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Car Jam

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  • Car Jam

    My wife and I are in a pickle. She is getting creamed with a 324$ a month loan on her 2006 Equinox. I own a 2003 VW Jetta with very low miles but i owe $13,80 on it. Recently my check engine light came on, my a/c faded on us (Which I patched repaired) and the struts need to be replaced. The total costs will be bit over $1,000.

    We shopped for other cars at dealers but the dealers aren’t willing to give us anything more than $3000 for my car. Even though one dealer did admit they’d be able to turn it around for almost 3 times that!

    My wife wants to get rid of the headache, give it to the dealer, plus $1000 out of our pocket just to get into a leased vehicle. She doesn’t understand why I’d rather spend the $1000 myself to fix it and sell it myself, get possibly $7000 and be ahead of the game! She feels like it’s too much effort.

    By the way I need a new vehicle because I am handicapped and have a hard time getting out of my jetta! Sometimes you can’t win and in this economy nobody wants to give you a break!

    I’m just stressed, lost and had enough of the dealers!

  • #2
    Can you sell the car privately? Tell everyone you know that you are selling this vehicle. Put an ad in craigslist.

    You may need to get a loan for the difference between what you owe and the amount you sell it for. Talk to your bank, tell them what you want to do and see if they will work with you. When you sell, the buyer gets keys and car. Once you pay off with buyer proceeds and new loan proceeds, you will send the title to the new owner.

    Good luck!
    My other blog is Your Organized Friend.

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    • #3
      I agree with creditcardfree. You can get more if you sell the car privately. Go to New Cars, Used Cars, Blue Book Prices & Car Values - Kelley Blue Book and look up your car. I would spend the $1,000 to fix the car and then sell it. Otherwise you would need to sell it as is and get a loan for the difference.

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      • #4
        Wow.

        A car lease is a terrible idea. There are many posts on here about how bad a financial move that is, so I won't elaborate.

        Also, any dealer who would treat you that poorly has certainly not earned your business. So if you decide to sell your car yourself, don't buy your replacement from him!

        Your best solution is to repair your car and keep driving it. Even if it's inconvenient. Any other move adds to your debt.

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        • #5
          Yup - sell it privately. Seven years ago we bought a new car and were offered $1000 (I think; may have been less) for our trade in. I said no thanks and sold it on ebay for $2000.
          seek knowledge, not answers
          personal finance

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          • #6
            Re: Car Jam

            Originally posted by questions View Post

            My wife wants to get rid of the headache, give it to the dealer, plus $1000 out of our pocket just to get into a leased vehicle. She doesn’t understand why I’d rather spend the $1000 myself to fix it and sell it myself, get possibly $7000 and be ahead of the game! She feels like it’s too much effort.
            I agree with you. I would sell it privately. How long does she think it would take you to fix up the car?

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