What Would U Mom's Do???

You're getting screwed! Can you get rid of it and take public transpiration until you have enough saved to buy a decent used vehicle.

Those tote the note places dont report to credit agencies so you're right, it wont hurt anything to turn it back in. I actually do repo for those lots and let me tell you, they are a ripoff only to be used if you have no other choice. The best case scenario would be if you were able to buy a car outright with cash. If you could get $700 cash and go on craiglist or go to a public auction, you might be able to get a decent little car. Another option is to look to your church or local charity oraganizations. The tax rightoff for donating a car is a real incentive to people. it's often more than the value of the car so people love to donate cars.

Actually if they're willing to let you turn it in and walk away from the $6700 you owe that's a pretty good deal since the vehicle is worth less than that. You are not going to get $6700 in trade or to sell the vehicle, so if they'll let you turn it in and walk they you're way ahead. If you went to another dealer they would give KBB for trade in, which is $1300. Then, as other moms have pointed out, you would still have the $300/month payment on the van plus the payment for whatever else you buy. Unfortunately when you're upside down on a vehicle you really don't have too many other options. My hubby was upside down on his last vehicle and had to have a bigger one for a new job; the only way he got out was to trade it in to the same dealership and buy a new truck from them. We still had to roll some of the old payment into it but learned our lesson and will be choosing more wisely in the future.

J., I know this is tough but going on the way you are will be tougher. Dump that van! Take it back to them and walk away. That is a ludicrous amount of money for what it is. Open an account to stash that $300 away until you have enough to buy a good, reasonable car then look at your many other options. You are lucky enough to live where there is public transportation. It may not be the most convenient but is definitely cheaper than the dangerous van. If your daughter can't ride the bus to the hospital call the social services department in the hospital and ask the how to get a ride. Every city, town, county, whichever, has medical ride services. You can do this. I know going without a car is hard, I've done it, more than once. You need to plan better without a car and you will ave lots of money by not going out to pick up "one thing" which never ends up being one. Offer babysitting services in exchange for a ride to the grocery store. When your daughter is feeling better try biking around to do your errands. Please, please don't drive the van with a fuel leak. I speak from 20 years of Safari/Astro ownership, they are great cars but have definite quirks (why do the door handles fall off?) and some major expensive repairs. You've had a major learning lesson, call it that and cut your losses. You can do this! I know you are tough, you survived your daughter's surgery!

Can you get a ride or take a taxi those 4 times per year you go to the hospital? Then you won't have to walk for miles.
I would NOT ever let something be repossessed. It ruins your credit and you will pay higher interest rates on a house later on(30 years compounding at a higher rate adds up fast).
I contacted a friend at our local paper. She suggested you contact your local paper. After they verify the facts, they could pressure the company to switch vehicles at least.

The dealership totally ripped you off. Your van is worth half of what you owe. I would NOT deal with them again. Little dealerships with the whole "get a loan here, pay here" (or "we will sell to people with poor credit") can and will take advantage of unsuspecting people.

http://i.kbb.com/UsedCar/1997/GMC/Safari%20Passenger/7764...

Have you taken it to a shop to see how much it would cost to fix the fuel leak? I would fix the leak and then take your daughter to the hospital in a taxi or ask a friend to give you a ride and pay for their gas.

Well, unfortunately, it sounds like you have been taken advantage of in this case. Kelley Blue Book is a good resource for car value. And it looks like you are overpaying by a lot. You have a few options. Non of them are easy or cheap. First you can fix the car. Fix the fuel leak first and then work on getting the ac fixed for your daughter. You'll have to do some research to find a good mechanic who will do a good job without taking advantage of you or your situation. Second, you could sell the car. You will not get anywhere close to what you are paying for the car. And even selling the car, you will be responsible for the $6,700 you owe. You'll basically be sucked into two car payments. It's not good for your sanity or your credit. You could try working out a deal with the dealership. They may buy back your car (again, they will not pay anywhere CLOSE to what you paid) and then purchase another car. They may possibly consolidate the loans. You will still owe the full amount, but they may put it in one lump loan. Non of these choices are ideal.

If it were me, instead of investing in another car and potentially ruining my credit and over paying for another car, I would use my money to have the van repaired. Find a reputable mechanic. It will NOT be cheap, but it's your cheapest option. Get the AC repaired as well. Have a mechanic give it a once over and see if there are any other safety issues with the vehicle.

As for the hospital visits. Find someone that can go with you and drop you off. Call a taxi. Park the distance away and call a taxi from your parking spot (so you only have to pay for the two miles down the road). Are you absolutely certain your van won't fit? I think I am going to hit that bar any time I go into a parking garage. Call the hospital and find out what parking arrangements can be made. (I find it hard to believe there is no where you can park your vehicle, there may be parking you don't know about). Your daughter sounds as if she as a serious medical condition, I bet the hospital will work with you.

I can only imagine how stressful all of this is for you. Hang in there mama!

I think you are getting a lot of good answers. The reality is - you need to turn it in and do some serious research for a new vehicle. Two years ago, I sold a 2004 vehicle for $7000.00. It was less than blue book and in excellent shape, but too small for my family. And obviously, a LOT newer than a 97 vehicle. The vehicle I bought is in great shape and I got it off of craigslist. So, there are great deals out there - but you have to search for them. And, you need to know the blue book value of the car you want to buy. I also highly recommend getting a one month membership to carfax so that you can get the carfax history.

Good luck,
L.

Turn it back in and call it an expensive lesson. If Tracy is right, then no harm no foul with your credit. No matter what the situation is with your transportation needs, you should NEVER drive a car with a fuel leak. So dangerous.
How long can you go without a car? Can you make temporary arrangements for three months while you save up for a down payment on a better car? Is there any car sharing where you live? Public transportation? Ride your bike? Withoutthe expense of gas or the payment, you can save for a down payment quickly. Can the hospital help you with transportation? They must have some kind of program for people without vehicles.

We lived without a car for a whole year, with four kids. We borrowed friends' and relatives' cars every week for a day of errands or just to the grocery store. We put aside out of town trips. We learned the bus system. We walked and biked a lot. Hell, we ran catering events with our tandem!

Good Luck, J., and much love to you and your daughter during this time.

OH wow!! I hope some Mamas on here have some good advice to you about what to do! I just wanted to wish you strength during this difficult time with your daughter. You have so much to worry about, your vehicle shouldn't be one! Best of luck to you in getting your daughter healthy.

E.