I bought a used 2002 BMW 325i and ever since I've had it, it has had nothing but problems. Example: had exposed wires which caused a fire, needed a new AC two times, window motor died, had covered light which included: check engine, engine coolant, & service engine, and many more problems! Now I am stuck in an auto loan with the car that is a HUGE money pit. What can I do to get out of the car?!?! PLEASE HELP!
〉 Answered on Feb 19th, 2008 by Barbra Einsohn , Customer Relations Manager at David McDavid Honda of Irving
You only have a few options:
1. Sell it and pay off the loan
2. Trade it in on another car
3. Contact your state lemon law agency to see if it qualifies under their rules and regulations
4. Get it fixed and hope it doesn't have any more issues.
You unfortunately do not have the option of turning the car into the financial institution where you have your loan. This would be considered a "voluntary repossession" and would negatively affect your credit.
If you purchased the vehicle from a reputable dealer you may be able to work with them to help you with any of the above options. If your purchased it from a private owner your only option is to contact your state consumer protection agency to discover your options.
〉 Answered on Feb 19th, 2008 by Jessie L Thatcher, F&I and Sales Specialist at Reynolds and Reynolds Company (Retired)