Need emergency loan to repair car with bad credit - Is this impossible?

[Burned2manybridgesB4]

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@jg1983 wrote:

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@Burned2manybridgesB4 wrote:

Guessing the factory warranty is long dead.

Ten months to failure from purchase is fishy. Question is, "did you keep up on maintenance of the vehicle?" If so, lemon law research for your state.... Only thing that shoud fail at 30k is the windshield wipers wearing out, and some brake pad wear.

When it comes down to it, do you want to dump money into a hole? 

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I certainly did keep up on maintenance. Had an oil change every 3000 miles (even though Chrysler recommends every 6000 miles). Two things that are concern me. The first thing is if you google the engine I have my issue is common at low miles even. Some people think the oil passages are too small on the engine. The second thing is I looked at the carfax report. The first owner kept up with oil changes then at 13k miles the second owner bought it and there was only 1 oil change record from 13k to 29k miles.  As far as lemon laws go that is a dead end. I spent all morning today calling lawyers and all of them said they couldn't help me if I don't have a warranty.

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I just saw your reply after answering Sarge below. Yeah, just read what's below. You're stuck...rock meet hard place. Did you not check the report before purchase?

[Burned2manybridgesB4]

The only real loophole I can figure you might have a chance with is IF...stressing IF here... The recall repair requirement prior to resell of a vehicle by a dealership has been made law (I'm not sure, nor do I know where you live, so you're going to have to look this up). If so...check for recalls, and then use your carfax, or whatever report to verify it was corrected. If it's law, and it's not corrected, then you've got a solid rebuttal....

http://www.nhtsa.gov/Vehicle+Safety/Recalls+&+Defects/recall-vin-search

[jg1983]

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@Burned2manybridgesB4 wrote:

The only real loophole I can figure you might have a chance with is IF...stressing IF here... The recall repair requirement prior to resell of a vehicle by a dealership has been made law (I'm not sure, nor do I know where you live, so you're going to have to look this up). If so...check for recalls, and then use your carfax, or whatever report to verify it was corrected. If it's law, and it's not corrected, then you've got a solid rebuttal....

http://www.nhtsa.gov/Vehicle+Safety/Recalls+&+Defects/recall-vin-search

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The only recall on my car is for the airbags which the dealership will be fixing for me. The oil passage issue is widely known but Chrysler wont own up to it so I'm out of luck. I even called Chrysler directly to see what they could do and they offered no help.

[sarge12]

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@jg1983 wrote:

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@Burned2manybridgesB4 wrote:

The only real loophole I can figure you might have a chance with is IF...stressing IF here... The recall repair requirement prior to resell of a vehicle by a dealership has been made law (I'm not sure, nor do I know where you live, so you're going to have to look this up). If so...check for recalls, and then use your carfax, or whatever report to verify it was corrected. If it's law, and it's not corrected, then you've got a solid rebuttal....

http://www.nhtsa.gov/Vehicle+Safety/Recalls+&+Defects/recall-vin-search

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The only recall on my car is for the airbags which the dealership will be fixing for me. The oil passage issue is widely known but Chrysler wont own up to it so I'm out of luck. I even called Chrysler directly to see what they could do and they offered no help.

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Too bad you are not the original owner, it had a lifetime powertrain warranty, but was non transferrable. This is no help to you though, and I really wish someone would come up with a solution to your problem.

[jg1983]

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@sarge12 wrote:

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@jg1983 wrote:

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@Burned2manybridgesB4 wrote:

The only real loophole I can figure you might have a chance with is IF...stressing IF here... The recall repair requirement prior to resell of a vehicle by a dealership has been made law (I'm not sure, nor do I know where you live, so you're going to have to look this up). If so...check for recalls, and then use your carfax, or whatever report to verify it was corrected. If it's law, and it's not corrected, then you've got a solid rebuttal....

http://www.nhtsa.gov/Vehicle+Safety/Recalls+&+Defects/recall-vin-search

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The only recall on my car is for the airbags which the dealership will be fixing for me. The oil passage issue is widely known but Chrysler wont own up to it so I'm out of luck. I even called Chrysler directly to see what they could do and they offered no help.

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Too bad you are not the original owner, it had a lifetime powertrain warranty, but was non transferrable. This is no help to you though, and I really wish someone would come up with a solution to your problem.

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The only other option is let the car sit in the driveway for a few months while I save up for repairs and buy a cheap beater car to use in the mean time. Only problm is my car is awd and I need awd or 4wd with the winter coming up where I live or there will be days i wont be able to leave the house. Right now I have a loaner from the dealership which i am going to try to hold onto for another week or 2 while I have them fix the airbags. After that things are going to get a little sketchy. The whole reason i took out a loan for a car is so i would have something reliabe and that didn't work out too well.

[jg1983]

I signed up for the credit check total $1 deal and it says my Eperian score is 536 and my other two scores are both 513. According to that site they are all FICO 8 scores. Is the $1 deal just a trial that goes up in price if you don't cancel or is it always $1? This site seems way better than Credit Karma. Now that you guys know my scores can you think of any loan options for me or am I still out of luck?

