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Message
Upside Down on Car Payment- Help
Posted on 11/7/17 at 10:26 am
Posted on 11/7/17 at 10:26 am
TIA for any advice.
Last year after the flood the wife bought a new 2017 Lincoln MKC for approx. $32k + tt&l. We werent able to put any money down at the time because she had to pay off her old car with the insurance money plus a little more out of pocket. She's had numerous issues since then with it, including bad battery, oil leak, engine issues, etc.. She wants to trade it in and find something else, only problem is that she still owes about $28k and KBB values it around $22k on the high side.
Is there anything we can do here? Other than coughing up the additional $6k to cover the old payment?
Last year after the flood the wife bought a new 2017 Lincoln MKC for approx. $32k + tt&l. We werent able to put any money down at the time because she had to pay off her old car with the insurance money plus a little more out of pocket. She's had numerous issues since then with it, including bad battery, oil leak, engine issues, etc.. She wants to trade it in and find something else, only problem is that she still owes about $28k and KBB values it around $22k on the high side.
Is there anything we can do here? Other than coughing up the additional $6k to cover the old payment?
8
Posted on 11/7/17 at 10:28 am to RouxDog91
Those seem like issues that the warranty should cover. No reason to go $6k out of pocket to get rid of a vehicle that is covered under warranty.
Posted on 11/7/17 at 10:44 am to LNCHBOX
quote:
Those seem like issues that the warranty should cover.
I'd check into this as well. The vehicle is too new to be having issues like that.
Posted on 11/7/17 at 10:50 am to LNCHBOX
quote:
Those seem like issues that the warranty should cover. No reason to go $6k out of pocket to get rid of a vehicle that is covered under warranty.
this. basically everything is covered for first few years. if you are paying for any of this, try a different dealer. may ultimately be necessary to contact ford corporate if the dealer is giving you problems.
Posted on 11/7/17 at 11:22 am to RouxDog91
Check into your states lemon law statutes
Posted on 11/7/17 at 12:27 pm to RouxDog91
Most vehicles come with standard 3 yr 36k mile warranties. However, if you have to trade, you can trade it in and roll the negative equity into the new loan. I would advise you to get GAP in case you get in a wreck and it's totaled.
Posted on 11/7/17 at 1:16 pm to RouxDog91
Warranty should cover everything that is going wrong, but you've got to stop living upside down with vehicles...
I certainly don't intend to be rude with the following, and it is not specifically aimed at you, but people love to buy the wrong cars for too much money at a rate too high for a term too long and not then not keep them long enough....
Depreciation is a very real thing.
I certainly don't intend to be rude with the following, and it is not specifically aimed at you, but people love to buy the wrong cars for too much money at a rate too high for a term too long and not then not keep them long enough....
Depreciation is a very real thing.
This post was edited on 11/7/17 at 1:17 pm
Posted on 11/7/17 at 1:58 pm to RouxDog91
Yes warranty should cover all those things but that doesnt make you upside down in a car. Paying too much, too long of a loan/lease, etc cause you to be upside down. For a 2017, you have a few years left before your payments start to even catch up to the value of the car. Like another poster said, depreciation is a real thing. I'll never buy new again. Let someone else take that immediate depreciation hit.
Posted on 11/7/17 at 2:05 pm to Titan
quote:
For a 2017, you have a few years left before your payments start to even catch up to the value of the car
He's upside down because he bought a 2017 and is talking about trading it in in 2017. That's his problem, not that he bought a new car.
Posted on 11/7/17 at 2:06 pm to RouxDog91
As stated, it sucks having a new vehicle with issues but all of that should be covered by your warranty
Posted on 11/7/17 at 3:18 pm to RouxDog91
quote:
Last year after the flood the wife bought a new 2017 Lincoln MKC for approx. $32k + tt&l.
quote:
he's had numerous issues since then with it, including bad battery, oil leak, engine issues, etc.. She wants to trade it in and find something else, only problem is that she still owes about $28k and KBB values it around $22k on the high side.
The worst accidents actually happen on the dealer's showroom floor.
Why aren't these covered under warranty?
Posted on 11/7/17 at 7:54 pm to RouxDog91
Let Ford keep fixing it and sooner or later you'll have a decent car.
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