First let me start by saying I am a 24 year old male. I have very bad credit (400's) and I am in the process of filing bankrupcy as I have no choice since I was laid off and just got too far behind on my credit cards to a point where I cannot recover. My car insurance expires on the 17th and I may not have money to pay it. My car payment is due shortly after that and my car has a On-Time device which shuts my car off from being driven.
A few months ago (before I was laid off) I bought a 2004 Chevy Impala (basic, nothing fancy) from a local buy-here pay-here dealership (as my credit was bad) I took the car for a short test drive and it seemed to drive OK. The dealership told me the car was in a small accident but nothing major and he showed me the carfax. I got the car and started driving it to/from work. After a few weeks, I noticed the following problems:
1. Transmission Problems
2. Truck/Hood hard to shut
3. Loud Grinding/Squeaking sound when braking and/or turning
4. Bad Shocks (car scrapes the ground all the time on speed bumps, etc)
5. Gas or Fluid smell (I smell it when starting sometimes or idleing sometimes)
6. Some under-hood damage
7. Drivers seatbelt broken (not bolted to floor, bolt by door is very stripped)
8. LOTS of cosmetic problems (broken vents, CD player broken, burn marks on steering wheel and seat, no trunk light, burned out LEDs on doors, burned out lights in back seat, etc)
9. It has over 100,000 miles (not a problem, but still)
I paid $8998 or so for this. I put $3500 down, so I owe around $5000 or so on it. Monthly payments of $280 for 36 months at 22% APR.
Now, I had a aunt, and a cousin which got a car from this same dealership shortly before I got mine from them. Shortly after I got mine, they turned their cars back in because they also had problems with theirs. From my understanding, the dealership doesn't "repo" it, they just take it back and sell it again.
My question is... should I turn my car in as well? It just seems to have too many problems for how much I am paying. If I turn it it, I will borrow a family car and eventually buy a used car and pay cash once I get back on my feet.
Thanks.
A few months ago (before I was laid off) I bought a 2004 Chevy Impala (basic, nothing fancy) from a local buy-here pay-here dealership (as my credit was bad) I took the car for a short test drive and it seemed to drive OK. The dealership told me the car was in a small accident but nothing major and he showed me the carfax. I got the car and started driving it to/from work. After a few weeks, I noticed the following problems:
1. Transmission Problems
2. Truck/Hood hard to shut
3. Loud Grinding/Squeaking sound when braking and/or turning
4. Bad Shocks (car scrapes the ground all the time on speed bumps, etc)
5. Gas or Fluid smell (I smell it when starting sometimes or idleing sometimes)
6. Some under-hood damage
7. Drivers seatbelt broken (not bolted to floor, bolt by door is very stripped)
8. LOTS of cosmetic problems (broken vents, CD player broken, burn marks on steering wheel and seat, no trunk light, burned out LEDs on doors, burned out lights in back seat, etc)
9. It has over 100,000 miles (not a problem, but still)
I paid $8998 or so for this. I put $3500 down, so I owe around $5000 or so on it. Monthly payments of $280 for 36 months at 22% APR.
Now, I had a aunt, and a cousin which got a car from this same dealership shortly before I got mine from them. Shortly after I got mine, they turned their cars back in because they also had problems with theirs. From my understanding, the dealership doesn't "repo" it, they just take it back and sell it again.
My question is... should I turn my car in as well? It just seems to have too many problems for how much I am paying. If I turn it it, I will borrow a family car and eventually buy a used car and pay cash once I get back on my feet.
Thanks.