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My grandfather died in 2009, and I was left his 1991 S-10. This was the top of the line trim at the time - extended cab, air conditioning, sliding back window, etc. However, the truck was rarely driven from maybe 2003 or so on. It needed a lot of expensive work to get to where it might be reliable - even then, it was no guarantee. You could spend $3,000 in work on a car worth $2,000, then you might need another $1,000 - $2,000 of work six months or a year down the line.
The convenient thing is to get rid of the problem car.
I had a 1987 S-10 Blazer with a 5/unlimited GM extended warranty. An S-10 of that era is the most unreliable vehicle on the planet. I easily had $10k in warranty repairs on that car.
If you need to borrow money for a car, you should be buying a base trim level econobox. Anything more than that is feeding your ego. The exception is if you’re in a trade where you actually use the features of a base level pickup or van. A $50,000 pickup is a sucker play.
If someone is really upside down on a car, in some cases, its best to just let it be repossessed, and start over after that, basically cut their losses as soon as possible. It will impact your credit, but not to the degree many people think it does.
My uncle was upside down years ago on a truck and it was eventually repossessed, the bank auctioned it off and they never came after him for the difference for some reason. He bought a cheap beater with the money that would have went to car payments, and once the repo was over and done with, his credit score didnt take long to get better, If I remember right, he was able to finance another new car a year later.
If someone is really upside down on a car, in some cases, its best to just let it be repossessed, and start over after that, basically cut their losses as soon as possible. It will impact your credit, but not to the degree many people think it does.
My uncle was upside down years ago on a truck and it was eventually repossessed, the bank auctioned it off and they never came after him for the difference for some reason. He bought a cheap beater with the money that would have went to car payments, and once the repo was over and done with, his credit score didnt take long to get better, If I remember right, he was able to finance another new car a year later.
I stand with you on that. Some people knowingly make dicey financial decisions, then suffer even more after income loss due to hours cut, divorce, or having to change industries after a layoff. Sometimes the last thing you need is the majority of that 72-month high interest loan ahead of you, which may very well comprise half your income at that point.
Just stop paying. Don't pay every other month. Don't make partial payments. You're already behind. Don't sabotage the car. Just stop. In the time it takes them to repossess, you should be searching for a "$1000 car" which in your area, may be $500, may be $3000, that you can own outright for that much. Where that money isn't just a down payment.
If a 240-month car-note was offered, they will come!
Seriously, the price of a new car that is decently loaded, wow, for a lot of people that is a very
bad financial decision.
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