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Broke-down, upside down, car loan scenario...little more info in Original Post Login/Join 
Green grass and
high tides
Picture of old rugged cross
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At some point ya just got to stop throwing gas on the fire. I would sell it for what you can and pay it off and be done with it and try to do better on the next one.



"Practice like you want to play in the game"
 
Posts: 14519 | Registered: September 21, 2005Reply With QuoteReport This Post
On the DL
Picture of V-Tail
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quote:
Originally posted by BigSwede:

It was useless double coverage, sold to make a profit on the "back end"
Ah, understood.

My wife bought a new Toyota not too long ago. I sat with her during the paperwork and tried to talk her out of the extended service plan. Tried my best. I finally gave up. Her car, her money.



A mind is a terrible thing.
 
Posts: 22789 | Location: Central Florida (near Orlando) | Registered: January 03, 2010Reply With QuoteReport This Post
JOIN, or DIE
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quote:
Originally posted by frayedends:
quote:
Originally posted by trapper189:
What would the ramifications of dropping it and the keys off at the company that holds the loan be? Who signed the loan?


Wouldn't that be the same as a repo? I don't know how repos work but my fiancé's daughter had a car repoed and they still come after her for paying off the loan. I don't know details but I assume it's anything on the loan they don't get back from the vehicle. So it wouldn't help.



Yes, it would be considered a repo. Would heavily damage your credit, they’d still chase you for the money and you’d most likely not be able to finance another car for a long time. I’ve seen people with very low credit scores get approved and at decent rates because they were never late on an auto payment. Have had others with a score that stabilized to 700+ not get approved because of a repo. I would always suggest making your auto payment over other credit related obligations if you have to make that choice.
 
Posts: 3510 | Registered: February 25, 2010Reply With QuoteReport This Post
Prepared for the Worst, Providing the Best
Picture of 92fstech
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What is actually wrong with the engine? Does it truly need replaced, or is repairing/rebuilding it an option? I'd shop around. There's got to be a better option out there than $4k+labor.
 
Posts: 3520 | Location: In the Cornfields | Registered: May 25, 2006Reply With QuoteReport This Post
eh-TEE-oh-clez
Picture of Aeteocles
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I would replace the motor for $4k, and drive it until the $6k loan is paid off.

For $4k invested, you will have a reliable beater with a known history.

You do not need another new car payment. Especially since you spend so little time commuting with it now.

In a couple of years, when the mileage levels of with the age of the vehicle, you'll still be able to sell it for $2k.
 
Posts: 11006 | Location: Orange County, California | Registered: May 19, 2002Reply With QuoteReport This Post
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quote:
2013 Hyundai Sonata hybrid

I just looked on ebay and there seems to be no shortage of engines. I know your concerns over the fact it is hybrid but I would look into a non-dealership shop to replace it. I got a g35 engine for our son's 2005 g35 for $1500 all in. it even came with a 90 day warranty. still running. am happy with it. a running car is more valuable than a non-running car, if you are looking at a trade.


There is something good and motherly about Washington, the grand old benevolent National Asylum for the helpless.
- Mark Twain The Gilded Age

#CNNblackmail #CNNmemewar
 
Posts: 542 | Location: Seacoast in USA | Registered: September 24, 2007Reply With QuoteReport This Post
Too clever by half
Picture of jigray3
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Important points to consider:

Hyundai is not known for high mileage durability, hence the lower retained value as they age compared to, say, Toyota. Can’t trust current kbb valuations right now because the trade/wholesale market has crashed. Demand is almost non-existent, supply is way up with people selling to raise cash, and reporting data is lagging behind this very recent development. The vehicle you describe with the bad engine is worth a couple hundred dollars at best unless you’re willing to part it out yourself.

The ability to roll negative equity into a loan or lease depends on the quality of your credit and the LTV structure of the deal. If you do it, you're really paying for two cars at once.

Dealers offer either rebates/dealer incentives or below market subsidized rates, usually not both. You need the rebates to help dig you out of the negative equity, plus market rates are already very low so you're better served by the cash, again, depending on the quality of your credit. Plus once they give you the cash, they can never take it back. Any savings you experience from a below market subsidized rate is diminished if you ever decide to pay it off early.

Leases are not necessarily the best place to bury negative equity. Shorter terms of a lease means every thousand you roll in drives the payment up higher than it does in a longer term loan. Leases are also not for the uninitiated. For instance, Most don’t know the cap cost is negotiable, or what the money factor is and how it translates to an interest rate. Then there are acquisition fees, disposition fees, residual values, etc. They can be useful in the right situation, and it's not exactly rocket science, but best to know what you’re doing.

Personal loans are generally unsecured and frequently have higher rates than a secured auto loan into which you roll negative equity, but this is only a rule of thumb and YMMV.

