Looking for some advice on an upside down car. My hubby and I have a 2004 honda crv. the car is actually “technically” paid off, we have the pink slip, however we have a regular loan through our credit union with a payment of $341/month and a total balance of $8,000.
So its not a car loan, but that is how we financed the car. Our plan was to sell the honda to a private party for approx. $5-$6,000 according to kbb. of the money we got for the car we were going to take $2500 and use it to buy a used car.
we were then going to take the reamiaing balance from the sale, approx. $3,000 and along with additional money we have saved we were going to pay off the $8000 loan.
There by freeing us of our $8,000 debt and freeing up $341/ month to use to pay off other debts. However, we owe past registration and tickets on the honda and were told we need to get a smog check before we could sell it to a private party.
So when we went to do that, the total for past registrati on was $803.00 (ouch!!) and the smog check we were told couldn’t be done until the check engine light in the car was diagnosed.
Well, of course the diagnostic came back that we were gonna have to replace this and that and the total with the smog was going to be $2,700! Not what we wanted to hear!!!
So, now we don’t know what to do! It hardly seems worth it to put in $3,000 into this car. Remember we were planning on selling and taking the remaining money to put towards the loan in order to help pay it off.
Well now, with $3000 in repairs and such and after purchasing a used car for aprox. $2500, that leaves us no money to put towards the loan!!! :( Our ultimate goal was to just pay off loan!!!
Please help! Any suggestions!!?? We don’t want another car payment, not sure what our options are? Any suggestions or thoughts would be appreciated!!
thanks so much,
The AnswerIf you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free. We Can't Sell Our Car Without a Smog Certification. - Ashley by Steve Rhode