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HUGE Time Sensitive Dilemma!

HUGE Time Sensitive Dilemma!

I have a 2009 528i BMW that has a ton of isues. About 9k worth of issues to be exact. I knew of the issues since early July and was trying to hold out until Janaury (when my credit is better) to trade in. The guy at BMW service said that the majority of the issues would not make the car inoperable for at least another few months. 

 

Earlier today, my car began to overheat! I will have to have it towed to BMW. I WISH I was in a position to cut my lossess and trade the car in now. 

 

Here's what's stopping me: 

 

Experian credit score: 535 

 

Negative equity in the car - I took out a loan/lien on the car last summer when I was finishing up my PHD because I had been a full-time student and was dirt poor. I needed the money. So now, I have negative equiy in the car to the tune of 7k. I know that BMW would give me about 5k for the. 

 

So yea... It looks like I am screwed. Any suggestions? 

7 REPLIES
Established Contributor

Re: HUGE Time Sensitive Dilemma!

Buy a cheap car for cash to get you through the next few month...
Message 2 of 8

Re: HUGE Time Sensitive Dilemma!

 


Firemediii wrote:
Buy a cheap car for cash to get you through the next few month...

Thanks 

 

 

Message 3 of 8
Established Contributor

Re: HUGE Time Sensitive Dilemma!

You may have to at this point. They are not likely to give you enough to pay off your loan with the repairs that are needed and your not likely able to buy a car with enough value to roll the negative equity in with your scores. Could happen I suppose but it would have to be a car with a lot of incentives. Unfortunately a car loan is your for better or worse until the contract is fulfilled or terminated.
Message 4 of 8

Re: HUGE Time Sensitive Dilemma!


Firemediii wrote:
You may have to at this point. They are not likely to give you enough to pay off your loan with the repairs that are needed and your not likely able to buy a car with enough value to roll the negative equity in with your scores. Could happen I suppose but it would have to be a car with a lot of incentives. Unfortunately a car loan is your for better or worse until the contract is fulfilled or terminated.

Thank you! This is just a really bad situation. 

Message 5 of 8
Established Contributor

Re: HUGE Time Sensitive Dilemma!

First, don't take your car to the dealer for repairs.  They might be quoting $9k to get the car back to mint condition, and chances are you only need a FRACTION of that stuff actually done.  The dealership also wants you to think you need to buy a new car. Ulterior motives.

 

Find an independent local mechanic that knows Bimmers. Talk to them about what REALLY needs done to get you by for however long.

 

(It's possible you might need a radiator. Replacement of them is actually listed as standard maintenance on some BMWs around 85k or 100k or something.)

Ch 7 Discharge May 2015: EQ 588/TU 552/EX 570
Nov 2017: EQ 683/TU 660/EX 668 w/ 24% CC util reporting
Discover/Target/NFCU CLOC/NFCU Cash Rewards/PenFed Power Cash Rewards - $46k total revolving
Message 6 of 8

Re: HUGE Time Sensitive Dilemma!


SteelerNYC wrote:

First, don't take your car to the dealer for repairs.  They might be quoting $9k to get the car back to mint condition, and chances are you only need a FRACTION of that stuff actually done.  The dealership also wants you to think you need to buy a new car. Ulterior motives.

 

Find an independent local mechanic that knows Bimmers. Talk to them about what REALLY needs done to get you by for however long.

 

(It's possible you might need a radiator. Replacement of them is actually listed as standard maintenance on some BMWs around 85k or 100k or something.)


You are absolutely right! I am taking the car to a mechanic who specializes in Audi and BMW. He cant take me in until Monday, but that's OK. Hopefully, it will be a minor fix and I can continue to buy time in effort to increase my credit score so that I will be able to get a half way decent APR when the time comes. 

Message 7 of 8
Established Contributor

Re: HUGE Time Sensitive Dilemma!

Fingers crossed for you!!

 

 

Ch 7 Discharge May 2015: EQ 588/TU 552/EX 570
Nov 2017: EQ 683/TU 660/EX 668 w/ 24% CC util reporting
Discover/Target/NFCU CLOC/NFCU Cash Rewards/PenFed Power Cash Rewards - $46k total revolving
Message 8 of 8