Hybrids are obviously more complex. I like independent shops, but I think you really want someone that has swapped a Hyundai hybrid engine a few times before. The engine compartment in a hybrid is crowded, and those high voltage orange parts are particularly dangerous.

This message has been edited. Last edited by: jigray3,




"We have a system that increasingly taxes work, and increasingly subsidizes non-work" - Milton Friedman
 
Posts: 10188 | Location: Richmond, VA | Registered: December 11, 2007Reply With QuoteReport This Post
Low Profile Member
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quote:
Originally posted by old rugged cross:
At some point ya just got to stop throwing gas on the fire. I would sell it for what you can and pay it off and be done with it and try to do better on the next one.


yes
 
Posts: 3091 | Registered: August 19, 2003Reply With QuoteReport This Post
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I'd shop around for a better used engine install.
Craigslist TDI

If you scrap this car, may I suggest the VW TDI that are back on the used market. I think you had one before. You can get a VW wagon, Jetta, Passat etc TDI for $8-14K with low miles. Then drive it until it drops.


P229
 
Posts: 2955 | Location: Sacramento, CA | Registered: November 21, 2008Reply With QuoteReport This Post
Telling cops where to go for over 25 years
Picture of 911Boss
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Is it insured? Be a shame if it caught fire...






What part of "...Shall not be infringed" don't you understand???



 
Posts: 9117 | Location: Western WA state for just a few more years... | Registered: February 17, 2006Reply With QuoteReport This Post
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Picture of ruger357
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I would take the $4100 plus scrap value and pay off the loan. Then you are back even and buy an affordable reliable car.


-----------------------------------------

Roll Tide!

Glock Certified Armorer
NRA Certified Firearms Instructor
 
Posts: 6973 | Location: Hoover, AL | Registered: November 06, 2006Reply With QuoteReport This Post
On the DL
Picture of V-Tail
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quote:
Originally posted by 911Boss:

Is it insured? Be a shame if it caught fire...
Just what I was thinking.

Anybody got contact information for Murray The Torch?



A mind is a terrible thing.
 
Posts: 22789 | Location: Central Florida (near Orlando) | Registered: January 03, 2010Reply With QuoteReport This Post
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Check this recall


Recall Number
17V226000
Recall Date
03/31/2017
Component
ENGINE AND ENGINE COOLING:ENGINE
Summary

Hyundai Motor America (Hyundai) is recalling certain 2013-2014 Sonata and Santa Fe Sport vehicles. Machining errors during the engine manufacturing process may cause premature bearing wear within the engine.
Consequence

Bearing wear may result in the engine seizing, increasing the risk of a crash.
What Owners Should Do

Hyundai will notify owners, and dealers will inspect the engine, replacing the engine short block, as necessary, free of charge. The recall began June 2017. Owners may contact Hyundai customer service at 1-800-633-5151. Hyundai's number for this recall is 162.

If the dealer will not fix it call the Nationl hotline, feds and a lawyer
 
Posts: 3477 | Registered: February 15, 2004Reply With QuoteReport This Post
Non-Miscreant
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Some things not said or barely said. The Korean cars are mostly junk. Just like their refrigerators. Too late now, but they made some junk engines and didn't cover for them. It means its just dumb to buy another and maybe even to repair one. There is a reason folks stick to known domestics or the Japanese models. Often folks don't pay any heed to what others say about brand loyalty. Its real, and for a reason. While I'd never by a Ferd again, at least they're more dependable than Korean, either Kia or Hyundai.

Having read the OPs threads for years now, He seems to be a good cop. Probably not a mechanic in his spare time. Maybe he can find another cop that does engine swaps. Regardless, he needs to offload the lemon ASAP. Then vow to never again in his life buy another.

Tough times ahead. Not just for him, but for a bunch of folks who don't have jobs and aren't earning anything. At least he has a stable job that he's good at. He's got a take home car and his wife can drive his jeep to work if necessary. Back in the day, I hitchhiked to the filling station where I pumped gas. Guess you can't ask your wife to do that... Frown

I worked with a guy back in the 80s. He told his girls (employees) to buy new cars. Maybe economy models, but buy new with warranty. He'd even offer to pick them up at the dealers and drive them in to work. He was a good guy and there is almost nothing he wouldn't do for them. As long as they followed his advice. You may not be able to buy the sexiest model new car, but you can get one that will run regularly.

Just one more cheap shot...don't buy Korean. I'm still sore at our refrigerator for failing.


Unhappy ammo seeker
 
Posts: 17022 | Location: Kentucky, USA | Registered: February 25, 2001Reply With QuoteReport This Post
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quote:
Originally posted by rburg:
The Korean cars are mostly junk.

Just one more cheap shot...don't buy Korean. I'm still sore at our refrigerator for failing.


rburg, with all due respect, bless your heart, God Bless you, etc, etc......

