Car engine is dead but I still owe bank money!?The engine of my 2002 Nissan Altima 2.5S just died recently and the mechanics have estimated that a replacement engine would cost me between $2,500-$3,500. I already have 115,000 miles on the 2002 Nissan. KBB currently lists its value at $2,500-$3,500 tops. My main problem right now is that I still owe the... |
It's long shot but 2002 and 03 Altimas are known to have engine problems. Some people have had luck dealing with the dealer about enging repairs or replacements. Plus there were recalls as well. Check with the dealer or Nissan Customer service. It's a long shot because the car is 8 years old but it wouldn't hurt to ask.
http://www.carcomplaints.com/Nissan/Alti...
http://www-odi.nhtsa.dot.gov/cars/proble...
http://www.carcomplaints.com/Nissan/Alti...
Nissan Consumer Affairs
P.O. Box 191
Gardena, CA 90248
(800) 647-7261
Difficult dilemma you are in for sure, put the money in the new engine and before you know it the tranny or something else goes out. The bank note will have to be paid one way or another, If you do trade it in then you are paying a whole lot of interest on the difference that will be tacked on the new loan, the prior balance will also effect what you can buy, the loan companies won't take on a 10,000 debt on a 6,000 vehicle.
Have the transmisson serviced good with the engine change and hope for the best. Keeping it will proably be the best in this situation
Should I buy a new car (between $15-19K) at a dealers and trade this one in for $500 or whatever measly number they'll throw at me and then pile on whatever I owe on my current car towards the new loan (Can I do that?).
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Probably not.
You'd be tacking on 20% above the value of that hypothetical car you want. NO lender with reasonable rates would do that.
The most economical option is to get more quotes on installing a good used engine. There are several places that sell low mileage guaranteed engines for your car. If you were to trade it off you would end up tacking on $5000 to whatever you bought resulting in compounding your current situation.
I'd put an engine in your current car and run it another 100k. Buying a new car is only going to put you more upside-down and for longer.
