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Posted in Auto Loans
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Dj2301

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I'm paying for a car that is broken down, bad transmission and bad engine, any way out?
I was young and dumb, still kind of am, and jumped into an auto loan without considering the ups and downs.. the car drove for maybe 6 months and the engine blew up on me, the transmission was slipping long before that.. Im not even 20 yet so I want opinions as to whether I should let them repo it and take the hit to my credit score or If I should stick it out and pay off the 5000 I owe on a car that probably isn't worth 1000 and needs a lot of work. It's a 1999 mustang gt convertible by the way

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That credit hit would last for seven years. In addition to that you may be sued for the remaining amount due after they auction the car and the judge may garnish your wages to pay for it if a judgement is obtained. That said I think I would try to do something else besides defaulting on the loan. I would be searching for a used engine and transmission for a good price and put them in and either sell the car to recoup as much as you can or keep driving it.

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