Can't afford to fix the car. Any suggestions?

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purpleorchids Asked June 2014

Can't afford to fix the car. Any suggestions?

My parents still owe 3,000 on a car that now needs 2,800 to fix. Neither of them is in good enough shape to drive any more and they don't have any money to fix it. I can't take it off of insurance while there's still a loan outstanding. Any suggestions?

Financial Planning

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score 1 · Answer 1

thanks. I'll look into that. Appreciate your thoughts

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score 1 · Answer 2

Try to work with the lender, the worst they can do is repossess and auction it off. If the book value is more than $3000, they may be willing to close the loan and take the vehicle. Take the plates off, cancel the registration and send proof of plate surrender to the insurance company.

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Can't afford to fix the car. Any suggestions?

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