I have a 2001 Dodge Intrepid with 87,700 miles. My need is that it has a problem (which when I purchased it) gas line leak, and to have it repaired will cost approximately $800). I'm living on my pension, and at this time need what I have so far for living/medical, expenses. ($1099/mo). I called Capitol One and got a payoff of the car and its around $9800 until the 7th of February. With it being upside down, and wiggle room NOT...I need help! My loan is behind 2 payments Dec & Jan., because I had to choose between paying room rent/elec, medications.
The burden of making the $310.95 + car insurance is way too much with my income at this time. I do need transportation to get around. Any suggestions?
Thank you in advance for any help.
There are a couple of issues here:
1. You’re not able to afford the car at this time.
2. It needs maintenance work, which keeps it from being sellable.
3. You owe more than it’s worth.
First step is to contact the financer to arrange some kind of payment options so that your credit is not damaged.
Second, you need to get the gas leak fixed (I didn’t understand whether you were saying it was purchased that way or not. If so, why didn’t the dealership fix that?). Take a serious look at all of your options for money. Can you make some arrangements on the repairs, e.g. know someone that fixes cars that can extend you some leeway in terms of payment?
Third, you need to sell the car (have someone to take over payments) and try to get more affordable transportation. Buying options might include a used car from private party or auction with a mechanic to check the car. This will keep you from having a monthly payment in the future that you can't afford.
〉 Answered on Jan 31st, 2007 by Heather Conary, Founding Partner at ID Communications, a division of Illumination Design
This is tough. I would recommend that maybe you go to a "buy here pay here" lot and trade it in
on a very inexpensive car and try to get a much lower payment. You should be
able to roll the negative equity into the purchase of another car at a lot like
that. Have you asked your community or friends and family for help? You could also just get rid of the car and work out a payment plan with the bank and
take public transportation. It sounds like keeping this car will just keep digging you deeper
into debt and that is not good.
〉 Answered on Jan 31st, 2007 by Jenny Trostel, Partner at Anderson of Hunt Valley
First there are programs to help people like yourself afford their
medications. Look at:
As for the car - you need to make those payments and get the fuel line
fixed. The fumes are what burns - not the fluid so if you smell gas - get it
fixed. Try to find a local small certified station that will fix it for a
lesser price - in other words get a second quote. The price should be half that
To find a quality ASE certified tech near you go here:
As for the car - consider trying to trade it in on a car that cost around
$200/ month. Consider a KIA as they have quailty cars at reasonable prices and
may be able to help you into a 2006 model.
I hope you can make this work out for you. Please drive safely!
〉 Answered on Jan 31st, 2007 by Jamey Wozniak, Owner and CEO at Joe's Hitch, Trailer & Truck Accessories
You are in a tight position. I looked into the average retail value of this
type of vehicle in your area and it is around $7200.00. Which means you are
sitting on at least $1600.00 in negative equity. If you sold the vehicle as is,
taking this loss and getting into a less expensive vehicle, you could possibly
lower the monthly payment.
This less expensive vehicle could be a new low
mileage lease or an older used vehicle. If you do not drive a lot you could do
a 10,000 mile lease which could provide a low monthly payment with a vehicle
under warranty. You must keep in mind that getting approved on a lease could
prove difficult depending on your credit history.
〉 Answered on Jan 31st, 2007 by Marnie Kramer, Owner and Creator at EverythingCarz.com
I would suggest to try
and sell the car yourself. You could run an ad at www.autotrader.com and park it at a school
(or somewhere that is street front) on the weekends with a "for sale" sign in the
window. I would look into the local bus schedule until you can recoup and get on
your feet. Once you have done that, many dealerships offer 0% interest and very
good rates on last years models or their used car
〉 Answered on Jan 31st, 2007 by Susan Givens, Publisher at Auto Success Magazine - System Publishing , Inc.
All of our expert women rallied to get you some information that could help. Please read all of their suggestions and let us know how it works out for you.
If the Dodge still has a fuel leak, you should not be driving it, and
you need to be careful where it is parked.
One lit cigarette could explode the
vehicle if it's leaking badly.
If you can get around with public
transportation, you could try and sell the car yourself or take it to various
dealers and take the best deal possible. You probably won't get enough money for it to
pay off the loan, but maybe you could make a deal with the loan company and
pay off the difference at a reduced price?
Talk to the loan company and different dealers to see what yoru options are.
〉 Answered on Jan 31st, 2007 by Amy Mattinat, Owner and Author at Auto Craftsmen Ltd