How can I get out of a loan for a junk car?

by **slaine** » Wed May 02, 2012 1:02 pm

Not even 6 months ago I bought a 2003 saturn Vue from carmax, got it home it drove fine for a while. then with no warning the transmission went out. then I called GM because they now own Saturn they tell me that the car should have never been sold to me because of all the recalls on the tranny for that car. And now I do not know what to do, the car is still broke down, up for repo and they said it will cost at least 7k to replace the tranny, the stupid car only blue books at 6600. I can not file bankruptcy on it because my mother -in-law co-signed for it. Can anyone give me advice please.

by **marlan43** » Wed May 02, 2012 1:03 pm

Pay your payments on the car. Failure to do so will cause you and your mother in law to have your credit ruined. If the car is repossessed, you will have a short time to redeem it. After that the car will be sold (usually at auction) and the proceeds of the sale, less all costs of repossession. towing, storage, and sale will be applied to the loan balance. You and your mother in law will then both be sued for the balance, and your wages and any bank accounts can be attached.

It is not the bank's fault that you bought a car that is having problems. Shop around for a replacement transmission, you should be able to get one much cheaper than the dealer's $7000 estimate

by **claudius** » Wed May 02, 2012 1:08 pm

There is no magic way out of the loan, sorry.

What fire4511 said is 100% true. You find a way to fix it, or you lose it through repo. The vehicle's roadworthiness has nothing to do with the loan itself.

by **said99** » Wed May 02, 2012 1:11 pm

You can't get out of it. The only way is to pay off the loan. The loan has nothing to do with whether the car runs or not. You could have researched the recalls on the internet before buying it. You made a poor decision and now you don't want to pay for it anymore.

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