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Lost without a Car - Please Help!
mikeinalabama
Member Posts: 1
Any and all help would be appreciated, as I'm in a situation where I totally don't know how to proceed. My 2009 Ford Fusion just broke down (motor blew) with $8,000 left to pay on it. Estimated repairs are $7,500. I can neither afford this nor want to end up paying what the car is worth on a vehicle that's running out of time as it is.
The dealership told me that I cannot get a used car, as banks will not give a loan to me for a used car with negative equity of about $8,000 added on to it. We looked into a new car, but all monthly payments are astronomically out of the question (I need mine to stay between 300 and 400, which is what I pay now, but they are saying 500 and upwards, which I cannot do under any circumstances).
I don't have anyone who can co-sign on a loan (not that I necessarily need that, just putting it out there) and I only have $750 dollars for a down payment. I will have an additional $2,000 in two weeks, but I'd like to stop paying on rental cars in the meantime so I want a car as quickly as possible.
Am I doomed to have to take the bus for the next two years, or is there anything I can do to get a car?! I feel so helpless.
The dealership told me that I cannot get a used car, as banks will not give a loan to me for a used car with negative equity of about $8,000 added on to it. We looked into a new car, but all monthly payments are astronomically out of the question (I need mine to stay between 300 and 400, which is what I pay now, but they are saying 500 and upwards, which I cannot do under any circumstances).
I don't have anyone who can co-sign on a loan (not that I necessarily need that, just putting it out there) and I only have $750 dollars for a down payment. I will have an additional $2,000 in two weeks, but I'd like to stop paying on rental cars in the meantime so I want a car as quickly as possible.
Am I doomed to have to take the bus for the next two years, or is there anything I can do to get a car?! I feel so helpless.
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Comments
I'm thinking that if the engine is repairable for say $1500 or so, that's the way to go. The notion that the motor "blew" is too vague upon which to make a good decision on this matter.