I have a 2002 Ford Explorer bought used in 2005. It has had tons of problems over the past 2 years, and now I would no longer have to look at or drive the beast. Problem is, I still have a bunch of money to pay on the loan. What options do I have short of dumping more money into fixing this car?
Other than putting more money into abour your only other options is to trade it off and become even more upside down financially or sell it, apply the money to what’s owed, and eat the remaining balance.
Just curious. How many miles on this vehicle and exactly what kind of problems are you having? Many people consider brakes, belts, etc a sign of unneeded costs.
How simple! Sell the beast.
Use the proceeds to pay off the loan. If you can pay off the entire loan, marvy. Otherwise you are considered upside-down, a common situation for many folks who are enticed into loan agreements by the promise of low monthly payments. You will still owe money to the lender. You can then either refinance, dip into your savings, or continue the same payment. It will depend on the size of your debt and your resources.
Unhappy with your situation? Always remember: you created it.
I’d keep it and continue to repair it until it is paid off. If the same thing needs to be repaired more than once, I’d look for a new mechanic. Since we don’t know what problems you’ve had, it’s hard to comment on your predicament.