i have a car that is less than 2 yrs old. had problems the last 7 months. finally, the dealership said big time engine problems. need to replace. BUT because i can’t provide history, the dealership denied fixing. 8K to fix which i don’t have. dealer suggest i trade in. tried trading in – loan is more than car – they don’t want to trade. suggest volunteer surrender. only way they can do deal is the surrender AND having spouse purchase another vehicle. purchased vehicle and called in the surrender. bank suggest private sale but i’ll be getting the same amount in private sale vs. their auction with the engine problems! can’t afford it both ways. am i stuck with being sued/judgements, etc. NOT FAIR .. but what do i do????
okay … if i surrender, i still owe .. that i get .. but if i surrender and can’t pay simply because there IS no $$’s, then how do they sue someone who doesn’t own anything (no mortgage/full-time mom – all but car under spouse). credit will take a nosedive, but say i wait the 7 years or miraculously, the account is deleted (credit dispute not answered w/in timeframe etc., – okay, i said miraculously!) , what happens to the monies owed? i’m trying to understand these new terms i’m reading on the web i.e. ‘judgements’, ’statute of limitation’ and how this all ties together …
Originally posted 2009-06-24 03:54:23.
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{ 3 comments… read them below or add one }
If you can’t pay and they take you to court you may face involuntary bankruptcy, at which point the court sells everything you own to pay the creditors.
Here is a site that may tell you more:
quit
It must be part of the warranty that you have to prove you took care of the engine properly. If you can’t prove it, then, yes, it does **** but that’s the way it is. Have you looked into whether or not there is a higher authority you can appeal to about the history?
If you have no other recourse, then you will still owe the balance due on the loan because that’s what you said you would do when they gave you the money. Again, a bad situation but not the lender’s fault.
Good luck.