Help with Santander

[Royal2015]

My son has a 2015 Camaro financed with Santander. He got an estimate for the value from Carmax @ $8500. He still owes $18500. Now the transmission is gone out and that estimate is 5k. He's tried to trade it and no one will take it in trade with about 8k as a down payment. We've talked to Santander and they say is our problem. I cant cosign because I'm in the process of a mortgage. He's 23 with scores in the 650ish range. I dont want him to get a repo. I have no clue on how to proceed. Any help would be greatly appreciated. 

[Chad3304]

Why would he let it be repoed if he has the money to fix it? Either find a vehicle with a lot of rebates that can eat up a lot of the negative plus the downpayment and trade it, or just take $5k out of the $8k downpayment and keep the car. I'd also go to KBB and look up the value of the car, because I'm sure it's worth more than $8500.

[Harvey26]

@Royal2015  Whats keeping his scores down? any other baddies? Santander is the worse people ever. They have done so many kids bad. Can he afford a newer car they may have more rebates. 

[tricie17]

@Royal2015  I totally agree.  Santander have young people on target.

[Anonymous]

Honestly the transmission going out really isn't Santanders problem you guys signed up a contract he's not going to get any decent offers for trade in with a blown trans, maybe try car care credit from synchrony and get the transmission fixed?

[JGGM]

If his scores are in that range, I'm guessing he's looking at a used car if they're telling him he needs $8k+ down. Hard to roll negative equity on a used car. He's roughly 10k flipped. Find a new car with good rebates (not hard to do this month), trade in and get out of Santander. 

There's more to an approval than score. Provable income that shows a proposed payment to income ratio not greater than 10%. Some money down. If his scores are mid 600s and he doesn't want to spend money on a transmission, he needs to be looking for a new car. There's a deal there somewhere. 

[dunn2500]

 or fix the tranny and refinance the car with CU.....you have the money to do it and guessing your interest rate is  17% plus......have to get out of Santander loan......