Car Loan Advice
I wanted to see if anyone has any advice for me, I have a 2017 Hyundai Santa Fe, the engine blew up on it well over a year ago, I replaced the engine once causing me to get another stand alone loan of almost 7k, which subsequently the engine blew up months later.
I still actively owe $11,900 on the car, my best guess for how much the car is worth at an auction at most would be $4000. I pay about $450 a month on the loan alone, not including insurance.
Needless to say, my younger self is quite stupid. Now since I’m older I’m trying to correct these mistakes that my younger self made, but unfortunately this car dilemma causes me a lot of mental stress.
I have had this car for almost most of the loan terms only having 30 months left out of the 72. All payments on time.
I know I very much got screwed on my car loan and I was definitely stupid taking on a 2nd loan to replace the engine.
However I would absolutely love to get rid of my paper weight of a car and at least have some of that monthly funds back.
I understand my biggest option would be to surrender the car and take the credit hit and more than possible wage garnish. But does anybody have any other advice and route I could take, I’d prefer if my credit wouldn’t get shot, and even with a lower monthly payment.
If the surrender option is the truly only option, I would like to ask if anyone has gone through this in a similar situation that has any tips and insight they would like to share, please share them.
I would rather not have to refinance as the car has less than 3 years, and without having a running engine I cannot maintain a registration on the car as my county does emissions. I have no issue paying off the loan itself, it’s just a lot of money and time I wish I could expedite.