+7 votes
by (210 points)
I have a huge problem with a car loan. My husbands truck doesn't run. It's a lemon, we owe almost 6000 and the interest rate is through the roof! I cant get rid of it because it doesn't run, we are working on our credit and I'd like to refinance to at least drop the payment from 386 to 110, but our credit score is right below 600 and we need to get another truck for him for work. i need advice?  
I have a huge problem with a car loan.

5 Answers

+2 votes
by (16.2k points)
Is it something you can have looked at for repair?  
by (3.7k points)
@postulant I would still try to find a way to get it running and keep using it until you get it laid off. But yes, I’d you can refinance it that would be good to get the payments down.  
by (210 points)
@setscrew9235 it needs a new engine
by (16.2k points)
Yikes. another option would be to get preapproved (maybe from the same bank or cu) for a loan with better terms and interest for a certain amount with your old loan rolled in. Then, you could maybe find a vehicle within that price range that does work for your family and private sale the truck for as much as you can for the condition it’s in and throw it to the balance of the new loan.  
by (16.2k points)
Atleast then you’re out from under it, you have a different vehicle that works even if you’re still under a payment.  
by (16.2k points)
@postulant but to be honest, I would just schedule an appointment with the loan officer at your bank, be very frank about your situation and ask them to help. It may take a few hours out of your day and leave you feeling vulnerable but they can atleast get some some answers and a possible solution. I hope your find relief ❤️
0 votes
by (8.2k points)
Look to see about any recalls
by (210 points)
@tybi there's an airbag recall that I just got in the mail. but that's not the problem
by (8.2k points)
@postulant look harder. We had a Kia Sportage. Was really acting up. We gave up with mechanics took it to dealer. 3500. 00 of work free from recalls
0 votes
by (3.8k points)
Does your state have a no lemon law?  
by (210 points)
@nikolaus676 no it doesn't. And we've had it for a while
+3 votes
by (9.8k points)
If you owe $6k and it's worth less than that, I am assuming it is an older vehicle. $2k for repairs to get a non-running vehicle running is not bad. Most advise not to repair unless the cost is more than value. It stinks, but otherwise you will have to sell it for almost nothing. Since you owe so little you can see about a dealer who will roll your remaining balance into your new loan. Not ideal, but some will do it.  
+5 votes
by (1.1k points)
I used to do collections for a credit union. Call them and tell them the situation and see if there is anything they can do to help
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