I have a 98 Chevy Lumina. 115,000 miles on it. It blew something (piston, bearing, whatever) in the Engine. Engine needs to be replaced. That’s about 2500 bux at worst…sure we could shop around and get it cheaper, but that’s not the point. It also needs all new tires, which is another 5/600. It just seems like a lot of money to sink into a car that is basically a piece of crap. We owe under a grand on it. So, I’m thinking we take our three grand or so, put it down on a brand new vehicle before the repossesion takes place. I know that they sell the car at auction or do something and we will owe the differnce on their recovery. But I just don’t want to deal with this car anymore. It seems really messed up that a car that is relativley so young would be so useless. So what do we do??? Actually sink the money into it or go with the new vehicle plan??
Originally posted 2009-04-20 20:40:56.
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{ 16 comments… read them below or add one }
new vechile all the way…
If you allow the car to be repossessed your credit rating will be damaged beyond repair, at least within the next seven years. Not a very smart move.
do yourself a favor and your credit a favor pay it off then you can put the rest on a new car and trade in the old for what ever you can get out of it
Pay out the loan take it to one of those deals from Chrysler Ford Chevy etc that they’ll give you atleast 2000 for any car regardless of condition and just buy a new car of your choice through which ever one you went to to pawn the car off
I’m not sure where u live but in Arkansas if you have a car repoed you still are responsible for the remainder of the payments on the car.
have them come and get your vehicle……..a voluntary repossesion agreement does not affect your credit rating.
Ask the loaning company what they will accept as a payoff. They might just cut you a deal.
If you got 3000 By another car for about 2000 Pay off the POS since you only owe a grand. and then sell it for what you can get. Don’t let it go to repo because you will still owe the Grand plus fees and they will ruin your credit. You can find a decent vehicle to 2 Grand
what i would do is pay it of and take it down and work the car salesmen in to giving the actual value of the car. if you get it repo’d then your destroying your credit. i wouldn’t fix it cause those cars like to break and break. more you fix it more its going to break. personal experience on what i did was blew up my engine in my jeep and took it to the dealer and said i have a trade in and told them what i did, and asked them to give me a certain amount like 5000 even though it was worth 1500 at the time, and they said no at first and i said i will go somewhere else and they followed me to my jeep and said 4000 then i said no and proceeded to start it up and he said OK OK i will do it. so you have to work them and show them your not scared to go somewhere else cause they want to sell you a car more then you want to buy one. if you do get it repod have fun with it, flat-en the tires through a fish under the seat, chain it to your porch something and if they break it you could sue the heck out of them. a friend chained his to a bike and got a brand new bike compensation and his car paid off. good luck on your decision
Keep in mind, this is entirely my opinion if that was my situation.
First a 1998 is more on the older side as far a good running vehicles go. It’s 9 years old. All those types of problems are going to happen to just about anything that old. If you don’t mind it messing with your Credit history, I’d let it get repoed. If you actually have 3 grand just sitting around to use on another newer one, that is.
At this point, I’d say you need to weigh your options, do you have 3grand to spend or do you need a loan, should be your #1 question.
Shop around and see what you can get for used tires, it shouldn’t cost you over $200-$300 for some good tires. Or perhaps buy 2 now, and 2 later. Shop around for under 2 grand for a new engine, maybe a rebuilt one? Maybe you can get the engine, transport it to a decent priced mechanic and only pay him to install it….. just some ideas. Never rush into anything this expensive though…. deffinately a good idea to take your time, weigh those options.
i would NEVER want a repo on my credit. just get a new car and try to sell your old one (or trade it in). alot of dealerships will SAY they give you a little for the trade, but what they actually do is add what you owe on the 1st one to your current one pay that loan off. (be careful doing this too often or you’ll be what they call upside down – which means you owe alot more than your car is worth)
you’ll do better to sell it on your own if you think you can get rid of it (there’ alot of folks that buy junk cars, fix them up resell them)
good luck!!!
sounds like your gonna do what you want, anyway……
Luminas are quite common i dont know where your spending 2500 on an engine. Go find a salvage yard that has an engine with 40-60 thousand miles on it and have them install it. You should pay around $700 for the engine and $300 for the install. Pay the car off, then sell the car for what you can get. Dont let them repo it, youll end up being out twice the money.
If you pay it off it will aid your credit rating and build your high credit. Have it towed to the dealer and they’ll probably show you a couple hundred dollars for it. Make sure you negotiate your best price before you add the trade, this way you at least get something for it. If it becomes a repo, no way you’ll get under an 18% loan and you’ll probably need a lot down. Think about it…if your credit is o.k. you can probably save 10% on the interest if you do not repo. it. Play with this difference on an interest calculator and you’ll save more than a grand the first year. Do the right thing and protect yourself and credit rating!!!
I have an idea, why don’t you try acting like an adult and owning up to your responsibilities. You owe money, you have that money, pay it. Listen kid, you gotta grow up sometime, face it, you made a comitiment when you purchased that vehicle. And if you want an honest opinon, the vehicle you have now would have been a nice vehicle had you ever bothered to take care of it. how often (if ever) did you get your oil changed? Air and fuel filter? Check trans. fluid? check tire pressure? Did you ever do anything other then drive it and expect the mystery man to do everything needed on it? Did you ever have your brakes checks? tires rotated? How often did you get a tune up? Plugs? plug wires?
Lets imagine for one second that you are stupid enough to go the new vehicle route (and I think you are) What will happen when you decide to not take care of it, and then you decide that it just too much of a headache to deal with and you want the repo man to come take it away? You won’t be given a finacing option if you decide to try for another vehicle.
What would your mom and dad say if you ased them, oh yeah, thats why your asking us, because you know what they would say, and you are looking for other as irresponsible as you to say its ok to be lame and sleeze your way out of your responsibilites because your too imature to own a vehicle. There is a thing called operating cost and it more then just using daddy’s credit card to put gas in once a week, its called being responsible enough to ensure that your vehicle is road-worthy and safe. But, hey, we both know what your gonna do now don’t we kiddo? thanks for the 2 points, enjoy your pathetic credit score while you spend the rest of your life licing paycheck to paycheck till you die because no one will give you credit to buy anything.
That car is not worth the money that you mentioned. Let them take it away.