nemesistyx

From what I know and found out the car engine failed... Via compression... I have no way to get to work to pay bills and this car is costing me an arm and a leg... I made a mistake. I need to settle my Loan on it so I can get a reliable vehicle that costs me less. Welcome to suggestions and private messages.

RIWWP

iTrader: (2)

What's your loan amount?


I imagine you can see why we try to get people to pay for the $150 compression test before buying an 8... It's a lot cheaper to 'waste' that than deal with the situation you have.

9krpmrx8

iTrader: (46)

What suggestions do you need? And how did you determine the compression is low? If you are certain the engine is gone then sell it and pay off your loan or trade it in on something more reliable and eat the cost if (you most certainly will be) you are upside down on it.

nemesistyx

7500 roughly.

nemesistyx

At a dealership trying to get owning the 8 waived so I can at least make it to work...

RIWWP

iTrader: (2)

So you have basically only 4 legal options, of which, none of them are probably appealing to you. It's a crappy situation.

1) Come up with the $5,000-$6,000 needed to pay down the loan to the point that you can sell it for the $1,500-$2,000 that it's worth (considering the other issues you are dealing with too). A personal loan for the amount is possible if your credit can support it.

2) Park the car somewhere and keep paying on it until you can pay it off and sell it for the $1,500-2,000, or less if it takes a number of years and the value depreciates further from time and sitting there collecting dust and age.

3) Trade it in at a dealership and apply the negative equity to a new loan. Much higher payment for the car you are buying, and you will be underwater on that car for a long time, but technically viable as long as you have the credit to support it.

4) Voluntarily default on the bank loan, letting the bank take posession of the car. This will hammer your credit, especially if you don't tell the bank first and they have to send out someone to repo it. Will also cause problems with getting a different car loan, more so than other credit problems. I really don't recommend this one, but it IS an option.

nemesistyx

Thanks, I appreciate it. My credit should support it... However they are pushed on the approvals just because my age and short credit history... No faults on my credit as of yet

nemesistyx

Can't get dealer car.. Can't get waived too young to own 2 car payments.. no co signer... Can't do negative equity trade. . And to think if the car survived for 1 more god Damn day it would of worked out... I officially believe I have a doomed life of misery. At least if it was drama type problems I can deal with that, but material problem..

BigCajun

iTrader: (1)

That's too bad.
How did you find out you had bad compression?

nemesistyx

When the car failed on the highway after a long drive. Im sure its that. Other noise was coming from the Air instake just passed the hose/ The silver part, of the end going into the intakes. Unhooked that to verify the buzzing noise was coming from, it. when turning on the on position or try to start it a humm would start and then stop shortly after. The car cant stay idle anymore, and the oil level really dropped out this time... refilled it to verify, and its already half way down the stick after 1 day of sitting on the side of the road. contacted previous owner... and well we got really defensive when i asked if he thought the engine might be failing when he sold me the car. what i would give to get out from under this loan... Might have to find a sugar momma... haha ... no really thats an option >.>, so if anyone knows of someone who might be a totaly life saver and buy it out from me... which i know thats a long shot... but im open to even the chances of winning the lotto at this time.

RIWWP

iTrader: (2)

So...have you gotten a compression test?

OnebaddRx8

I don't think he has, so he thinks the sky is falling and on fire. He really doesn't have a clue what the actual internal health of the engine is.
Listen to him suck it up and pay for a compression test, then freak out when you know a engine rebuild is the only option.

MountainMike68

Get the compression test. Failing after long freeway driving could be something as simple as a failing fuel pump. The major symptoms for bad compression are atrocious gas mileage and an inability to start the car while hot.

ken-x8

Will that really work, without also declaring bankruptcy? I'd expect the bank to come after him for the difference between the loan and what they can sell the car for. That's what happened to a lot of people who lost their homes to foreclosure during the recent housing crash.

Ken

RIWWP

iTrader: (2)

it depends on his state laws around that

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BigCajun

iTrader: (1)

Well, the guy won't respond about the compression question, so he's better off getting rid of it since he doesn't care what anyone else who might be able to help him thinks, even though it might save him $$$.

OnebaddRx8

I think we made him mad asking for compression test #'s or he sold it!

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ken-x8

I think it's more like he's in a position with no solution, and this thread didn't come up with a magic way out. Really feel sorry for him, to have his life on the edge over his car dying.

Ken

BigCajun

iTrader: (1)

Screw him.
He may have had an easily fixed problem, but didn't have enough sense to see that people were trying to help him and ignored it.
Just looking for an easy way out, I have no empathy.

RIWWP

iTrader: (2)

Calm down BC. He last post was also 2 days before Christmas, and it is entirely possible he has been too busy with family to deal with the car or returning here to answer our questions.

OnebaddRx8

For alot of us our 8 is a play toy and not something we have to rely on as our only source of transportation.
Maybe he will get lucky and it's som

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OnebaddRx8

Oops hit submit, anyway hopefully for his sake and financial position it something simple and he's not diagnosing the problem correctly.

If we could just get everyone to get a compression test before purchase!

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BigCajun

iTrader: (1)

You're right, I apologize.
I was aggravated at the time, I usually don't respond like that.

nemesistyx

I was not on this and i get anger from caj?
Worked the last 2 weeks 12 hours shifts eat sleep **** shower work

BigCajun

iTrader: (1)

Yes, and I apologized.