This is poor advice. Your one time poor experience with a Korean refrigerator isn't representative of the overall positive experience of Korean industry in general. In fact, since Hyundai came into the US market in the mid-80s, they've made rapid improvement to their cars. In fact, some of the best values out there in the market are the Hyundais and Kia product. My wife really liked her Santa Fe Sport and would still be driving it were it not for our teenage driver who t-boned the school custodian. The Korean cars have rapidly climbed the quality and customer satisfaction ladder, faster than legacy car builders.

All manufacturers have their lemons. Porsche M96/97 motors suffered catastrophic bearing issues, albeit on a small scale. There are many examples of things not going to plan.

I'm a Honda guy. My 03 Odyssey had the transmission crap out at 167K. I spent $2700 installing the retrofitting, new transmission. A few miles later, the engine developed a mysterious oil leak that neither dealer nor independent shop could diagnosis. I ended up installing a low mileage motor from the junkyard, all for about $2000. So you could say my particular Honda is a lemon. I chose to sink $$$ into an older car and my gamble has paid off. I don't think anyone would say Hondas are junk just because of bad transmissions on a particular era of Odysseys, Pilots and Acuras.

I doubt chongosuerte is chomping at the bit to buy another Hyundai and I'd understand that. But to say Korean cars are junk is not reflective of sales trends and customer satisfaction.

No, back to our regularly programming. Smile


P229
 
Posts: 2955 | Location: Sacramento, CA | Registered: November 21, 2008Reply With QuoteReport This Post
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I read all the previous posts. Two thoughts came to mind:
If you search for sale car ads they are all a lot higher than the value you place on yours. This may change the conclusions somewhat. Naturally if yours is in rough shape, body and interior, maybe your 4K is spot on.
Also regarding the suggestion of a VW, not many folks seem to place reliability, durability and cost to maintain VW's as nearly as attractive as Toyota and Honda if money is an issue.
 
Posts: 1180 | Location: S/W Illinois | Registered: October 29, 2007Reply With QuoteReport This Post
His diet consists of black
coffee, and sarcasm.
Picture of egregore
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Been thinking a little more about this, but have some questions. What exactly is wrong with the engine? Where do you get the $4000 value? Is that what a dealer offered you as trade value? And is that in its present condition?
 
Posts: 23460 | Location: Johnson City/Elizabethton, TN | Registered: April 28, 2012Reply With QuoteReport This Post
If you see me running
try to keep up
Picture of mrvmax
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quote:
Originally posted by RogueJSK:
Not an ideal situation, but there's a way out with some work:

1. Get a loan to pay off the $6k. Work with something like a credit union to get the lowest interest rate possible.

2. Sell the broke down car for parts/salvage to get a couple grand in cash.

3. Use salvage cash to buy a cheap but reliable beater outright for a few grand. (Honda Civic, Toyota Camry, etc.) It helps if you have a buddy who's a mechanic who can help you find a mechanically reliable beater car.

4. Drive beater for X months until $6k loan is paid off, while working overtime and cutting corners to pay extra towards getting the loan paid off ASAP.

5. Keep driving the beater until the wheels fall off, setting back your usual car/loan payment each month towards a newer and better car. Don't touch this savings for anything else.

6. Once the wheels fall off, or you've saved up a big chunk towards a newer car, get something better.

Best reply was the first one.
 
Posts: 2939 | Location: Friendswood Texas | Registered: August 24, 2007Reply With QuoteReport This Post
Member
posted Hide Post
quote:
Originally posted by mrvmax:
quote:
Originally posted by RogueJSK:
Not an ideal situation, but there's a way out with some work:

1. Get a loan to pay off the $6k. Work with something like a credit union to get the lowest interest rate possible.

2. Sell the broke down car for parts/salvage to get a couple grand in cash.

3. Use salvage cash to buy a cheap but reliable beater outright for a few grand. (Honda Civic, Toyota Camry, etc.) It helps if you have a buddy who's a mechanic who can help you find a mechanically reliable beater car.

4. Drive beater for X months until $6k loan is paid off, while working overtime and cutting corners to pay extra towards getting the loan paid off ASAP.

5. Keep driving the beater until the wheels fall off, setting back your usual car/loan payment each month towards a newer and better car. Don't touch this savings for anything else.

6. Once the wheels fall off, or you've saved up a big chunk towards a newer car, get something better.

Best reply was the first one.


Yeah well, YOU try telling his wife that !!!!!!!!!!!!!!!!!
 
Posts: 19243 | Registered: June 12, 2005Reply With QuoteReport This Post
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I've got a truck that needs to be driven, you're more than welcome to it for as long as you need it.

Of course you'll have to figure out how to get it to you. ...
 
Posts: 545 | Registered: August 23, 2009Reply With QuoteReport This Post
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