

[CodeRedR51]

Yep, I have none so there in lies the problem. Even if I could afford to fix it, I'd still be stuck with a car I don't want.

 

[Milldrum]

But you will get more for a car that works than one that does not.

 

[CodeRedR51]

I think difference in value would only be as much as the cost of the repair.

 

[TB]

Yep, I have none so there in lies the problem. Even if I could afford to fix it, I'd still be stuck with a car I don't want.

If you don't want it, why did you buy it in the first place (and if memory serves it wasn't all that long ago)? Do you simply not want it anymore because of the repair bill?

 

[CodeRedR51]

I don't want it because there hasn't been a month that's gone by that it hasn't been in the shop.

I needed a car really badly, 'tis the reason why I bought it. However, had I known that I was going to have so many problems with it, I wouldn't have purchased it in the first place.

 

[Grayfox]

I needed a car really badly, 'tis the reason why I bought it. However, had I known that I was going to have so many problems with it, I wouldn't have purchased it in the first place.

This is what gets people who get used cars in a rush.

They go and get the cheapest POS they can afford and then regret it later.
I will say this to all, When looking for a used car take your time, get the car checked if possible, but do not go for problem cars or makes with known problems.

Every car has had some problem some minor some major.

Eg: 3rd Gen Accord, Civic and Integra had the main replay issue where the car would not start.

I would say just try to get this car fixed get the loan payed off(if you have one) and if possible ride a bike to work since it is cheaper and costs a burger as fuel to run.

What is the problem and have you tried doing the repair your self?
You could go here for more car questions www.ericthecarguy.com

 

[CodeRedR51]

Bike isn't going to work. Total one-way distance to work = nearly 28 miles.

I found another solution: drive it until something breaks and I crash and total the car.

Then I won't have to deal with it anymore.

 

[Grayfox]

Looking at the map you can save distance by going south past the airport until you reach E Riggs Rd then go onto E Rigs Rd then take a right at S Ellsworth Rd then take a left onto W Hunt Hwy.

 

[toymdngn]

So is it not eligible for lemon status (and I don't mean because racecar lemon, i mean like lemon law)?

Edit: Ride the bus!

 

[CodeRedR51]

Looking at the map you can save distance by going south past the airport until you reach E Riggs Rd then go onto E Rigs Rd then take a right at S Ellsworth Rd then take a left onto W Hunt Hwy.

That would actually take longer using main streets (with an average of ~3 stop lights every mile) and my current drive is about half streets, half freeway.

So is it not eligible for lemon status (and I don't mean because racecar lemon, i mean like lemon law)?

Edit: Ride the bus!

Going to call a lawyer about the lemon law next week. No bus service out my way.

I've decided to cancel my automatic payments on monday, and I'm going to start paying them in quarters. Yup, they want to play games I can play games back.

 

[Grayfox]

I've decided to cancel my automatic payments on monday, and I'm going to start paying them in quarters. Yup, they want to play games I can play games back.

You do not want to play games when it comes to finances, this applies big time when you bet your already bad credit rating.

 

[Milldrum]

You do not want to play games when it comes to finances, this applies big time when you bet your already bad credit rating.

I agree. They would have very good lawyers and laws protecting their interests.

Back to the car, is there a community legal service you can use? Have you tried writing some letters?

 

[CodeRedR51]

You do not want to play games when it comes to finances, this applies big time when you bet your already bad credit rating.

Money is money in my opinion.

Back to the car, is there a community legal service you can use? Have you tried writing some letters?

No idea. I'll be contacting a lawyer next week though. Not just for the car but I also have some questions about filing bankruptcy on student loans. If I go that route, then they'll get the car back anyway.

 

[Bluntified]

To the op, it would sure suck if your car was "stolen" and dissapeared.

On another note, I was in a pretty similar situation with my old car, pretty bad shape mechanically. I had 2k left to pay but didn't want the car anymore, I found someone to take over my payments (a buddy that's always at a shop). He took the car and gave me the money every month.

After that, I learned a lesson, buy what you want, without financing! I saved for year and bought my maxima, cash.

PS, DONT FILE FOR BANKRUPCY! That's the worst thing you could do. You'll never get a loan, and never have credit. File for a proposal (talk to your lawyer), it cuts your payments less than half and keeps your credit. Going this way is good because you only pay for a set amount of time, say a year, at less than half of what you pay (all that you owe). Note every persons situation is different so it might be slightly different, mainly the time frame.

 

[toymdngn]

I also have some questions about filing bankruptcy on student loans.

Good luck with that. That was the one thing that was not allowed to be written off when my wife and I filed bankruptcy. I don't remember if it is a federal law or a state law in CA, but either way, my wife's student loan will be hanging over our heads for years to come.

Edit:

PS, DONT FILE FOR BANKRUPCY! That's the worst thing you could do. You'll never get a loan, and never have credit. File for a proposal (talk to your lawyer), it cuts your payments less than half and keeps your credit. Going this way is good because you only pay for a set amount of time, say a year, at less than half of what you pay (all that you owe). Note every persons situation is different so it might be slightly different, mainly the time frame.

Honestly, it's not that bad. We filed for it a little over 2 years ago, and we just went into escrow on a house. We actually got approved for a home loan up to $200k. Our credit isn't the best, but it's not terrible. My recent credit reports shows a 640, while my wife's is around a 650.

 

[CodeRedR51]

Good luck with that. That was the one thing that was not allowed to be written off when my wife and I filed bankruptcy. I don't remember if it is a federal law or a state law in CA, but either way, my wife's student loan will be hanging over our heads for years to come.

I've read that it can be done, but you need to prove financial hardship. Unfortunately me not making enough money to cover all my bills is not the best excuse, they'll just tell me to get a better job.