[sarge12]

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@jg1983 wrote:

I signed up for the credit check total $1 deal and it says my Eperian score is 536 and my other two scores are both 513. According to that site they are all FICO 8 scores. Is the $1 deal just a trial that goes up in price if you don't cancel or is it always $1? This site seems way better than Credit Karma. Now that you guys know my scores can you think of any loan options for me or am I still out of luck?

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Yes, I believe it must be cancelled within 14 days...not sure...but at cancellation it will offer reduced price of subscription to continue, or so I'm told. I wish I knew a financing option, but I don't.

[Teo]

You are in a pickle, OP - sorry about that.  Sounds like you are using sound thinking and considering all options.  If the car is good other than that (huge) issue, then I like your idea of parking it for a while and buying a beater.  Markup on this type of auto repair is quite a lot and with time, I bet you could find someone to get it done for a lot cheaper.  WF will not loan you any more on the car for repairs and you don't want to go more under water on this car anyhow.  What a pain in the rear, but if you can get through the winter and keep your eyes and ears open for the right repair situation, you may come out ok.  

[Anonymous]

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@jg1983 wrote:

First i will tell you about the car then I will tell you about my credit situation. Back in December I purchased a 2009 Chrysler 300 for $15000 with 30k  miles on it. Unfortunately I had no credit score so the only loan I could get was through Wells Fargo Dealer Services wit a 16% interest rate for 60 months. I had hoped to eventually refinance when my credit is better but that is a subject for another time. Anyways I had a knocking noise coming from my engine a few weeks ago and the dealership came and picked up the car to diagnose it. I have no warranty by the way. Wells Fargo refused to allow me to put one on my loan and I couldn't afford the upfront cost. Finally today the dealership let me know the engine has an internal failure and needs to be replaced. They quoted me $6500 for parts and labor. At this point I am going to be upside down on the car no matter what I do but I think I can have the work done for $3000-$4000 somewhere else. I will be talking to the manager at the dealership tomorrow to see if they will take on some of the cost considering the low miles on the car and the short period of time I have had it. I am not holding my breath though.

My problem right now is I have no savings so i can't pay for the repairs upfront. I need to get a loan which may prove impossible with my credit. I checked my Experian FICO score last night  and it is 523. I don't have FICO scores for the other agencies but I do have Credit Karma scores for them. My TransUnion is 515 and my Equifax is 471. I have some negatives on my credit. The biggest one is a credit card I spent $58 on with a $300 limit. I created another post on these forums about this issue. I am in th process of writing dispute letters for this account. It is reported as "paid" and "closed with a $0 balance. The only problem is they are still reporting it 120 days late. Other than that I have my car loan with one 30 day late reported in June which I am in the process of writing a goodwill letter for as it was a result of a misunderstanding. The only other thing I have is a $100 cable bill in collections for a couple years which I am also working on. There is nothing else positive or negative on my credit report.

Is my situation hopeless? I know this is really a long shot but do you think if I explain the situation to Wells Fargo they might add the repair costs to my loan? The only other option I can think of would destroy my credit for a long time and would be a very last resort but what would happen if I simply tell the bank to come get the car and stop paying on it? I am open to any advice at this point. I feel like I am in a no win situation.

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Yeah, this is a tough spot to be in. 30K miles on a 6 year old vehicle, and the engine dies ten months later? Smells a bit fishy... What is the current mileage on the car? I have to ask, was scheduled maintenance (regular oil changes) done on the vehicle? Don't feel bad if it was not done, I let a good car die because of that... a couple of months after I paid it off. (edit: I see from other replies that you were good on maintenence)

Have you done a search for used engines for it?

A couple of secured credit cards will get your scores up out of the toilet....

[Anonymous]

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@sarge12 wrote:

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@Burned2manybridgesB4 wrote:

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@sarge12 wrote:

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@Burned2manybridgesB4 wrote:

Guessing the factory warranty is long dead.

Ten months to failure from purchase is fishy. Question is, "did you keep up on maintenance of the vehicle?" If so, lemon law research for your state.... Only thing that shoud fail at 30k is the windshield wipers wearing out, and some brake pad wear.

When it comes down to it, do you want to dump money into a hole? 

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Did you miss that it was a 2009 model?

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No. I didn't. My car has a 10/100k, or were you referring to something else?

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I just did not believe lemon laws covered a vehicle that old, and thought you may have missed seeing that...I should probably just shut up, as I unfortunately can not think of anything helpful...which is frustrating. I wonder if someone might have tinkered with the odometer...engine failure with that low a mileage is ridiculous, and who drives a vehicle 5000 miles per year...sounds very fishy.

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In 2010 I had an engine failure at 60K on a '04 Dodge Stratus. But I fully admit it was due to my own negligence (forgot to check oil level before a long trip)....