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August 10, 2023 at 7:53 pm #86618USER
Need some suggestions for this scenario. Approx $3600 owed to bank on a 2012 GMC Terrain SLE AWD (103k miles) that does not run after several attempts to repair. What would you legally recommend to do to get rid of this car/payment?
- Trade-in and roll into another car payment?
- Payoff and sell for parts?
Thanks in advance!August 10, 2023 at 7:53 pm #86619Breann
I had a 2013 GMC terrain. Spent almost 8k to repair the engine. (I was not even to 100k mileage yet) the new engine only came with a 2 year warranty.
I did and spent all of the that only to have more problems. I’m not sure if you have the eco tech engine but it’s notorious for issues. I traded mine with negative equity but I am honestly glad I did because I feel I would’ve just kept shelling money out to keep it driveable. (This is just my experience).August 10, 2023 at 7:54 pm #86620Maureen
With only 103,000km I’d try to repair it.August 10, 2023 at 7:55 pm #86621Lucy
USUALLY, the cheapest vehicle is the one you own. You need to figure out what is wrong to make a vehicle with only 103,000 miles ready for the dumpyard.August 10, 2023 at 7:56 pm #86622Sharmarie
Trade in offers are always low. I doubt they would even take it like that.
Sell it for what is owed. Someone that knows how to change the engine can go to a “you pull it” parts place.
Or pay someone to do the repairs & keep it.
Don’t miss: Has anyone ever tinted their own car to save $?August 10, 2023 at 7:57 pm #86623Lisa
Buy a very used cheap Toyota for a couple thousand and drive it till it drops at 300,000 miles. In the mean time, pay off this loan and never buy another American truck.
Sorry I grew up in Detroit I am allowed to give my honest opinion.August 10, 2023 at 7:57 pm #86624Debbie
I would put a rebuilt engine in and keep the car.
Paying a few thou to have a car that you don’t owe much on is way better than buying a new car for $20K and having high interest car payments for years to come.August 10, 2023 at 7:58 pm #86625Samantha
People telling you to replace an engine in an 11 year old vehicle probably don’t know the actually cost of repairs or value of the vehicle. I’ve been in the car business for over a decade.
If you were my customer or friend I would tell you trade it and roll your negative equity into a certified preowned vehicle. Certified preowned come with a warranty and usually a maintenance plan.
Absolutely don’t dump more money into that car.
No one is buying that vehicle outright private owner for $3k so completely ignore the people saying sell it yourself.
Explore these too: I am behind on all of my Credit card bills and some of my car paymentsAugust 10, 2023 at 7:58 pm #86626Nessa
Fix it and keep it. Way cheaper than buying anything new and then you’ll know it has new parts on it that shouldn’t break again for a while.August 10, 2023 at 7:58 pm #86627Joan
Depends on what is wrong with it. If something major like transmission, parting out might get you some money but probably not your payoff.
Trading in will also not pay it off and financing rate are going up. It is possible a mechanic would buy it for pay off if they believed it could be made to run. 103000 is low miles. I’d try to sell it privately first.
I’d check with small dealers to see if there is interest.August 10, 2023 at 7:58 pm #86628Lisa
If the engine is blown it’s going to be cheaper to get another engine than buying a new car, in my opinion.August 10, 2023 at 7:59 pm #86629Sara
Our trucks timing chain broke while we were traveling about 6 hrs from home. Repair was $10,000.
We rented a car and came home. Went to a dealer and they bought our truck sight unseen and gave us $3,500 on a new car.
You might try talking to a car dealer.August 10, 2023 at 7:59 pm #86630Joe
Trade it in on the new Chevy Trax…nice looking vehicle. Low $20k…tell them you need min $2k for your trade. Roll the $1600 into the new loan.
If they won’t do it walk away. They will call u in a day or two.