Overhaulin'

Upside Down car loan with a blown engine... Please Help!!!!?

I'm upside down owing around 12k for a 2002 Nissan Altima. I was just told that the engine ring are bad and that it will cost around $2500-3k to fix or to get a new engine. I have already replaced the entire exhaust system as well all of the recalls. My credit is bad but I'm sure there is worst out there. I need a reliable car and at the same time I do not want to get into a new loan. But I may have to. My major concern is that I refuse to pay another car note or spend 3k to fix it, and in return they reposes the car and I will have a repo on my credit that will prevent me to buy another car. Either way im still without a car. If there is anyone out there that can advise me on the best way to handle this situation I would truly appreciate it!

Public Comments

1. Theres no magic wand to make $15k appear out of nowhere. It took you time to get in this mess and its going to take a lot longer to get out. Look into bankruptcy. Consider giving it back and letting your credit go and hoping they dont come after you for the balance. None of your options come with a new car.
2. There's not much you can do other than fixing it. You can't sell it or trade it in with a blown engine because you won't get anything for it. So your only option is to repair it and drive it another 10 years before you start thinking about a new car.
3. Fix it. There's no other solution that makes any sense, and if you get a good motor put in there, you should have a nice reliable car. The only reason to do anything else would be to have lots of extra money and be too lazy to get it fixed.
4. There's no clause in your loan that gives you the privilege of opting out of making payments if the car isn't working. You are on the hook for the loan amount. Act accordingly.